Updated April 08, 2022
A New Mexico unsecured promissory note 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 of 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.