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Illinois Unsecured Promissory Note Template

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The Illinois unsecured promissory note is utilized by two parties consisting of a lender and a borrower and adds structure and legality to the agreement. This helps to ensure the borrower makes timely and consistent payments to the lender. It should be known that this note does not include security, so the lender has no immediate way to recover lost money in the case of a default on the balance.

How to Write

Before proceeding to the first section, enter the current date followed by the names and addresses of the lender and borrower. Then, enter the full balance of the note and the interest rate selected for it.

Step 1 – In section one (1), select the payment method for the agreement. If you selected an option that uses installments, select either weekly or monthly payments as well as the day of the month the payment will be due.

Step 2 – For section two (2), enter the final due date for the note. This will include the full balance in addition to any late fees and accumulated interest.

Step 3 – For section three (3), enter the interest rate that will go into effect if the borrower defaults on the balance or misses a payment by fifteen days.

Step 4 – For sections six (6) and seven (7), enter the time span needed to pass after a payment due date before a late fee can be issued. Directly below that enter the cost of a late fee itself. Proceeding to section seven (7), enter the number of days needed to pass after a default before the lender can issue an acceleration.

Step 5 – On the last page, enter the current date as well as the signatures of the lender, borrower, and witness. Once their signatures have been written on the document, it will go into effect and the borrower will be responsible for making payment(s).

 

 


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