Updated on February 21st, 2022
A Mississippi unsecured promissory note allows an individual to receive financing from a moneylender without putting up collateral. The form records the borrower’s financial obligations and the conditions for repayment, such as the deadline for repayment and whether it will be delivered in installments or a lump sum. Lenders using an unsecured promissory note are advised to research the borrower’s creditworthiness before transferring funds, or to otherwise ensure the borrower is someone they can trust to compensate them in a timely manner.
Secured Promissory Note – Allows a lender to specify repayment terms and secure a loan against the borrower’s property.
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