A Wyoming secured promissory note is a legal document that facilitates a loan agreement between a borrower and a lender. Acquaintances often use this note because it offers a layer of trust thanks to the collateral the borrower provides. The collateral, which is often a tangible asset like a vehicle or real estate, protects the lender’s interests and improves the chances of repayment.
You’ll find the loan’s specifics within this note, including the agreed-upon interest rate and repayment method. Depending on the borrower and lender’s agreement, the repayment may be a single lump sum or multiple installments.
