Arkansas Promissory Note Form
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3ARKANSAS PROMISSORY NOTE
(SECURED)
ON THIS ____ DAY OF ____________________, 20___,
_________________________________ [Name of Borrower], of
_______________________ [Address of Borrower], hereinafter known as the
“Borrower” promises to pay to _________________________________ [Name of
Lender], of _______________________ [Address of Lender], hereinafter known as the
“Lender”, the principal sum of ________________________ Dollars
($__________________), with interest accruing on the unpaid balance at a rate of
_______________ percent (___%) per annum in accordance with Ark. Code Ann. § 4-
57-104 (Interest and Usury) of the Arkansas Statutes.
1. PAYMENTS: Borrower shall pay (check the applicable box)
- NO INSTALLMENTS. Payment in full of principal and interest accrued shall
be payable on the due date.
- INSTALLMENTS of principal and interest in the amount of
________________________ Dollars ($__________________)
- INTEREST ONLY PAYMENTS on the outstanding principal balance.
If installments or interest only payments are checked above, such installment
payment shall be due and payable on the (check the applicable box)
- ____ day of every month beginning on the ____ day of
____________________, 20___.
- Every week beginning on the ____ day of ____________________, 20___.
2. DUE DATE: The full balance on this Note, including any accrued interest and
late fees, is due and payable on the ____ day of ____________________,
20___.
3. INTEREST DUE IN THE EVENT OF DEFAULT: In the event that the Borrower
fails to pay the note in full on the due date or has failed to make an installment
payment due within 15 days of the due date, unpaid principal shall accrue
interest at the rate of _______________ percent (___%) per annum OR the
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