Updated on February 13th, 2022
A New Hampshire unsecured promissory note is used in lending transactions wherein the borrower is not required to contribute any collateral. The document will legally bind the borrower to the loan terms and ensure that repayment is delivered as per the agreed-upon schedule. A lender may opt to use an unsecured note in lieu of a secured agreement if they are familiar with the individual (e.g., family, friend) or if the borrower’s credit history is in good standing. Nevertheless, if a contract default occurs and is not resolved within a reasonable timeframe, the promissory note will be sufficient evidence of the transaction to employ a debt collector or pursue legal action against the borrower.
Secured Promissory Note – Allows a lender to claim the borrower’s collateral in the event of a default.
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