Updated April 11, 2022
A Maryland unsecured promissory note is a legal document that outlines the terms and conditions with regard to a money loaning transaction. In the note, topics such as late fees, interest rates, payment types, and various time spans are covered. Although it is a legal document, the lender holds a large financial risk as there is no built-in security. Because of this risk, the lender should only work with those he or she knows personally or those with a high credit score.