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Mississippi Unsecured Promissory Note Template

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The Mississippi unsecured promissory note is used for situations when one party (a lender) plans on lending money to another party (a borrower). The borrower will be required to pay interest on top of reimbursing the original balance to the lender, as well as paying any late fees accrued during the course of the loan. This note does not include security. Because of this, the lender is at a far greater financial risk and could potentially lose the value of the note if the borrower enters into default. It is highly recommended that the lender only enter into an agreement with an individual with acceptable credit.

How to Write

Step 1 – Before heading to the first section, enter the current date, the lender and borrower’s personal info, the full balance, and the interest rate for the note.

Step 2 – At the first (1) section, select the payment method that will be followed by the borrower. Two of the options are installment-type payment methods. This means that the borrower makes payments in either weekly or monthly increments. If one of these options are selected, enter the day of the first payment as well as the day the payment will be due at the bottom of the first section.

Step 3 – In section two (2), enter the day, month, and year of the final due date. The due date requires the payment of all outstanding debts including accrued interest and late fees.

Step 4 – Heading to the third (3) section, enter the interest rate percentage that goes into effect if the borrower enters into default (and remains in effect until he or she is no longer in default). To ensure you have selected a legal interest rate, check Miss. Code § 75-17-1.

Step 5 – For sections six (6) and seven (7), enter the following information:

  • Number of days required to pass after payment due date until late fee can be issued
  • Dollar cost of late fee
  • Time span needed to pass after default until acceleration can be declared

Note: An acceleration requires all outstanding payments including accrued interest and any accumulated late fees to be due immediately.

Step 6 – Head to the last page of the template, and enter the following information to complete the document and put the note into full effect:

  • Current Date (Month, Day, and Year)
  • Lender’s Signature and Printed Name
  • Borrower’s Signature and Printed Name
  • Witness’ Signatures and Printed Names