Updated April 11, 2022
A Maine unsecured promissory note brings two parties together in a legal contract requiring the borrower in the agreement to pay the lender a loaned amount of money by a predetermined due date. If the borrower fails to make payments on time, the lender is allowed to issue late fees and/or put an acceleration into effect. This note is unsecured, meaning the lender has no backup in the case of a default on the balance. Because of this high-risk situation, it is recommended that the lender loans to family orfriends or those with high credit.