Updated April 06, 2022
A Kentucky secured promissory note is a promise from a borrower to a lender that a loaned balance will be returned timely and in full. Once completed, the document holds legal weight and is incorporated with ‘security’ to help protect the lender from financial loss. The lender profits from the deal by receiving the original loaned balance back in addition to interest from weekly, monthly, or a single lump-sum payment(s).