Arizona Secured Promissory Note Template

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The Arizona secured promissory note is a documented promise stating one party (the lender) will pay another party (the borrower) a previously established amount of money in exchange for the same amount of money in addition to interest. Because the agreement is “secured”, the lender has a form of security in the possible outcome the borrower defaulting on the agreement. This security can reside in the form of a home, vehicles, boats, and other possessions of value.

How to Write

Step 1 – At the top of the first page of the document, enter the current date followed by the names and addresses of both the borrower and the lender. Once all of the personal information has been completed, input the total dollar amount being loaned and the interest rate associated with it.

Step 2 – Head to section one (1) of the document and select the type of payment option the borrower will be required to follow. If you selected a payment option with one or more installments, enter the time frame and/or date you would like the payments to be made in.

Step 3 – In section two (2), enter the date the full balance will be due.

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

Step 5 – Proceeding to section six (6), enter the amount of time the borrower can be late on a payment before incurring a late fee. Then, directly under the first box enter the amount of the late fee itself.

Step 6 – Under section seventeen (17) write-in the item(s) that are to be used for security.

To finalize the loan, enter the date of the agreement followed by the printed and signed names of the borrower, the lender, and the witness or witnesses to the agreement.