Indiana Unsecured Promissory Note Template

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The Indiana unsecured promissory note gives details on how a lender will be reimbursed a loaned amount of money from a borrower. Areas relating to late fees, interest rates, payments structure, and acceleration time frames are all covered in the note. The lender should be fully aware that this note template does not include security, meaning the lender has no concrete way of being reimbursed for the loaned amount of money if the borrower defaults on the balance.

How to Write

Before heading to the first section, enter the current date followed by the names and addresses of the lender and the borrower. Then, enter the full balance of the note and the interest rate that will be applied to the balance.

Step 1 – In section one (1), select the payment type that will be used for the duration of the agreement. Options include No Installments, which requires the borrower to make a single full payment of the balance including interest, Installments, which consist of weekly or monthly payments including interest, or Interest Only Payments, which require the borrower to only pay the interest on the balance until the full owed balance reaches zero.

If an option with installments is used, go to the bottom of the first section and check the box next to either weekly or monthly payments and set the day the payment will be due.

Step 2 – At the second (2) section, enter the final due date for the full balance of the note. This includes any late fees and accumulated interest.

Step 3 – Next, head to the third (3) section and enter the interest rate that goes into effect if the borrower fails to pay the full balance of the note by the due date or misses a payment by fifteen (15) days.

Step 4 – In section six (6), enter the time frame required before a late fee can be issued and the cost of a late fee itself.

Step 5 – Heading to section seven (7), enter how many days the lender is required to wait after a default has been declared before an acceleration can be issued. An acceleration requires all outstanding fees to be due immediately.

Step 6 – On the last page, enter the current date and the handwritten signatures of the lender, borrower, and witness. Once this has been completed the note will go into effect.