Updated April 11, 2022
A Kansas unsecured promissory note is a promise to reimburse a lender a loaned amount of money plus interest. The interest rate that is chosen for the note must be legal for the state of Kansas. To ensure a legal rate has been chosen, check Kansas Statutes Chapter 16-207. This note is far riskier for the lender than the secured version, as there is no security for the lender in the case of a default. Because of this, it is recommended that the lender works with family, friends, or those with sufficiently high credit.