Make a Texas Promissory Note

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What Is a Texas Promissory Note?

A Texas promissory note is a contract between a borrower and a lender. The lender agrees to provide a loan. The borrower promises to repay it according to the terms of the agreement. There may be a co-signer who agrees to satisfy the loan if the borrower does not.

There are two types of Texas promissory notes: secured and unsecured.

• A secured promissory note involves collateral. If the borrower doesn’t comply with the terms of the contract, the collateral is given to the lender to satisfy all or part of the outstanding balance. A loan for a vehicle is an example of a secured promissory note.
• An unsecured promissory note doesn’t involve any sort of collateral as repayment for the loan.

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