Mississippi Unsecured Promissory Note Template
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The Mississippi Unsecured Promissory Note Template is a legal form that can be downloaded as a .PDF or Word file. The form is used to outline the terms of a loan (e.g. principal sum, payment method, interest rates, etc.). As opposed to secured notes, unsecured notes are not backed by a borrower’s collateral. Therefore, unsecured notes/loans are usually only provided to borrowers who are deemed “low risk,” or are otherwise not at risk of defaulting on the loan.

How to Write

Step 1 – Use the links near the top of the page to download the form.

Step 2 – The opening paragraph of the note is required to have the following information:

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

Step 3 – Payments:

• Select the borrower’s payment method (“No Installments” OR “Installments” OR “Interest Only”).
• If the borrower’s payment method is either “Installments” or “Interest Only” then the installment schedule must be provided (in monthly OR weekly format).

Step 4 – Due Date:

• Fill in the due date details.

Step 5 – Interest Due in Event of Default:

• Provide the agreed upon interest rate that shall be applied to the balance IF the borrower defaults on the note/loan.

Step 6 – Late Fees:

• Submit how long the borrower will have after missing a payment before they may be charged with a late fee.
• Fill in the late fee charge.

Step 7 – Acceleration:

• Provide how long the borrower will have after defaulting on the loan to “cure” the default.

Step 8 – Signatures:

• Fill in the date of signing.
• Provide the printed names of the borrower, lender, and witnesses.
• The borrower MUST sign the form in the allotted input field.
• AND
• The lender/witnesses must sign their names in the appropriate sections.