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New Mexico Unsecured Promissory Note Template

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TheĀ New Mexico unsecured promissory noteĀ provides a basis for an agreement between two parties consisting of a lender and borrower. In the transaction, the lender makes a profit by receiving interest on top of being reimbursed the original loaned amount. This note template does not include a section where security is declared. Because of this, the lender is at a far greater risk for losing the loaned balance in the case of a default. To help remove risk, the lender should only work with friends and family as well as check the credit of all potential borrowers.

How to Write

Step 1 – Begin the document by entering the following information at the top of the first page:

  • Current Date
  • Borrower’s Full Name
  • Borrower’s Address
  • Lender’s Full Name
  • Lender’s Address
  • Full Balance of Note
  • Interest Rate

Step 2 – Head to the first (1) section of the template and select the method in which the borrower will repay the balance of the note. Two of the three options utilize installments, which require the borrower to make either weekly or monthly payments to the lender. If one of the two installment options was selected, check the box next to either weekly or monthly payments and enter the date of the first payment.

Step 3 – For the second (2) section, enter the date that all outstanding debt must be paid by.

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.

Step 5 – For sections six (6) and seven (7), begin by information regarding late fees into the two empty text boxes. In section seven, enter the time span needed to pass after a default until acceleration can occur.

Step 6 – To complete the agreement, head to the last page and enter the following information:

  • Current Date
  • Lender’s Signature and Printed Name
  • Borrower’s Signature and Printed Name
  • Witness’ Signatures and Printed Names

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