Connecticut Secured Promissory Note Template

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The Connecticut secured promissory note is designed to be completed by two individuals, a lender and a borrower, and adds security as well as mutual understanding in regards to the loaning of money. Included in the document is a section where the parties can agree on the way payments will be made. Additionally, the parties will need to agree on an interest rate for the balance. Ensure the interest rate that is chosen is legal in the state of Connecticut by checking 37 CT Ch. 673 Sec. 37-4.

How to Write

Step 1 – Before completing section one (1), enter the names and addresses of the parties involved as well as the full balance being loaned and its associated interest rate.

Step 2 – For the first section, check the box next to the payment method that you would like the borrower to follow. Options include No Installments, Installments, and Interest Only Payments. If you selected an option with installments, look to the bottom of section one (1) and select either weekly or monthly payments as well as the timeframe for the one selected.

Step 3 – In section two (2), enter the final due date for the entire balance. This includes any interest and/or late fees.

Step 4 –  Proceeding to the third (3) section, enter the interest rate the borrower will be required to pay in the case of a default on the balance.

Step 5 – If the borrower fails to make a payment by a predetermined date, enter the amount of days that have to pass before a late fee is issued. Directly below that enter the amount of the late fee itself.

Step 6 – Next, head to section eight (8) and enter the amount of days that have to pass after a default on the balance before the lender can issue an acceleration. An acceleration makes all outstanding dues that the borrower has not paid immediately due.

To complete the agreement, enter the date at the bottom of the agreement and have the lender, borrower, and witness to the completion of the agreement print and sign their names.