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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. A promissory note is a promise to pay back money owed within a specific timeframe. The default is 7% if no written contract is established. 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. 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.

Free Secured Promissory Note Templates (by State) Basic Terms & Guide

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. 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. 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. 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.