A Connecticut unsecured promissory note is an uncollateralized financial agreement between a moneylender and a borrower. The document outlines the amount of money lent, interest rate, payment schedule, and what will happen if the borrower fails to make payments.

Though less formal than a traditional loan agreement, an unsecured promissory note is legally binding and should be carefully reviewed by all parties before signing. A loan that is not secured by the borrower’s assets is riskier for the lender and may be best used for loans between friends or family members.

Related Forms

Secured Promissory Note – A debt instrument where one party puts up collateral in order to secure a loan from another individual or entity.

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