Updated April 11, 2022
A Nevada unsecured promissory note outlines the major conditions of a loan, including payment types, the balance of the note, the interest rate, and more. The template also records information on both parties and the penalties that would result from the borrower not following the terms outlined in the document. This serves the purpose of helping to ensure the borrower makes timely and full payments to the lender. A major risk to the lender in this note is that there is no security embedded. Because of this, the lender can be at risk of losing the loaned balance if the borrower defaults and cannot recover.