Idaho Secured Promissory Note Template
	Adobe PDF MS Word

The Idaho Secured Promissory Note Template can be downloaded via the links provided on this page. The template is available in .PDF or Word format. Secured promissory notes are used to outline the specific terms of a loan (principal sum, interest rate, payment schedule/method, default information, etc.). In contrast to unsecured notes, secured promissory notes are “secured” by the collateral pledged by the borrower. The collateral is used in the event of a default (that goes uncured). Should the borrower default on the loan and not cure it within the minimum amount of time, the lender can take possession of the collateral.

How to Write

Step 1 – Download the template.

Note: The .PDF template may be filled out electronically.

Step 2 – Submit the date (dd/m/yy format).

Step 3 – Provide the following details:

• Name of borrower
• Address of borrower
• Name of lender
• Address of lender
• Principal sum
• Interest rate

Step 4 – Payments – Select the payment method by checking the box next to the selection. Choose from the following options:

• No Installments
• Installments – provide the installment amount in the corresponding input field.
• Interest Only

Step 5 – Should the payment method be “Installments” or “Interest Only,” additional information is required:

• Select the repayment schedule (monthly or weekly).
• Enter the payment due date.

Step 6 – Due Date:

• Submit the due date (of the full balance – including any fees/interest).

Step 7 – Interest Due in Event of Default:

• Submit the interest rate that will be applied to the note/loan should the borrower default on it.

Step 8 – Late Fees:

• Provide the number of days the borrower will have to make a past-due payment before a late fee will be applied (to that payment).
• Submit the late fee in the allotted input field.

Step 9 – Acceleration: Should the borrower default on the note, they must “cure” it within a certain period of time.

• Enter the number of days the borrower will have to cure the default.

Step 10 – Security:

• Submit a description of the pledged asset(s).

Step 11 – Signatures:

• The borrower must print their name
• AND
• provide a signature
• The lender/representative must print/sign their name.
• The witnesses must print/sign their names.