South Dakota Unsecured Promissory Note Template

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The South Dakota unsecured promissory note is a signed promise stating the borrower of a monetary balance will reimburse the lender of said monetary balance in the orderly fashion described in the template. This document does not include security. To help prevent a situation in which the lender loses the loaned balance because of a default, the lender should only lend to family/friends or those he or she can completely trust.

How to Write

Step 1 – At the top of the document enter the current date, the names and addresses of the lender and borrower, the balance of the note, and the note’s interest rate.

Step 2 – Starting at the first (1) section, put a checkmark next to the payment method that the borrower will be required to follow during the agreement. The options are as follows:

No Installments – Borrower makes a single payment of the entire balance plus interest.

Installments – Borrower makes multiple payments in either weekly or monthly increments.

Interest Only Payments – Borrower makes weekly or monthly payments that consist of only interest until the full balance is paid for.

Step 3 – In the second (2) section, enter the final due date for the entire balance plus any accumulated late fees and accrued interest.

Step 4 – In the next section (3), enter the interest rate that the borrower will have to pay if he or she enters into default on the balance.

Step 5 – Head to the sixth (6) section and enter the number of days required to pass after a payment has been left unpaid before the lender can issue a late fee. Then, enter the cost of a late fee itself.

Step 6 – In section seven (7), enter the time span required to pass after a default until acceleration can occur.

Step 7 – On the last page, enter the current date and the printed and signed names of the lender, borrower, and witness to fully complete the agreement and ensure it has legal validity.