A Wisconsin secured promissory note establishes a formal lending arrangement under which the borrower commits to repaying a certain sum of money to the lender according to a predefined schedule. The “secured” aspect of the agreement documents that the borrower is pledging a valuable asset, like real estate, vehicles, or watercraft, as collateral.
The lender can claim the collateral if the borrower defaults on their obligation and can’t repay the entire amount. Both parties can refer to this document to review the loan’s specifics, including the original amount borrowed, interest rate, repayment timeline, and penalties for delayed payments.
