Unsecured promissory notes, on the other hand, are not backed by collateral. Demand vs. installment promissory notes Demand promissory notes are payable in full upon the lender's demand.

There are free promissory notes or personal loan agreement forms available online. But also take a look at forms in Nolo Press's Quicken Legal Business Pro software. "Most of the time you can find ...

An unsecured promissory note means that the lender did not require collateral for the loan. ... This is a standardized form used in all states and is commonly referred by the designation "UCC-1." ...