Updated on February 26th, 2022
A New York unsecured promissory note is a financial lending tool where an individual or entity may borrow money from another party without a pledge of collateral. The document will provide an official account of the debt owing, interest rate, and repayment schedule agreed upon by both parties. Though not secured by collateral, the borrower is still legally bound to repay their debt in the scheduled timeframe. Should the borrower fail to hold up their repayment obligations, the lender may need to take legal action or hire a collection agency to enforce repayment.
Secured Promissory Note – A financial lending agreement where a borrower uses personal assets as collateral in order to secure funding.
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