Updated on March 7th, 2022
A Texas unsecured promissory note is a legal document that provides evidence of a loan given by a lender to a borrower that isn’t secured by collateral. In addition to providing a written record of money lent, the contract outlines the terms of the agreement, including the amount of money lent, names and addresses of both parties, date of the agreement, interest rate, payment schedule, and applicable late fees. If the borrower fails to repay the borrower on time, they may incur late fees and the lender will need to pursue legal action for recompensation.
Secured Promissory Note – If the borrower agrees to provide collateral, this form should be used.
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