Oklahoma Secured Promissory Note Template

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The Oklahoma secured promissory note is a legal document requiring the borrower of a monetary balance to reimburse a lender in a full and timely fashion. This template outlines many points regarding the agreement to ensure both parties are clear on the terms and conditions. This template includes a section on security which helps protect the lender from losing the loaned balance in the case of a default.

How to Write

Step 1 – At the top of the document, enter the current date followed by the names and addresses of the borrower and lender, the balance of the note, and the interest rate the borrower will be required to pay.

Step 2 – Head to the first (1) section and select the payment method for the agreement. The options are as follows:

  • No Installments – The borrower makes a single payment (including the full balance plus interest) to the lender on the due date.
  • Installments – The borrower makes routine payments either weekly or monthly to the lender.
  • Interest Only Payments – The borrower makes weekly or monthly payments that consist of only interest until the full balance is paid for.

[If an installment method was chosen, select either weekly or monthly payments at the bottom of the section]

Step 3 – In the second (2) section, enter the date that the entire outstanding balance must be paid by. This also includes interest and any accumulated late fees.

Step 4 – For the third (3) section, enter the interest rate that will go into effect if the borrower enters into default on the note.

Step 5 – Head to section six (6) and enter all required information on late fees into the two empty text boxes.

Step 6 – In the eighth (8) section, enter the time span required to pass after a default has occurred before acceleration can go into effect. Acceleration makes all outstanding debt due immediately.

Step 7 – Proceed to the seventeenth (17) section and enter the item that will be used as security for the agreement. Items used are typically homes, vehicles, or boats; although any physical item of worthy value may be used.

Step 8 – To complete the template and put it into full legal effect, enter the current date and the printed and signed names of the lender, borrower, and witness. Once the signatures have been recorded, the borrower will be responsible for making timely and full payments to the lender.