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Oklahoma Unsecured Promissory Note Template

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The Oklahoma unsecured promissory note is a signed document stating the amount of money borrowed, how the balance will be payed back, penalties for missing payments, and many other important sections. The document is a legal promise from the borrower, and can be used in a court of law if the balance is left unpaid. However, it should be known that this template does not include security, so bringing the borrower to small claims court would be the only viable option for receiving his or her loaned balance back.

How to Write

Step 1 – At the top of the document, enter the current date, the borrower’s name and address, the lender’s name and address, the full balance of the note, and the interest rate for the note. To ensure you have chosen a legal interest rate for the state of Oklahoma, check [OK ST T. 14A § 3-201 and OK ST T. 15 § 266].

Step 2 – Next, head to the first (1) section and select the payment method the borrower will be required to follow throughout the course of the agreement. Two of the three options use installments, which require the borrower to make weekly or monthly payments to the lender. If one of these options were selected, put a checkmark next to either weekly or monthly payments and enter the date that the first payment will be due.

Step 3 – For the second (2) and third (3) sections, begin by entering the final due date that the entire balance must be paid by. Then, enter the interest rate that the borrower will be required to pay if he or she enters into default or misses a payment by more than fifteen days.

Step 4 – Proceed to the sixth (6) section and enter the amount of days that need to pass after a payment due date before a late fee can be issued. In the second text box enter the dollar cost of a late fee.

Step 5 – In the seventh (7) section, enter the time frame needed to pass after default has occurred before the lender can issue an acceleration.

Step 6 – Once the above steps have been completed, enter the following information on the last page for the agreement to go into full effect:

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