Montana Unsecured Promissory Note Template

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The Montana unsecured promissory note helps to ensure a lender receives timely and complete payments on a monetary balance loaned to another individual. It should be known that this template does not guarantee financial security for the lender – it is a legal document that can be used in small claims court, but it does guarantee the lender will be reimbursed his or her money if the borrower were to default on the balance. In addition, this document does not include a section on security. Because of this we highly recommend lenders to choose borrowers that have a strong credit history and are personally known by the lender to avoid monetary loss.

How to Write

At the top of the first page, enter the current date, information on both parties, the full balance of the note, and the interest rate.

Step 1 – Once the top portion of the first page has been completed, head to section one (1). Here you will determine the payment method the borrower will be required to follow during the course of the agreement.

If using an payment type with installments: select either weekly or monthly payments at the bottom of the first section as well as the day of the first payment.

Step 2 – For the second (2) section, enter the final due date that the remaining balance will be required to be paid on.

Step 3 – In section three (3), enter the amount of interest the borrower will be required to pay if he or she enters into default on the balance or misses a payment by fifteen days or more.

Step 4 – For sections six (6) and seven (7), enter the following information:

  • Amount of days after payment due date before late fee can be issued
  • Cost of a single late fee
  • Number of days needed to pass after default has occurred until acceleration can occur.

Step 5 – Head to the last page of the document. Here, enter the date that the parties will sign the document. Next, the lender, borrower, and witness to the signing will need to print and sign their names in the correct boxes on the template. Once this has been completed, the agreement will go into full effect and the borrower will be responsible for making timely payments.