|
Alaska Unsecured Promissory Note Template |
The Alaska unsecured promissory note template is legally enforceable document that outlines the various terms of a loan. Unlike secured notes, unsecured notes are not backed by the collateral of the borrower. Unsecured notes will typically have higher interest rates due to the fact that they are not backed by any collateral. These types of notes are often times uninsured and subordinated, in addition to being structured for a fixed term length.
In order for the document to be legally binding it must be witnessed/signed by at least two witnesses.
How to Write
Step 1 – Download the template in .PDF or Word format via the links provided on this page.
Step 2 – Submit the following information in the first section of the document:
- Date
- Name/address of borrower
- Name/address of lender
- Principal sum
- Interest rate
Step 3 – Payments:
- Select the payment method (no installments, installments, interest only) by checking the appropriate box.
If “Installments” or “Interest Only” is selected the following details must be provided:
- Monthly – Enter the day of the month that the payment will be due on.
- Weekly – Fill in what day of the week the payment will be due on.
Step 5 – Due Date:
- Enter the date that the full balance (in addition to associated fees) is due on.
Step 6 – Interest Due (Default):
- Review the subsection and then enter the interest rate (per annum or Alaska’s maximum – whichever is less).
Step 7 – Late Fees:
- Enter the number of days the borrower will have to make a payment before late fees will be applied to the balance.
- The late fee(s) will be required to be paid with the scheduled payment.
Step 8 – Acceleration:
- Fill in the number of days the borrower will have to cure the loan if they default on it.
- The time period begins when the borrower receives written notice of the default.
Step 9 – Signatures:
- Enter the date.
- Borrower must print/sign their name.
- Lender must print/sign their name.
- The document must be signed by two witnesses.
