Rhode Island Secured Promissory Note Template
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The Rhode Island Secured Promissory Note Template is a legally enforceable document that’s used to outline the specific terms of a loan (including the interest rate, principal sum, payment frequency, etc.). The template, available for download on this page, is designed to be used as a starting point when drafting secured notes. The main requirement of a secured promissory note (that differentiates it from an unsecured note), is the pledging assets from the borrower (i.e. security).

Note: The document MUST be signed by the lender, borrower, and witnesses.

How to Write

Step 1 – Download the template.

Step 2 – Submit the following details into the corresponding input fields of the opening paragraph:

• Date
• Name/address of borrower
• Name/address of lender
• Amount of loan
• Agreed upon interest rating (per annum)

Step 3 – Payments – The payment method must be selected by checking the appropriate box:

• No Installments
• Installments – the payment amount must be provided.
• Interest Only

Step 4 – If the method of repayment is either “Installments” or “Internet Only,” the payment frequency (monthly or weekly) must be entered.

Step 5 – Due Date – This subsection must contain the final date in which the principal sum of the note must be paid off by.

Step 6 – Interest Due in Event of Default:

• Fill in the interest rating that the borrower will be charged if the note/loan goes into default.

Step 7 – Late Fees:

• Submit the number of days the borrower will have to make a scheduled payment (after the first due date has been missed).
• Submit the amount that the borrower will be charged if they fail to make a payment.

Step 8 – Acceleration:

• This subsection details how long the borrower will have after defaulting to cure the default.

Step 9 – Security:

• Enter the pledged assets of the borrower.

Step 10 – Signatures:

• Fill in the date.
• Provide the printed names of the borrower/lender.
• Submit the names of the witnesses.
• Borrower, lender, and witnesses are required to sign the document.