Rhode Island Unsecured Promissory Note Template

Use the instructions posted below to learn how to draft the Rhode Island Unsecured Promissory Note Template. The template was specifically created for Rhode Island residents. Promissory notes are essentially a type of written loan agreement between two parties (a lender and borrower). This template can only be used to draft an “unsecured” note (i.e. a note that isn’t backed by collateral).

Note: In order for the form to be legally enforceable it must contain the information described in the how-to guide posted below.

How to Write

Step 1 – Download the template.

Step 2 – Fill in the following details:

  • Date of agreement
  • Name/address of borrower
  • Name/address of lender
  • Amount that will be loaned to borrower
  • Interest rate that borrower will be charged

Step 3 – Payments – Select the payment method the borrower has agreed to employ (from the following options):

  • No Installments
  • Installments
  • Interest Only

Note: The installment amount must be submitted (if required) AND the monthly/weekly installment frequency must be provided.

Step 4 – Due Date:

  • Submit the due date of the principal sum of the note.

Step 5 – Interest Due in Event of Default:

  • Enter what interest rating the borrower must pay if they default on the loan.

Step 6 – Late Fees:

  • Fill in the late fee that will be charged to the borrower if they miss a payment.
  • AND
  • Provide how long the borrower will have after missing a payment before the late fee is charged.

Step 7 – Acceleration:

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

Step 8 – Signatures:

  • Fill in the date.
  • Enter the names of each party.
  • ALL parties must sign the document.
Rhode Island Unsecured Promissory Note - Adobe PDF - Microsoft Word

Rhode Island Unsecured Promissory NoteAdobe PDFMicrosoft Word