A California unsecured promissory note enables individuals to obtain loans without collateral. This agreement establishes installment plans or deadlines for repayment. The absence of collateral places lenders at higher risk throughout the agreement’s duration, with no guarantee for recovering funds in case of borrower default.
Optionally, lenders may seek additional financial security by requesting a co-signer, who assumes responsibility for loan repayment if the borrower defaults.
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