Arizona Unsecured Promissory Note Template
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The Arizona Unsecured promissory note is a legal document that establishes the various terms of a loan. Unsecured notes, as opposed to secured notes, do not have attached assets (meaning there is no collateral offered by the borrower). Lenders typically offer these types of loans to borrowers who are considered to be low risk, however interest rates on unsecured loans are typically higher than normal.

The note is enforceable only if it has been signed by two witnesses. If the document is not signed by both parties (lender/borrower), and does not have the minimum number of witnesses, then it is not legally valid.

How to Write

Step 1 – Download the template in .PDF or Word format.

Note: The .PDF form can be filled out electronically.

Step 2 – Enter the following details into the first section of the form (on the first page):

• Date
• Name/address of borrower
• Name/address of lender
• Principal sum of loan
• Per annum interest rate (see: AZ 44-1201)

Step 3 – Payments:

• Select the payment method by checking the corresponding box (“No Installments”, “Installments”, “Interest Only”).
• If “No Installments” or “Interest Only” is the select payment method, enter the payment frequency (monthly date/weekly date).
• Due Date: Enter the date in (dd/mm/yyyy) format. This date is when the entire balance (including interest/fees) will be due on.
• Interest Due in Event of Default: Fill in the interest rate.

Step 4 – Late Fees:

• Enter the number of days the borrower will have to make their payment (after the due date). If the borrower does not make the payment within this time period the lender may issue a late fee.
• Submit the late fee amount.

Step 5 – Acceleration:

• Submit the number of days/amount of time the borrower will have to cure a default.

Step 6 – Signatures:

• Fill in the date.
• Lender/borrower must print/sign their names.
• Witnesses must print and sign their names in the appropriate input fields.