Washington Unsecured Promissory Note Template

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The Washington unsecured promissory note is used for transactions that involve the loaning of money between two parties (consisting of a lender and a borrower). The template covers a broad range of areas regarding the agreement to ensure both parties are clear on the terms and conditions. This note is unsecured, leaving the lender in an increased financial risk if the borrower defaults on the balance. The lender should screen potential borrowers and only lend to individuals in which he or she personally knows.

How to Write

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

Step 2 – Select the payment method in the first (1) section. The options consist of the following:

  • No Installments – Requires the borrower to make a single payment to the lender consisting of the full balance and interest.
  • Installments – Borrower makes routine payments in either weekly or monthly increments.
  • Interest Only Payments – Borrower makes weekly or monthly payments that consist of only interest until the balance is reimbursed.

Step 3 – Next, go to the second (2) section and enter the date that the entire balance must be paid for.

Step 4 – In the third (3) section, input the interest rate that will enter into effect if the borrower defaults on the balance.

Step 5 – Head to the sixth (6) section and enter all required information regarding late fees into the two empty text boxes.

Step 6 – In section seven (7), enter the time frame that needs to pass after a default before the lender can issue an acceleration.

Step 7 – Proceed to the last page of the template and enter the following information into the empty text boxes:

  • Current Date (Day, Month, and Year)
  • Lender’s Printed and Signed Name
  • Borrower’s Printed and Signed Name
  • Printed and Signed Names of the Witness

Once all steps have been completed the agreement will be fully complete and the borrower will be responsible for making accurate payments to the lender.