Michigan Unsecured Promissory Note Template

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The Michigan unsecured promissory note is very similar to the secured version offered for Michigan but differs in the amount of safety offered to the lender. Both parties will agree on many aspects of the agreement such as payment types and the cost of late fees to help ensure timely payments are made. If the borrower refused/couldn’t make the payments on the balance, the lender would have no immediate way of being reimbursed his or her loaned amount. The lender should be cautious when determining who to enter into a contract with to help prevent the above situation.

How to Write

On the first page of the document, enter the current date, the personal information of both parties, the full balance of the note, and the interest rate attached to the balance.

Step 1 – Head to the first (1) section of the template. Here, select the payment type the borrower will follow during the course of the agreement. If the parties select an option that uses installments instead of a single payment, check the box next to either weekly or monthly payments and the day the payment will be due on the bottom of the first section.

Step 2 – Enter the final due date that the entire balance plus any accrued interest and late fees will be due.

Step 3 – In sections three (3), six (6), and seven (7), enter the following information into the designated boxes:

  • Default Interest Rate
  • Time span required to pass before a late fee can be issued
  • Cost of a late fee
  • Time span needed to pass before an acceleration can be declared

Step 4 – Heading to the last page of the document, enter the current day, month, and year. Then, have the lender, borrower, and witness (to the completion of the template) write their printed and signed names into the boxes on the bottom of the last page.