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Illinois promissory notes outline a borrower's legally binding promise to repay a lender, detailing elements and specific state laws regarding interest rates and signing requirements. A promissory note is a straightforward document that specifies borrowing terms and repayment obligations. It is legally binding and more detailed than an IOU but less comprehensive than a loan agreement. There are two types of promissory notes: secured and unsecured. A secured promissory note is backed by an asset of value, like a vehicle or home, providing security for the lender. Each type has distinct advantages and disadvantages for borrowers and lenders in different scenarios.
