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Oregon Unsecured Promissory Note Template

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The Oregon unsecured promissory note binds a lender and borrower into an agreement that requires the borrower of a monetary balance to reimburse the lender the loaned amount plus interest over a scheduled time period. The agreement differs from the secured version in the fact that there is no security, leading to the lender having no surefire way of being reimbursed the loaned amount if the borrower doesn’t make his or her payment(s). If this situation occurs, the lender can bring the borrower to small claims court to try and recover the unpaid balance.

How to Write

Before heading to the first section of the template, look to the top of the first page and enter the current date, the borrower and lender’s full names and addresses, the full balance of the note, and the interest rate for the note.

Step 1 – In the first (1) section, choose the payment method that will be followed for the duration of the note. The options are as followed:

  • No Installments – Borrower makes a single payment consisting of the entire note plus interest at a predetermined date.
  • Installments – Borrower makes routine monthly or weekly payments to the lender.
  • Interest Only Payments – Borrower makes routine monthly or weekly payments that consist of only interest.

Step 2 – Next, head to the second (2) section and enter the final due date that all outstanding debt must be paid by.

Step 3 – For the third (3) section, enter the interest rate that the borrower will be required to pay if he or she enters into default or misses a payment by fifteen days or more.

Step 4 – In the sixth (6) and seventh (7) sections, enter the following information into the designated text boxes:

  • Time frame needed to pass before a late fee can be issued
  • Cost of a single late fee
  • Number of days needed to pass before acceleration can occur

Step 5 – Next, head to the last page of the template and enter the current date and the printed and signed names of the borrower, lender, and witness to the agreement. Once all names have been legibly recorded, the note will go into full effect and the borrower will be liable for repaying the loaned balance to the lender.

 


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