Mississippi Unsecured Promissory Note Template

TheĀ 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.
Mississippi Unsecured Promissory Note - Adobe PDF - Microsoft Word

Mississippi Unsecured Promissory NoteAdobe PDFMicrosoft Word