 | Michigan Promissory Note Templates |
The Michigan promissory note templates allow two parties – a lender and borrower – to enter into an agreement regarding a loan. Promissory notes can be “secured” or “unsecured.” If a borrower is given a secured loan, they will have to pledge some form of collateral before the lender will sign off on it. This differs from unsecured notes, where no collateral is needed. The templates are available in two formats: .PDF or Word. The forms can be downloaded using the links on this page.
Usury Rate – The State of Michigan caps its legal interest rate at five percent (5%), OR seven percent (7%) with a written agreement. There are numerous exceptions to this law though, more information can be found in (§438.32).
Michigan Secured Promissory Note Template
Use the links posted on this page to download the Michigan Secured Promissory Note Template. The template is designed to be filled out quickly and easily (the instructions posted below detail how to complete the form). Secured notes require that the borrower provides assets as collateral. The lender can take possession of this collateral if […]
Michigan Unsecured Promissory Note Template
The Michigan Unsecured Promissory Note Template is a written agreement regarding a loan that is entered into by two parties – a lender and borrower. The agreement outlines the principal sum, interest rate, payment frequency, and other terms of a loan. The reason that it is “unsecured” is because the borrower does not pledge collateral (as […]
