Updated on February 15th, 2022
A Colorado unsecured promissory note is a debt repayment device where the borrower does not need to provide collateral to secure the loan. The completed form will outline the loan amount, fees, interest, and if the balance is to be repaid in installments or a lump sum. Should the borrower fail to repay the loan, the lender will not be entitled to any of the borrower’s assets and will need to employ other methods to reclaim their funds (i.e., hiring a collection agency).
Secured Promissory Note – A loan agreement whereby the borrower grants the lender a security interest against their property.
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