Arkansas Unsecured Promissory Note Template

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The Arkansas unsecured promissory note is an agreement that establishes two (2) parties into an unbinding contract that lays out the foundations for how the loan will be paid back. The only prevalent negative about the note is that there is no established security for the lender. In other words, if the borrower defaults on his or her payments, the lender’s only chance for obtaining the loaned amount back is to take the borrower to small claims court (if the total balance amount is less than $10,000).

How to Write

Step 1 – Input the names and addresses of both the borrower and lender followed by the amount loaned and the interest rate associated with it.

Step 2 – Heading to section 1, select how the borrower will pay back the balance. The options consist of No Installments, Installments, or Interest Only Payments. If you select an option involving multiple payments, enter the details regarding the payment type below the three options.

Step 3 – In sections 2 and 3, enter the due date of the full balance and enter the interest rate in the case of a default.

Step 4 – Going further into the document to section 6, input the details regarding late fees as well as the cost of the late fee itself.

Step 5 – Next, in section 7 enter the amount of days until acceleration occurs.

Step 6 – Finally, enter the current date followed by the printed and signed names of the lender, the borrower, and the witness to the agreement.