An Alaska unsecured promissory note is a customizable contract that is completed prior to a lender loaning money to a borrower. The note is unbacked by collateral, meaning the borrower will not be required to provide property (such as a home or vehicle) to secure the loan. Because of this, lenders that agree to an unsecured note will only do so with borrowers that have a minimal chance of defaulting. This type of note is also frequently used when lending to family and friends. The lender and borrower will need to sign the note in order for it to take effect. This can be done by printing the form and having both parties sign by pen, or uploading the completed document to eSign and signing the agreement digitally.
Secured Promissory Note – Same is an unsecured note, only the borrower has to put up collateral (such as their home or vehicle).