Updated April 11, 2022
A 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 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 loan money to those he can trust, such as family and friends.