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What is an Unsecured Promissory Note?

April 26, 2017promissory note unsecured

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What is an Unsecured Promissory Note?

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A Promissory Note is a written promise to pay a debt by a certain date. It establishes terms of repayment and the penalty for breaking the promise to pay. It is not secured by collateral, meaning that if a Borrower refuses to pay the debt you have to sue him for the amount owed.