Alaska Unsecured Promissory Note Template

Create a high quality document online now!

The Alaska unsecured promissory note is an unbinding agreement between two parties on the basis of lending money. The agreement allows for the lending of a certain amount of money to a borrower with the expectation that the lender receives an increase in money by collecting the original loan amount with added interest. The major difference between a secured and unsecured promissory note is there is an increase in liability for the lender, as the lender does not receive security in the event the money is not reimbursed by the borrower.

How to Write

Step 1 – Before proceeding to the first section of the agreement, enter the current date followed by both the names and addresses of the borrower and lender. Next, enter the exact financial amount being loaned to the borrower and the interest rate associated with it.

Step 2 – For the first section, check the box that corresponds to the way the borrower will be required to reimburse the lender. The first option should be checked if the lender does not want to be paid back in more than one pay period, but a single ‘lump sum’. The second option titled “Installments” should be selected if the lender expects to be paid back in several time periods with the addition of interest. The third and final option should be checked if the lender only wants to receive payments of interest until the complete amount is paid in full. Next, determine the pay periods the borrower will be required to make if either one of the two installment payment types are selected.

Step 3 – In section 2, enter the date the full payment is due.

Step 4 – In section 3, enter the amount of interest due in the case of a default.

Step 5 – In sections 6 and 7, enter the details regarding late fees and the time frame in regards to acceleration.

Step 6 – For the final step, enter the date the agreement was signed by the parties, followed by printed and signed names of the lender, the borrower, and any witness(s) to the signing of the document.