How a Consumer Hired a Lawyer to Draft a Master Promissory Note in Illinois

In 2024, an individual in Illinois sought assistance with drafting a master promissory note to lend $50,000 to a close friend without collateral, while ensuring appropriate interest terms were included. The client was particularly interested in exploring whether an unsecured promissory note was the best option for their arrangement or if alternative contract types would be more suitable. They also expressed the desire to incorporate repayment terms within a three-year timeframe. As a result, the client received four proposals from licensed attorneys, with flat fee bids ranging from $249 to $850, all submitted to fulfill the client's request within the timeframe of one week.