DOWNLOAD this Nebraska Promissory Note Form documenting a promise to pay back money lent over a specified period of time. The lender and the borrower may agree to a specified interest rate and whether or not security will be used to secure the loan. The parties may also agree on the manner the loan will be repaid and for what period of time it will take to be repaid. Under this form, there is no penalty for the borrower to repay the loan early.
Nebraska Promissory Note
Create a customized, state specific and printable Nebraska Promissory Note pdf form. The Nebraska promissory note form is a legal written promise to repay a loan or debt under specific terms. This is usually upon demand or at a stated time, through specified number of installments. Protect your rights with a secured promissory Nebraska note pdf form NowA Nebraska promissory note template is a document designed to help ensure the lender in a money loaning transaction receives timely payments from the borrower. In addition, the templates cover many areas in regards to both the parties’ personal information and the details of the agreement itself. Below are two templates for the state of Nebraska; remember to read the details on both to ensure you select the one for your loaning situation.
What Is a Nebraska Promissory Note?
A Nebraska promissory note is a written agreement between a lender and a borrower. The purpose of the document is to identify the parties and set terms and conditions of the repayment agreement for the loan.
A Nebraska promissory note may be secured or unsecured.
- An example of a secured promissory note is a car loan. If the borrower does not make payments as agreed, the lender will repossess the vehicle. The vehicle acts as collateral for the loan.
- Unsecured loans are signature loans. There is no collateral to guarantee that the loan will be repaid.
The parties involved in a promissory note are the lender and the borrower. Sometimes, co-signers are also a party to a promissory note. Promissory notes are subject to contract law. In some instances, they may also be treated as securities.
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Promissory notes set the terms for a borrower receiving money from a lender. These legally-recognized forms detail how much money the borrower received (known as the principal amount), when they need to pay it back, and whether the borrower must relinquish assets if they default on the loan.
The Nebraska promissory note maximum interest rate is quite high compared to other states — 16%, according to Nebraska Revised Statute 45-101.03. Borrowers and lenders may negotiate this percentage.
Nebraska has two types of promissory notes: secured and unsecured.
Nebraska Secured Promissory Note
A Nebraska promissory note requires borrowers to hand over an asset if they’re unable to pay the loan. Using a secured promissory note template Nebraska means that the lender will receive compensation for the loan no matter what.
Secured promissory notes can be between any two parties, such as a bank and an individual, two individuals, or a lending company to an individual.
Since you can easily find a free Nebraska promissory note template online, any two parties can fill one out and sign it to create a binding agreement. A notary public must usually sign the note to attest that both parties were present.
A promissory note Nebraska form will require the following information:
- The date of the signature of the document
- The borrower’s full name and address
- The lender’s full name and address
- The interest rate
- Which of the borrower’s assets the borrower will use as collateral
- Deadline for the payment
- Signatures from the borrower, lender, and notary publicThe Nebraska Unsecured Promissory Note Template is a contractual document, that establishes an agreement between a lender and borrower (regarding a loan). The note provides the terms of the loan, such as the principal sum, borrower’s repayment method, payment schedule, interest rate, etc. Unsecured notes are typically only issued to “low-risk” borrowers (due to the fact that the borrower is not required to pledge any collateral).
- Note: Once the document has been filled out, it must be signed by all involved parties (lender, borrower, and witnesses).
How to Write
Step 1 – Download the form (links near the top of the page).
Step 2 – Enter the following details into the corresponding input fields within the opening paragraph:
- The start date of the agreement
- Name of borrower
- Address of borrower
- Name of lender
- Address of lender
- Submit the principal sum and agreed upon interest rate (annual)
Step 3 – Payments – Select the agreed upon payment method by checking the appropriate box:
- Installments – must provide the payment amount
- Interest Only
Note: If the selected payment method is “Installments” OR “Interest Only,” the monthly/weekly payment schedule must be entered.
Step 4 – Due Date:
- Enter the date in which the principal sum of the loan must be paid in full.
Step 5 – Interest Due in Event of Default:
- Review the subsection.
- Provide the interest percentage (annual) that will be applied in the event of default.
Step 6 – Late Fees:
- Enter the number of days in which the borrower will have to make a payment (after missing the agreed upon due date).
- Submit the late fee amount that would be due should the borrower fail to make a payment.
Step 7 – Acceleration:
- Fill in the amount of time the borrower will have to cure a default.
Step 8 – Signatures:
- Write the date of signing
Nebraska Promissory Note Templates
The Nebraska promissory note templates are written agreements that serve to detail specific terms of a loan such as the interest rate, principal sum, repayment method, etc. There are two primary types of promissory notes: secured and unsecured. Secured notes are “secure” because the borrower pledges a form of security (i.e. collateral). The security is used in case of a default on the loan (the lender will take possession of the collateral). Unsecured notes do not have/require any collateral.
Nebraska Promissory Note Form
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