An Illinois secured promissory note is a legally binding document that records a borrower’s promise to repay a loan along with the interest amount over time. The borrower pledges specific collateral, such as real estate, personal property, stocks, or savings accounts, to the lender as security for the repayment of the loan.
The note specifies the principal balance, installment deadlines, interest rate, late fees, and the date by which the loan must be repaid in full.
