Maryland Unsecured Promissory Note Template
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The Maryland Unsecured Promissory Note Template can be downloaded using the links posted on this page (available in Word or .PDF format). The .PDF template can be completed (and even signed) electronically. Unsecured promissory notes are not backed by the collateral of a borrower (in direct contrast to secured notes). For this reason, unsecured notes are typically only used with borrowers who do not have moderate to high risk of defaulting.

Usury Information: The maximum legal rate of interest in the State of Maryland is six percent (6%) per annum. More information can be viewed by going to § 12-102.

How to Write

Step 1 – Download the form.

Step 2 – Provide the following details within the first paragraph of the document:

• Date
• Name of borrower
• Address of borrower
• Lender’s name
• Lender’s address
• AND
• Submit the principal sum of the note
• Enter the interest rate (per annum)

Step 3 – Payments – There are three payment methods that may be selected:

• No Installments
• Installments (installment amount is required)
• Interest Only

Step 4 – After selecting the payment method more information may be required:

• Select the payment frequency (monthly or weekly).
• Submit the due date information.

Step 5 – Due Date:

• Provide the due date in dd/m/yy format.

Step 6 – Interest Due in Event of Default:

• Enter the interest rate that the borrower must pay if they default on the note/loan.

Step 7 – Late Fees:

• Submit the time period the borrower will have after missing a payment to pay the past due balance. If they do not make the payment within this grace period, the lender can charge a late fee.
• Provide the late fee amount.

Step 8 – Acceleration:

• Number of days the borrower will have to cure a default.

Step 9 – Signatures:

• Date
• Name of borrower
• Signature of borrower
• Name of lender
• Signature of lender
• Names of witnesses
• Signatures of witnesses