Nebraska Secured Promissory Note Template

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The Nebraska secured promissory note outlines many points of information to ensure both the lender and borrower are clear on payment due dates, late payment penalties, the parties’ personal information, interest rates, and several other areas necessary for understanding the transaction. The lender makes a profit from the deal by earning interest on top of the original balance. The interest rate used for the agreement cannot exceed the legal usury rate for Nebraska, which can be found here: NE ST § 45-101.03.

How to Write

Step 1 – Before heading to the first section on the template, enter the following information in the empty boxes at the top of the first page:

  • Current Date in Day-Month-Year Format
  • Borrower’s Full Name
  • Borrower’s Address
  • Lender’s Full Name
  • Lenders Address
  • Full Balance of the Note
  • Interest Rate

Step 2 – Head to the first (1) section of the template. Here you will select the payment method that will outline how the borrower will repay the balance. There are three potential options, two of which require multiple payments (installments) over a period of time. If one of the installment options are selected, look to the bottom of the first section and put a check mark next to either weekly or monthly payments and enter the day the first payment will be due.

Step 3 – Next, enter the final due date that the entire balance must be paid by in section two (2).

Step 4 – Proceeding to the third (3) section, enter the interest rate that goes into effect if the borrower enters into default on the balance. The original rate will go back into effect if the borrower is no longer in default.

Step 5 – The sixth (6) section will require information on late fees to be inputted. Enter the amount of days needed to pass after a payment due date until a late fee can be issued. Then, enter the dollar amount of a late fee itself.

Step 6 – In the eighth (8) section, enter the time span required to pass before acceleration can occur.

Step 7 – Head to the seventeenth (17) section and enter the item that will be used as security. If the borrower cannot pay the remainder of the balance, the item in security will be used to help cover the outstanding balance amount.

Once steps 1-7 have been completed, head to the last page of the template and enter the current date followed by the printed and signed names of the borrower, lender, and witness (to the signing of the lender and borrower). Once everyone’s signatures have been written, the note will go into full effect.