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South Carolina Secured Promissory Note Template

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TheĀ South Carolina secured promissory noteĀ is a legal promise from the borrower of a monetary balance to the lender saying he or she will reimburse said lender in a timely and full fashion. The note includes a section where the item to be used as security can be stated. The item in security is given to the lender if the borrower cannot pay the outstanding balance.

How to Write

Step 1 – At the top of the first page, enter the current date, the names and addresses of both parties (the lender and borrower), the balance of the note, and the note’s interest rate.

Step 2 – Next, select the payment method for the agreement. If you choose an option uses installments, look to the bottom of the section and put a checkmark next to either weekly or monthly payments and enter the date that the first payment will be due.

Step 3 – In the second (2) and third (3) sections, enter the final due date that all outstanding costs must be paid by. Then, enter the interest rate that will go into effect if the borrower fails to make a payment within fifteen days of the due date or if the borrower defaults on the balance.

Step 4 – Heading to the sixth (6) section, enter the time span required to pass before the lender can issue a late fee to the borrower. Directly below in the second text box, enter the dollar amount of a single late fee.

Step 5 – In the eighth (8) section, enter the time span that must pass (after a default has occurred) before the lender can issue an acceleration to the borrower.

Step 6 – Head to the seventeenth (17) section and input the item that will serve as security for the agreement. Items typically used are homes, vehicles, or boats, although any physical item can be used as long as it has similar value as to the amount of the loaned balance.

Step 7 – At the bottom of the last page, enter the current date followed by the printed and signed names of the borrower, lender, and witness to the agreement. Once all names have been signed in their designated spots, the agreement will go into full legal effect.