Michigan Unsecured Promissory Note Template

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Updated April 11, 2022

A Michigan unsecured promissory note is very similar to the secured version offered for Michigan but differs in the amount of security offered to the lender. Both parties will agree on all the aspects of the agreement, such as payment types and the cost of late fees, to help ensure timely payments are made. If the borrower defaults on the loan, the lender has no immediate way of being reimbursed. The lender should be cautious when determining who to enter into a contract with to help prevent the above situation.