What Is A Promissory Note
How a Promissory Note Works A promissory note can be either secured or unsecured. An unsecured promissory note pertains to a loan that’s made based solely on the maker’s ability to repay. A secured promissory note means the loan is secured by an item of value, such as a house. Types of Promissory Notes There are several types of promissory notes. The differences hinge on the type of loan involved and the information the note contains:...