Wisconsin Secured Promissory Note Template

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A Wisconsin secured promissory note is a signed promise stating the borrower of a monetary balance will reimburse a lender in a structured and orderly fashion as dictated in the completed template. This agreement is ‘secured’, meaning the lender is given an item of the borrowers (such as a home, vehicle, or boat) in the case of a un-recoverable default on behalf of the borrower.

How to Write

At the top of the template, enter the following into the empty text boxes:

  • Current Date (including the day, month, and year)
  • Name and Address of Borrower
  • Name and Address of Lender
  • Full Balance of Note
  • Note’s Interest Rate

Step 1 – Once the above has been completed, head to the first (1) section and put a checkmark next to the payment method that will stay in effect for the duration of the agreement. If an installment-type option was selected, look to the bottom of the section and put a checkmark next to either weekly or monthly payments and enter the day that the first payment will be due.

Step 2 – Next, head to the second (2) section and enter the date that the entire balance will be due. Also due on this date is any accrued interest and any issued late fees.

Step 3 – For the third (3) section, enter the interest rate that will go into effect if a default occurs or if the borrower misses a payment by more than fifteen (15) days.

Step 4 – Head to the sixth (6) section and enter the number of days the lender is required to wait after a payment has gone unpaid before he or she can issue a late fee. In the second text box enter the cost of a single late fee.

Step 5 – In the eighth (8) section enter the time frame required to pass after a default occurs before the lender can issue acceleration.

Step 6 – Go to the seventeenth (17) section and input the item that will serve as security for the agreement.

Once steps 1-6 have been completed, look to the bottom of the last page and enter the current date followed by the printed and signed names of the lender, borrower, and witness. Once all pertinent signatures have been recorded, the agreement will go into full effect.