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A Promissory Note is a short, succinct document for a loan.
An unsecured promissory note is a financial instrument which showcases some written promise to repay a given amount of money in the future or on-demand.
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Differences between an unsecured and secured promissory note […] Promissory notes, unlike bank loans, are generally made between individual parties, but, like bank loans, can contain payment schedules, due dates, payments accepted, and more. A promissory note, or "promise to pay", is a note that details money borrowed from a lender and the repayment structure. The chances of default cannot be minimized with a promissory note.
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