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Promissory Note Template Georgia

Promissory note template georgia - An unsecured promissory note is a document that details the borrowing of money from one individual or entity to another without security if the debt is not paid in full. Unlike a secured promissory note, the lender is taking into account the borrower’s credibility without receiving anything in return if they shall default on their payments. For written contracts, the maximum 16% on loans below $3,000, 5% per month on loans between $3,000 and $250,000, and no limit on loans above $250,000. The default is 7% if no written contract is established. A promissory note is a promise to pay back money owed within a specific timeframe.

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An unsecured promissory note is a document that details the borrowing of money from one individual or entity to another without security if the debt is not paid in full. For written contracts, the maximum 16% on loans below $3,000, 5% per month on loans between $3,000 and $250,000, and no limit on loans above $250,000. The default is 7% if no written contract is established. Unlike a secured promissory note, the lender is taking into account the borrower’s credibility without receiving anything in return if they shall default on their payments. A promissory note is a promise to pay back money owed within a specific timeframe.