A Mississippi unsecured promissory note allows borrowers to obtain financing without pledging any collateral. This document outlines the borrower’s financial obligations and repayment terms, including repayment deadlines and whether payments will be made in installments or as a lump sum.
Lenders who use this type of note are advised to check the borrower’s creditworthiness or ensure they can trust the borrower to repay the loan on time. The borrower must pay interest, the original amount, and any late fees that may accrue. The lender must enter this agreement only with someone with acceptable credit to minimize financial risk.
