Updated April 08, 2022
A 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 of 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.