North Carolina Unsecured Promissory Note Template

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The North Carolina unsecured promissory note puts the lender and borrower in a money-lending deal into a contract that states the various details of the agreement as well as records all participants signatures for legal purposes. This template does not include a section on security. Because of this, the lender is at a far greater risk for losing the loaned balance if the borrower fails to make the scheduled payments. To help protect the lender from this situation, he or she should only enter into a deal with a family, friend, or an individual with strong credit.

How to Write

Before heading to the first section, go to the top of the document and enter the following information into the designated text boxes:

  • Current Date
  • Name of Borrower
  • Address of Borrower
  • Name of Lender
  • Address of Lender
  • Full Balance of Note
  • Interest Rate (Check [NC ST § 24-1.1 t] to ensure you have chosen a legal rate)

Step 1 – At the first (1) section, select the payment method you would like the borrower to follow. If an option that uses installments is selected, put a check next to either weekly or monthly payments and enter the date the first payment will be due.

Step 2 – For the second (2) section, enter the final due date that the entire balance must be paid by.

Step 3 – In the third (3) section, enter the interest rate that goes into effect if the borrower misses a payment by more than fifteen (15) days or enters into default on the balance.

Step 4 – Heading to the sixth (6) section, enter the following into the two empty text boxes: 1. Time span required to pass after a due date before a late fee can be issued. 2. The dollar amount of a late fee.

Step 5 – For the seventh (7) section, enter the number of days needed to pass after default has occurred before the lender can issue an acceleration. Acceleration requires all outstanding debt (includes unpaid balance, late fees, and accrued interest) to be paid immediately.

Step 6 – Head to the last page of the document and enter the current date followed by the printed and signed names of the lender, borrower, and witness(s). Once this information has been correctly inputted, the agreement will go into full legal effect.