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A promissory note is a legally binding agreement between a borrower and a lender outlining repayment terms. There are two types: secured, with collateral, and unsecured, without. If unpaid, lenders have more protection with secured notes. Unsecured notes are simpler but riskier for lenders. If a borrower defaults, restitution is sought through legal proceedings. The purpose is outlining repayment terms, with no collateral required in unsecured notes. Included are borrower promises to repay.
