An Oklahoma unsecured promissory note is a legally binding agreement without collateral, detailing loan terms, repayment methods, and penalties for missed payments. It enables lenders to seek repayment through small claims court if necessary but poses a higher risk due to lack of security, potentially leading to higher interest rates.
The document may also necessitate a co-signer to reduce financial risk, underscoring the borrower’s commitment to repay the loan.
