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Louisiana Secured Promissory Note Template

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The Louisiana secured promissory note is a binding promise from one individual (called the ‘borrower’), to pay back another individual called the ‘lender’ in a scheduled manner. The lender profits from the transaction by receiving interest on top receiving the original loaned amount. If the borrower defaults on the balance, the lender has the option to obtain the item(s) put into security. An item used for security typically consists of a home, vehicle, or boat.

How to Write

Step 1 – Before proceeding to section one (1), enter the current date, the full names and addresses of the lender and borrower, the full balance of the note, and the interest rate.

Step 2 – In section one (1), select how the borrower will make payments on the balance. Two of the three options utilize installments, which requires the borrower to pay back the balance over multiple payments rather than a single predetermined payment. If installment-type payment is selected, look to the bottom of the first section and select either weekly or monthly payments and day the payment will be due.

Step 3 – For sections two (2) and three (3), enter the final due date of the entire note. This includes accumulated interest and any late fees. Next, enter the interest rate that automatically goes into effect if the borrower defaults on the note. This interest rate must be legal in the state of Louisiana, which can be checked here: https://eforms.com/promissory-note/la/.

Step 4 – Head to section six (6). Here, enter all information regarding late fees. This includes entering the time span required to pass before a lender can issue a late fee and the actual cost of the late fee itself.

Step 5 – For section eight (8), enter the time span required for acceleration.

Step 6 – Finally enter the following information on the last page of the document to complete the note and put it into effect:

  • Item(s) to be used as security
  • Current Date
  • Lender’s Signature and Printed Name
  • Borrower’s Signature and Printed Name
  • Witness’ Signature and Printed Name

 


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