Vermont Unsecured Promissory Note Template
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The Vermont Unsecured Promissory Note Template is a contractual form that is entered into by a lender and borrower. The document, which is legally enforceable, describes the various terms of a loan (e.g. loan amount, interest rate, borrower’s method of repayment, etc.). Use the links at the top of the page to download the template in your preferred format. The guide posted below can be used as a reference when drafting your unsecured note.

How to Write

Step 1 – Download the document.

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

• Date (dd/m/yy format)
• Name and address of borrower
• Name and address of lender
• Loan amount
• Interest percentage

Step 3 – Payments – The second subsection of the form must contain the payment method/schedule:

• Select the appropriate payment method by checking the corresponding box.
• If the method is “Installments” – the installment amount must be entered.
• If the method is “Installments” or “Interest Only” – the installment schedule must be submitted.

Step 4 – Due Date:

• The date submitted in this subsection is when the borrower must have the full balance of the loan paid off by.

Step 5 – Interest in Event of Default:

• Fill in what interest rate the borrower must pay if they default on the loan.

Step 6 – Late Fees:

• Provide how long the borrower will have (after not making a scheduled payment) to pay the past-due amount (before a late fee will be charged to the account).
• AND
• Enter the late fee amount.

Step 7 – Acceleration:

• Fill in how long the borrower will be given to cure a default on the note.

Step 8 – Signatures:

• Submit the date (of signing).
• Enter the names of each party (borrower/lender/witnesses).
• ALL parties must sign the note in the appropriate input fields.