1. Home »
  2. Loan Agreement »
  3. Promissory Note »
  4. Mississippi

Mississippi Promissory Note Template

Fill Now Click to fill, edit and sign this form now!

A Mississippi promissory note is a financial document that binds a loan recipient (the “borrower”) to repayment terms set by the lender. Through the note, the lender can state their preferred installment schedule, maturity date, interest rate, and whether they require a co-signer to guarantee the loan. Having a promissory note in place provides the lender protection in knowing that if the borrower defaults, they have a record of the transaction and can file a lawsuit if necessary.

In Mississippi, lenders and borrowers may agree to a finance charge (an imposed fee for loan transitions). However, the cost cannot exceed the rate listed in Section 75-17-1(2) of the Mississippi Code.


Types (2)

Secured Promissory Note – Used for a loan transaction where the borrower pledges certain assets as a security interest for the lender.

Download: PDFWord (.docx)OpenDocument

 


Unsecured Promissory Note – Contains the same provisions as a secured promissory note, only there is no collateral backing the loan.

Download: PDFWord (.docx)OpenDocument