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Minnesota Unsecured Promissory Note Template

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The Minnesota unsecured promissory note organizes and solidifies the important aspects of an agreement between two parties around a monetary loan. The template covers aspects of the agreement such as payment types, late fees, both parties personal info, acceleration time spans, and many other important areas. It should be noted that this template does not include a section on security. This means the lender is not covered financially if the borrower were to default on the loaned balance.

How to Write

Step 1 – Enter the following information at the top of the first page of the template:

  • Current day, month, and year
  • Name of the Borrower
  • Address of the Borrower
  • Name of the Lender
  • Address of the Lender
  • Full Balance of the Note
  • Interest Rate

Step 2 – Head to the first (1) section. Here, select the payment type that will be used for the duration of the agreement. Two of the payment types utilize installments, which require the borrower to make structured weekly or monthly payments to the lender. If a payment type with installments is selected, look to the bottom of the first section, put a check next to either weekly or monthly, and enter the day of the first payment as well as the number of days between payments.

Step 3 – In sections two (2) and three (3) begin by entering the final due date for the note. This includes the remaining balance, accrued interest, and any accumulated late fees. For the third section, enter the interest rate that automatically goes into effect in the case of a default.

Step 4 – Heading to section six (6), enter the number of days needed to pass after a default before a late fee can be issued to the borrower. Then, enter the dollar amount of a late fee itself.

Step 5 – In section seven (7), enter the time span needed to pass before acceleration can occur.

Step 6 – Head to the last page of the template. Here, enter the current date followed by the signatures of the lender, borrower, and witness. Once this has been completed, the note will go into full effect and the borrower will be legally obliged to make payments.