Virginia Unsecured Promissory Note Template

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The Virginia unsecured promissory note pairs a lender and borrower into a legal promise based on the lending of a monetary balance. The borrower in the agreement is required to reimburse the lender in a timely and structured fashion as dictated by the template. This template is unsecured, leaving the lender with a greater risk of losing the loaned balance. Only lending to family and friends that can be trusted is a sound strategy to reduce the lending risk.

How to Write

Step 1 – At the top of the template, enter the following information into the empty text boxes:

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

Step 2 – Starting at the first (1) section, select the payment method for the agreement. Two of the possible three options utilize installments. If one of these options are selected, enter the date that the first payment will be due and put a checkmark next to either weekly or monthly payments.

Step 3 – In the second (2) section, enter the date that the entire balance must be paid by. This includes accrued interest and any issued late fees.

Step 4 – Enter the interest rate that will enter into effect if the borrower defaults on the balance or misses a payment by more than fifteen (15) days.

Step 5 – Head to the sixth (6) section and enter the time frame required to pass after a payment due date (that has been left unpaid) before the lender can issue a late fee on the borrower. In the second text box enter the dollar cost of a late fee itself.

Step 6 – In the seventh (7) section enter the number of days that the lender must wait after a default has occurred before he or she can issue an acceleration on the balance. When acceleration occurs, the borrower is required to pay all outstanding debt immediately to the lender.

Step 7 – Head to the last page of the template and start by entering the current date. Then, have the lender, borrower, and witness write their printed and signed names into the designated spots. Once the names have been recorded the template will be complete and will enter into effect immediately.