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Utah Unsecured Promissory Note Template

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TheĀ Utah unsecured promissory noteĀ 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 a reimbursement of the loaned balance if the borrower enters into default and cannot recover. It is recommended that lenders screen all potential borrowers for a strong credit history and work with borrowers he or she knows personally.

How to Write

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

Step 2 – Next, head to the first (1) section and put a checkmark next to the payment method that will be used during the agreement. The methods either use installments or require one single payment. If a method with installments is selected, enter the date of the first payment and put a checkmark next to either weekly or monthly payments.

Step 3 – In the second (2) and third (3) sections, enter the final due date that the entire balance must be paid by. Then, enter the interest rate that will go into effect if the borrower defaults on the balance.

Step 4 – Head to the sixth (6) section and enter the time span needed to pass before a late fee can be issued. In the bottom text box, enter the cost of a single late fee.

Step 5 – For section seven (7), enter the number of days required to pass after a default before acceleration can be issued.

Step 6 – Head to the last page of the agreement and enter the following information into the empty text boxes:

  • Current Date
  • Lender’s Printed and Signed Name
  • Borrower’s Printed and Signed Name
  • Printed and Signed Names of the Witness

Once all pertinent signatures have been recorded, the agreement will go into full effect, requiring the borrower to follow the conditions outlined in the template.

 


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