Iowa Unsecured Promissory Note Template

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The Iowa unsecured promissory note is a written promise on behalf of a borrower to reimburse a lender a loaned amount of money. The lender benefits by requiring interest to be paid on top of the given amount to the borrower. The lender should be cautious when selecting an individual to lend money to, as this note template does not include security, meaning the lender can risk losing the balance of the note in the case of a default.

How to Write

Before heading to the first step, date the top of the page, enter the names and addresses of the lender and borrower, and enter the full balance of the note and interest rate.

Step 1 – Starting at section one (1), select the payment type for the note by checking the box next to one of the three options. If you selected an option with installments, look to the bottom of the first section and check the box next to either weekly or monthly payments and enter the day the payment will be due.

Step 2 – For sections two (2) and three (3), enter the final due date for the entire balance. This includes costs such as accrued interest and late fees.

Step 3 – In section six (6), enter the details regarding late fees. In the two empty text boxes, enter how many days need to pass after a payment due date before the lender can issue a late fee. For the second check box, enter the cost of the late fee itself.

Step 4 – In section seven (7), enter the amount of days required to pass after a default has occurred before the lender can issue an acceleration. In the case of an acceleration, all outstanding payments including late fees, interest, and the balance of the note itself will be immediately due.

Step 5 – To complete the note and begin the payment process, enter the current date on the last page. Next, have the lender, borrower, and witness hand write their signed names in the designated spots.