Louisiana Unsecured Promissory Note Template

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The Louisiana unsecured promissory note is a legal promise made between two parties. The note requires the borrower of a monetary balance to reimburse a lender in a structured and legal fashion. The lender and borrower agree on topics of the note such as its interest rate, payment type, and details regarding acceleration. This note does not include security, which means the lender has very little means to be reimbursed the amount loaned in the case of a default. To help prevent this it is recommended that the lender only give money to those he can trust, such as family and friends.

How to Write

Before proceeding the first step, enter the current date, full name and address of both parties, the balance of the note, and the interest rate attached to the balance.

Step 1 – Head to the first section of the note. Here, select the payment type that will be utilized for the agreement. The options consist of:

No Installments – The borrower makes a single payment of the entire balance including accrued interest at a predetermined date.

Installments – Borrower pays either weekly or monthly payments toward the balance plus interest.

Interest Only Payments – The borrower makes either weekly or monthly payments of interest only toward the balance until it is fully paid for.

[If an option that uses installments is selected, select either weekly or monthly payments at the bottom of the first section]

Step 2 – Enter the final due date of the entire balance plus all other accrued expenses/interest.

Step 3 – For section three (3), enter the interest rate that goes into effect in the case of a default or if the borrower fails to make a payment within fifteen (15) days of the due date.

Step 4 – For sections six (6) and seven (7), enter the time span required for a late fee to occur and the cost of a late fee. Then, enter the time span that needs to occur after a default before the lender can issue an acceleration. An acceleration requires all outstanding payments to be due immediately (includes accrued expenses and any late fees).

Step 5 – To complete the agreement, enter the current date and have the lender, borrower, and witness sign the document.