» » » West Virginia Unsecured Promissory Note Template

West Virginia Unsecured Promissory Note Template

Create a high quality document online now!

The West Virginia unsecured promissory note is used for transactions in which an individual (called the ‘lender’) lends a monetary balance to another individual (called the ‘borrower’). This document structures the agreement and helps to ensure both parties are clear on how the balance will be repaid. The lender should be aware that this note is unsecured, meaning the lender will not receive an item to cover the unpaid balance if the borrower enters into default.

How to Write

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

Step 2 – In the first (1) section, put a checkmark next to the payment method that will be utilized for the duration of the agreement. If an installment-type options is selected, put a checkmark next to either weekly or monthly payments and enter the date that the first payment will be due.

Step 3 – Head to the second (2) section and enter the due date that the entire balance must be paid by.

Step 4 – In the third (3) section enter the interest rate that the borrower will be required to pay if he or she enters into default. Ensure you have selected a legal interest rate for the state of West Virginia by checking WV ST § 47-6-5.

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

Step 6 – Proceeding to the seventh (7) section, enter the time frame required to pass after a default has occurred before the lender can issue an acceleration on the balance (requiring all outstanding debt to be paid immediately by the borrower).

Step 7 – Head to the final page of the template and enter the following information into the empty boxes:

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

Once all signatures have been recorded, the template will be complete and the note will go into full effect.

 


ABOUT SSL CERTIFICATES