Idaho Unsecured Promissory Note Template

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The Idaho unsecured promissory note binds two parties into an agreement to help ensure a lender is reimbursed a loaned amount as well as any accrued interest from the borrower. This document is very similar to the secured version but differs in that there is no security for the lender. If the borrower defaults on the balance, the lender will have no immediate way to be reimbursed. Because of this, it is highly recommended that the lender personally know the borrower and trust him or her completely.

How to Write

Step 1 – Begin by entering the names and addresses of the borrower and lender. Then, enter the full balance being loaned and its interest rate.

Step 2 – For section one (1), select the type of payment structure the borrower will be required to follow. If an option that includes installments is selected, choose either monthly or weekly payments at the bottom of the first section.

Step 3 – For the second (2) and third (3) sections, enter the final due date for the entire balance. Then, enter the amount of interest that will go into effect if the borrower defaults on the balance.

Step 4 – For the sixth (6) section, enter how many days need to pass after a payment due date before a late fee can be issued. Then, enter the amount of the late fee itself.

Step 5 – Proceeding to the seventh (7) section, enter the number of days that need to pass after a default before the lender can issue an acceleration. An acceleration requires all outstanding payments, late fees, and interest to be due immediately.

Step 6 – On the last page, enter the current date, then have the lender, borrower, and witness enter their printed and signed names. When they have finished signing, the agreement will go into effect.