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Georgia Secured Promissory Note Template

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The Georgia secured promissory note is a document used when one party wants to lend money to another. The document ads legality and helps ensure the borrower makes his or her payment(s) on time. When selecting the interest rate for the balance, make sure to check (GA ST T. 7, Ch. 4, Sec. 7-4-2 and 7-4-18) to ensure you are using the correct interest rate.

How to Write

Step 1 – At the top of the first page, have the lender and borrower enter their full names followed by their addresses. Then, directly below that enter the full balance of the loan as well as its interest rate.

Step 2 – Next, head to the first (1) section and determine how the borrower will make the payments towards the loaned balance. If an option that utilizes installments is used, select either weekly or monthly payments at the bottom of the first section.

Step 3 – For the second (2) and third (3) sections, begin by entering the final due date for the full balance. Then, enter the amount of interest the borrower is required to pay to the lender in the case of a default.

Step 4 – Proceeding to the sixth (6) section, enter the amount of days required to pass before a late fee can be issued. Then enter the amount of the late fee itself.

Step 5 – In section eighth (8) section, enter the amount of days that are required to pass after a default has occurred before the lender can require all outstanding payments and fees to be due instantly.

Step 6 – Proceeding to the last page, enter the current date then have the lender, borrower, and witness to the agreement sign and print their full names. Once this has been completed, the agreement will go into effect.