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Making a Secured Promissory Note
A Secured Promissory Note is a legal agreement that requires a borrower to provide security for a loan. With this lending document, the borrower puts forth their personal property or real estate as collateral if the loan isn't repaid. A Secured Promissory Note can help convince a lender to make a loan and incentivizes the borrower to pay it back by the due date. Each Secured Promissory Note Form from Rocket Lawyer can be completely customized to address your particular scenario. When you're ready to get started, click the button that says "Make document". Your Promissory Note will be built section by section so you can be certain that it has all of the relevant details that you'll need.
Other names for this document: Secured Promissory Note Form, Loan Security Agreement
The word "secured" means that the loan is backed by an asset put up as collateral. If the loan cannot be repaid, then the collateral is forfeited to the creditor. A common type of secured loan would be a mortgage, where the loan is secured by the property being purchased.
The major difference between a secured and unsecured Promissory Note is collateral. A secured promissory note, as the name partially implies, is secured by some form of property (i.e. collateral), while an unsecured promissory note does not involve collateral. If the borrower defaults on a Secured Promissory Note, the lender gets to keep the collateral (the property that was used to secure the loan).
It is fast and simple to get what you need with a free Secured Promissory Note template from Rocket Lawyer:
This method will often end up being notably more affordable than hiring your average law firm.
Promissory Notes can be as thorough as you want them to be, but there are a few necessities:
Making a Secured Promissory Note is normally straightforward, but you might still have legal questions. Depending on whom you reach out to, some lawyers won't even agree to review a document that they didn't write. An easier approach worth consideration is to request help from Rocket Lawyer network of attorneys. If you become a Premium member, you have the ability to request a document review from an experienced attorney or get answers to other questions about your Promissory Note. We are always available to help.
The cost of meeting and hiring the average law firm to make a Secured Promissory Note could total anywhere from two hundred to one thousand dollars, depending on where you are and how complex the matter might be. Unlike many other websites you might stumble upon, Rocket Lawyer offers much more than Loan Agreement templates. If you ever require support from a lawyer, your membership offers up to 40% in savings when you hire an attorney from our network.
After completing a customized Promissory Note using Rocket Lawyer, you'll have the ability to get to it wherever and whenever you choose. As a Rocket Lawyer member, you can edit it, download it in PDF format or as a Word file, print it, and sign it with RocketSign®. Attached to your Secured Promissory Note Form, you'll also find a set of next steps you should take once the document is finished.
Neither witnesses nor notarization are legally required for your Secured Promissory Note Form.