Updated April 11, 2022
An Illinois secured promissory note binds two parties to a contract requiring a borrower (of a monetary balance) to reimburse a lender the loaned amount of money plus interest over time. Areas of the document that will need to be agreed upon consist of payment types, interest rates, items to be used as security, and many other areas. The lender and borrower will want to check 815 ILCS 205/4 to ensure the interest rates they choose for the agreement are legal in the state of Illinois.