Wisconsin Unsecured Promissory Note Template

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The Wisconsin unsecured promissory note is used for transactions involving the loaning of a monetary balance between two parties. The template records important information such as the signatures of both parties as well as the various repercussions that go into effect if the borrower doesn’t follow the details of the note. Because this note is unsecured, the lender should make sure he or she only lends to borrowers who have strong credit and sound finances to prevent a default from occurring.

How to Write

Step 1 – Start by entering the current date, the names and addresses of both parties, the balance of the note, and the note’s interest rate.

Step 2 – Go to the first (1) section and select the payment type that the borrower will be required to follow for the duration of the agreement. The three options consist of the following:

  • No Installments – Borrower makes a single payment encompassing the entire balance plus interest.
  • Installments – Requires the borrower to make either weekly or monthly payments to the lender.
  • Interest Only Payments – The borrower only makes payments consisting of interest until the balance is paid for.

Step 3 – In the second (2) and third (3) sections, enter the final due date the all outstanding debt must be paid by. Then enter the interest rate that will go into effect if a default occurs.

Step 4 – In the sixth (6) section enter information regarding late fees into the two empty text boxes.

Step 5 – Head to the seventh (7) section and input the number of days required to pass after a default before the lender can issue an acceleration. In an acceleration, the borrower is required to pay the remaining balance, accrued interest, and any collected late fees to the lender immediately.

Step 6 – Proceed to the last page and enter the current date (including the day, month, and year) and the printed and signed names of the lender, borrower, and witness. Once this has been completed, the agreement will be complete and borrower will be responsible for following all requirements stated in the template.