Updated April 08, 2022
A Utah unsecured promissory note clarifies and structures the details of a money-lending transaction between a lender and a borrower. This agreement is unsecured, meaning the lender is not guaranteed reimbursement of the loaned balance if the borrower enters into default and cannot recover. It is recommended that lenders screen all potential borrowers for strong credit history and work with borrowers he or she knows personally.