Updated April 06, 2022
A Florida secured promissory note is an agreement that binds two individuals into a contract to help ensure a loaned balance is reimbursed to the lender. The lender and borrower will need to come to an agreement on things such as the full balance, the final due date of the balance, payment types, late fees, and other topics. Both parties will also need to come to an agreement on the item(s) that will be used as security for the transaction. The borrower can use his or her home, vehicle(s), or any other worthy personal possession to cover the cost of the balance in the case of a default.