Updated April 11, 2022
A New York unsecured promissory note brings two parties together into a contract stating how the borrower will be required to pay back a lender a loaned amount of money. This template can be used as a legal document once all signatures have been recorded. However, it is worth noting that because this template is unsecured, the lender is at a far greater financial risk. This is because the lender has no guaranteed way of recovering the loaned balance if the borrower enters into default. To help remedy this, the lender should only loan to family/friends and those with a high credit score.