Tennessee Unsecured Promissory Note Template

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The Tennessee unsecured promissory note binds a borrower to a signed promise requiring him or her to make timely and complete payments to a lender to pay off a previously loaned amount. This template is unsecured, meaning the lender is not guaranteed an item from security if the borrower is unable to pay back the loaned amount. The lender should be extra wary of this and only lend to individuals he or she can completely trust.

How to Write

Before heading to the first step, enter the following information at the top of the template:

  • Current Date
  • Name and Address of Borrower
  • Name and Address of Lender
  • Full Balance of the Note
  • Note’s Interest Rate

Step 1 – At the first section, put a checkmark next to the payment method that you would like to utilize for the duration of the agreement. If an installment-using method was selected, put a checkmark next to either weekly or monthly payments and enter the date that the first payment will be due.

Step 2 – For the second (2) and third (3) sections, begin by entering the due date that the entire outstanding balance must be paid by. Next, enter the interest rate that will enter into effect if the borrower defaults on the note.

Step 3 – Heading to the sixth (6) section, enter the time span needed to pass after a payment due date (that has gone unpaid) before the lender can issue a late fee to the borrower. Then, enter the dollar amount of a late fee itself.

Step 4 – Next, head to the seventh (7) section and enter the amount of days the lender must wait after a default has occurred before he or she can issue an acceleration. An acceleration requires the borrower to pay the remaining balance as well as any late fees immediately to the lender.

Step 5 – Head to the last page of the document and enter the current date (Day, Month, and Year), the lender’s printed and signed name, the borrower’s printed and signed name, and the witness’ printed and signed names into their designated boxes. Once all signatures have been recorded, the agreement will go into full effect and the template will be complete.