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Promissory Note Template New Jersey

Promissory note template new jersey - 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. 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. 6% without a written contract, 16% maximum if a written contract is established.

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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. 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. 6% without a written contract, 16% maximum if a written contract is established.