A Louisiana unsecured promissory note is a legal agreement where a borrower promises to repay a lender a certain amount of money. However, unlike secured notes, there is no collateral involved. This means that the lender takes a greater risk in case of a default.
To minimize this risk, lenders are advised to only lend money to individuals they trust or those with a strong credit history. If the borrower defaults on payment, the lender can hire a debt collector or file a lawsuit to seek wage garnishments or other forms of income seizure.
