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Alabama Secured Promissory Note Template

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The Alabama secured promissory note is a promise to pay an individual or an entity for an amount of money loaned. The payback structure is determined by the parties with a maximum interest rate that is governed by the State known as a “Usury Rate”. The borrower may want to make sure that they are able to pay back the amount as with a secured note the lender usually has something that they will be allowed to take possession of if payment is not made. The most common types of security are homes, vehicles, and boats although any type of real or personal property may be used.

How to Write

Step 1 – In the first paragraph the date of the agreement, borrower’s details, lender’s information, along with the amount being loaned and at what interest rate should be entered. The interest rate must be in accordance with Title 8, Chapter 8 of the Alabama statutes.

Step 2 – Describe the way the lender is able to get paid back by the borrower. There are 3 main options:

  1. No Installments – The borrower pays back the lender in full at a specified time-frame.
  2. Installment Based – Like a mortgage, the borrower pays the lender back in timely payments that includes the principal and interest.
  3. Interest Only – The borrower only pays the interest accruing with the principal being due at a later time.

Step 3 – Enter the due date when all funds, principal and accrued interest, are due.

Step 4 – In the case of default by the borrower, a lender usually will charge a different interest rate that is often higher than the one set for the term of the note. This “penalty” interest rate must be in accordance with the State usury rate.

Step 5 – In section 6, list any late fees for late payment.

Step 6 – In section 8, enter the acceleration time-frame.

Step 7 – In Section 17, the security being held by the lender is to be stated in this area.

The form is now complete and should be signed by all parties involved.



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