Updated April 11, 2022
A Mississippi unsecured promissory note is used when one party (a lender) lends 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. Because this note does not include security, 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 enters into an agreement with an individual with acceptable credit.