Florida Unsecured promissory note
Record one principal advance, the interest basis and the single maturity payment. Identify the actual holder and any separate guarantee.
Before you prepare the document
Identify each borrower and holder, the original debt and funding dates, funds actually received, payment records, interest and other charges. Confirm any collateral and any existing obligation it continues to secure. Omit personal account numbers from the document.
Interest, security and location
Florida. The ordinary 18% equivalent simple-interest limit includes a facility of exactly $500,000. The section 687.071 threshold of more than 25% applies to the larger-loan branch when initial debt, reasonably expected aggregate debt, or debt previously outstanding exceeds that amount. Include interest-like charges at their value upon receipt and spread them over the stated term. The larger-loan test and the separate culpability requirements for criminal usury must be assessed separately. Florida Statutes §687.03 · §687.071
When the parties, collateral, loan negotiation or repayment involve different states, record each location and determine the applicable requirements before signing. Verify the filed instrument and applicable filing law separately from any law chosen for the note.
Borrower protections
Pre-service debt can qualify for the Servicemembers Civil Relief Act interest reduction. A covered mortgage can qualify for an additional year. The Military Lending Act separately considers credit extended to covered servicemembers and dependents. Verify applicable federal disclosures before consummation. 50 U.S.C. §3937 · CFPB Military Lending Act guidance
Choose a repayment structure
Questions about funding and payment
Can I prepare a note before funding?
Choose the planning worksheet while a transfer is pending. Reconcile the actual net principal with the dated payment record before acknowledging receipt.
What happens after a partial payment?
Record how the holder applied the payment and what balance remains. Identify any agreed release of specific collateral. Check the applicable filing or title procedure separately.