Promissory note template word document uk online application download pdf

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Promissory note template word document uk online application download pdf

Code ? 47-14-09 Ohio The maximum interest for written contracts for loans of amounts less than $100,000 is 8%. Sample Calculation ? Let's say I wanted to borrow $1,000 for 3 months at an annual interest rate of 10%. Note: Your initial answers are saved automatically when you preview your document.This screen can be used to save additional copies of your answers. A Secured Promissory Note is a legal agreement that requires a borrower to provide security for a loan. In such an example, this article shall state that the Borrower will transfer ownership of the vehicle to the Lender should he or she fail to repay the Lender the loaned amount. If the Borrower must be obligated to pay an installment once every three months, then the "Quarterly" checkbox should be marked. In our free promissory note, payments shall first pay off any late fees and interest before the principle is credited. Stat. ? 687.03 and ? 687.01 Georgia The default is 7% if no written contract is established. Ky. Rev. How to Write Download: Adobe PDF, MS Word, OpenDocument I. If so, then the formal due date when the entire owed amount must be paid should be documented. It is not required that a witness sign the form but is recommended. If the loan is not due in full at a certain date, it can also help to list the required installment payment dates. The Lender must complete his or her signature area with a record of the calendar date when he or she signs this document and must print his or her name. When you're ready to get started, click the button that says "Make document". Signing ? The money should exchange hands after it has been signed. This will also require that the official date when the entire owed amount must be received by the Lender be reported. Otherwise, parties may agree to a higher rate. Loan Terms (4) Principal Amount. N.J. Stat. Ind. ? 336:1, ? 358-A:2 New Jersey 6% without a written contract, 16% maximum if a written contract is established. Code Ann. Stat 205/4 Indiana 8% in the absence of agreement, 25% for consumer loans other than supervised loans. Law ? 12102 ? 103 Massachusetts The legal interest rate is 6% (unless a written contract exists); even if part of a contract, an interest rate over 20% is criminally usurious. La. Rev. (29) Lender's Signature Date And Printed Name. (25) Other Penalty. Space has been reserved for these items on the two lines following the area labeled "Borrower." (3) Lender Identity. Since there are 3 months we would divide $1,025 by 3 and the monthly payment amount would equal $341.67. The lender will collect interest which acts as a fee for lending the money. W. (20) Co-Signer. Especially if the debt is IRS or child support related it will take precedence over this promissory note. Entire Agreement (28) Lender Signature. ? 334.01 Mississippi The legal rate of interest is 8%. ? 99.050 New Hampshire There is no legal limit on interest rates. Md. Code Ann., Com. If a Co-Signer has signed this note with the above Parties then he or she must submit the date when he or she provided his or her signature as well as print his or her name. For example The lender delays in responding to the borrower about an upcoming payment due. Stat., titl. ? 31-1-107 Nebraska The maximum interest rate is 16%. Gen. Attached to your Secured Promissory Note Form, you'll also find a set of next steps you should take once the document is finished. Furthermore, each month would require to divide by 12 since it's 1/12 of the year. Utah Code Ann. ? 5-501 and N.Y. Banking ? 14-A North Carolina For loans less for less than $25,000, the maximum is the amount announced on the 15th of each month by the North Carolina Commissioner of Banks. N.H. Rev. Step 2 ? Run a Credit Report It is always a good idea to run a credit report on any potential borrower as they may have outstanding debt unbeknownst to you. ? 9:3500 Maine The legal interest rate is 6% (no usury limit mentioned in statutes). (8) Installments. Code ? 19.52.020 Washington D.C. The maximum rate of interest is 24% for written contracts and 6% for verbal contracts. Each Secured Promissory Note Form from Rocket Lawyer can be completely customized to address your particular scenario. ? 16-201 and ?16-207 Kentucky The legal rate of interest is 8%, the general usury limit is 4% greater than the Federal Reserve rate or 19%, whichever is less. Some Lenders will therefore add a prepayment penalty. Payment Is Due (12) Grace Period For Loan Payment. Make note that if the interest rate will not be assessed every month or every year, then the time period when it will be added to the loan amount must be documented on the blank line in "Other." (6) Date Of Loan. Notice ? Describes how notices should be delivered to the borrower. If the Lender will not impose a late fee on any payments that are not submitted within the grace period of the due date, then locate Article 5 and place a mark in the "No Late Fee" checkbox. Alaska Stat. Interest is a critical aspect of a loan; therefore, any rates should be detailed in the original agreement. After choosing the "Lump Sum" option, make sure to record the full amount that will be owed (including interest) and, on the blank line preceding "Due Date," the formal date when the full repayment of the loan plus interest is due from the Borrower. Miss. Wis. Thus, document the interest rate the Lender will charge before the percent sign then select the checkbox labeled "Month," "Annum," or "Other" to indicate how often this interest rate will be charged to the Borrower. The "what ifs." A lot can happen during the lifetime of a loan: late payments, default, and forbearance. For written contracts, the usury limit is 8%, unless for an amount over $100,000, in which case there is no limit. Okla. N.C. Gen. (2) Borrower Name And Address. Thus, make sure his or her full name as well as the Lender's full mailing address are displayed in the area titled "Lender." II. If the Lender intends to charge a "Late Fee" every time the Borrower fails to submit payment within the grace period defined above, then the second checkbox must be selected from the Fifth Article and the exact dollar amount that will be charged as a late fee should be presented in the space this option provides. 9-B, ? 432 Maryland The legal interest rate is 6%, a maximum of 8% if a written contract is established. ? 302.001(b), ?303.002 Utah The maximum rate of interest is 10% unless the parties agree to a different rate in a written contract. Any interest on the loan. Now that the repayment schedule has been established, the number of days after the due date for each payment that is given as an allowable waiting time for its receipt by the Lender should be presented. In order to properly acknowledge the conditions for the loan above, the Lender must sign his or her name to the first signature area provided at the end of this document. If the Lender did not require that the Borrower enter this note with a Co-Signer, then locate the checkbox labeled "No Co-Signer" in Article 7 and place a mark in it. Example: Payment due in 3 months would require you to divide the total by 4 since it's only 1/4 of the year. Va. Code Ann. Then, I would divide the $100 amount by 4 (as there are 4, 3-month periods in a year) and I would arrive at $25 as the total interest owed I would need to pay over the course of 3 months for borrowing $1,000. Integration ? States that no other document can affect the terms or validity of your promissory note. Common types of security include motor vehicles, real estate (provided as a 1st or 2nd mortgage), or any type of valuable asset. 41 Pa. Cons. All parties involved and their contact information. By State Secured Promissory Note ? For the borrowing of money with an asset of value "securing" the amount loaned such as a vehicle or a home. ? 1343.01 Oklahoma The parties may agree in a written contract to any rate so long as it does not violate other applicable laws. The borrower receives the funds after the note is signed and agrees to make payments under the terms and conditions of the note. ? 201 Rhode Island The maximum interest rate is the greater of 21%, or the domestic prime rate as published in the Wall Street Journal plus 9%. Select Item 9 Or Item 10 Or Item 11 To Complete Item 8 (9) Weekly Installments. (5) Interest Rate. Download: Adobe PDF Loan Release Form ? When the note has been paid-in-full, the lender should set the borrower free of all liabilities by authorizing a release form. Neither witnesses nor notarization are legally required for your Secured Promissory Note Form. Oblig. Co-Signer Select Item 19 Or Select And Complete Item 20 (19) No Co-Signer. If Payment is Late ? If the payment is late the lender should issue a Demand Letter. Waiver of Presentments ? This is a short clause that implies that the lender does not have to demand payment when payments or the loan is due, the borrower holds the responsibility to make certain that the payments are paid when due. (30) Borrower Signature. As a Rocket Lawyer member, you can edit it, download it in PDF format or as a Word file, print it, and sign it with RocketSign?. ? 75-17-1 Missouri The maximum interest rate is 10%, unless the market rate is greater at the time. A common type of secured loan would be a mortgage, where the loan is secured by the property being purchased. (31) Signature Date And Printed Name Of Borrower. For written contracts, the maximum 16% on loans below $3,000, 5% per month on loans between $3,000 and $250,000, and no limit on loans above $250,000. If not in writing, the rate shall be 10% per annum. Co-Signer ? If the borrower is not financially capable of borrowing the money a 2nd person should be named to pay back the loan if the borrower cannot do so themselves. If the Lender behind this note will impose a penalty for prepayment of the loaned amount then select the second checkbox from Article Eight. Code. (33) Date Of Co-Signer Signature And Printed Name. The date when both Borrower and Lender wish this agreement to exert power on these Parties should be documented in the first article. Idaho Code Ann. We are always available to help. N.M. Stat. Governing Law (26) State Jurisdiction. ? 360.010 Louisiana The general usury rate is 12%. ? 24-1.1 North Dakota For written contracts for loans less than $35,000, the maximum rate is 5.5% above the current maturity rate of Treasury Bills for the six months preceding the issuing of the loan, or 7%, whichever is greater. IV. XXI. ? 31:1-1 New Mexico 15% maximum in the absence of a written contract. Authorization Form ? In order to run someone else's credit, you must obtain written legal permission. A secured promissory note, as the name partially implies, is secured by some form of property (i.e. collateral), while an unsecured promissory note does not involve collateral. (16) Assessed By Day. Making a Secured Promissory Note is normally straightforward, but you might still have legal questions. Then, I would divide the $100 amount by 4 (as there are 4, 3-month periods in a year) and I would arrive at $25 as the total interest owed I would need to pay over the course of 3 months for borrowing $1,000. If the amount is more than $25,000, there is no maximum rate. Late Fee Select Item 13 Or Select And Complete Item 14 (13) No Late Fee. The rate of interest on money due on court judgments is 5%. Download: Adobe PDF, MS Word (.docx), OpenDocument What is a Promissory Note? First I would want to calculate the interest rate over a year span which would be $100 ($1,000 times 10%). After completing a customized Promissory Note using Rocket Lawyer, you'll have the ability to get to it wherever and whenever you choose. Related Forms (2) I Owe You (IOU) ? A receipt acknowledging a debt that is owed with no timetable for payment. Business and agricultural loans have a maximum of 12 percent or five percent greater than the 90-day discount rate of commercial paper. This will require some additional definition. Law Ch. 107, ? 3 and Ch. 271, ? 49 Michigan 7% maximum if a written contract is established. Ark. A Secured Promissory Note can help convince a lender to make a loan and incentivizes the borrower to pay it back by the due date. If you're not looking for a secured note, we also offer a standard Promissory Note and a Promissory Note with Installment Payments.Other names for this document: Secured Promissory Note Form, Loan Security Agreement The word "secured" means that the loan is backed by an asset put up as collateral. Ohio Rev. Bank of San Francisco at the time loan was made. If the borrower does not pay back the amount within the time frame suggested the lender will have the right to obtain the property of the borrower. XXII. Mo. Rev. Last reviewed or updated 11/16/2021 Updated April 04, 2022A promissory note is created when a borrower accepts money that is to be repaid to a lender with interest. Iowa Code ? 535.2(3)(a) Kansas The legal rate of interest is 10%; the general usury limit is 15%. Nev. If Borrowed Money is Never Paid ? If the borrower defaults on the note then the lender can collect by minimizing their costs by seeking the funds through Small Claims Court (Small Claims is usually limited to a value of $10,000 or less, be sure to check the laws in your jurisdiction). Pre-Payment ? A clause detailing the rules of paying off the loan early, whether it's the entire loan or individual payments. Note that in order for a Co-Signer to be named here, he or she must sign this document upon completion. Kan. Wyo. Statement B will require that the interest rate the Lender shall place on the loaned amount be furnished. If a late fee will be imposed by the Lender when the Borrower is delinquent with his or her owed payment, then how often it is added to the Borrower's account should be documented. ? 56-8-3 New York The legal rate of interest is 6%, the general usury limit is 11.25% N.Y. Gen. Try to anticipate possible issues in advance to avoid confusion later. If the borrower does not pay when due, the lender must issue a notice of non-payment. No lender may charge a rate above 18%. First, I would want to calculate the interest rate over a year span which would be $100 ($1,000 times 10%). Produce the grace period as a number of days after a missed payment that the Lender shall wait to receive an `on time' payment in the space provided by the Fourth Article. Any rate may be charged when identified in a contract in writing on a loan greater than $15,000. (Video) How to Create a Promissory Note (5 steps) Before both parties sit down to write an agreement, the following should be verbally agreed upon: Amount ($) ? The amount of money being borrowed. Res. However, if the borrower ends up prevailing in court, no matter the issue, the lender must then pay for all court-related costs. Const. Acceleration ? In the event a borrower defaults on the note or on a provision within the note and does not cure the default within the allotted time frame, the lender has the option to demand immediate payment of all outstanding dues from the borrower. Select the second "Installments" option, labeled "Monthly," if the Borrower must submit an installment payment once a month. This selection requires that the percentage of the prepayment that will be calculated as the penalty is defined in the space preceding the percent symbol. Haw. (10) Monthly Installments. Severability ? A clause within a promissory note which states that if any provision within the note becomes void or unenforceable, it does not deem the entire note or any other provision within the note invalid. Usury Laws (Interest Rates %) Also known as the maximum rate of interest a lender can charge. ? 138.04 Wyoming The rate of interest is 7% if no agreement is established in a written contract. III. 15, ?266 Oregon The legal interest rate is 9%, but the parties may agree to different rates in a written agreement. If you ever require support from a lawyer, your membership offers up to 40% in savings when you hire an attorney from our network. If the Lender will charge the late fee amount once a day and every day that has passed since the grace period, then the "Day" checkbox should be selected. Minn. Security ? Items such as vehicles or a 2nd mortgage on a home is provided if the borrowed money is not paid back by the borrower. Two spaces in the "Installments" option have been provided so this information may be established properly. ? 40-14-106 Key Terms & Clauses Allocation of Payments ? Describes how payments shall be made in regards to late fees, interest, and the principle. Step 5 ? Paying Back the Money The borrower should pay back the borrowed money on time and in accordance with the note. Execution ? States that the borrower is the Principal within the note and severally liable for all dues. All States have a maximum amount of interest a lender is able to charge. The Parties (1) Promissory Note Effective Date. Unlike many other websites you might stumble upon, Rocket Lawyer offers much more than Loan Agreement templates. Mich. (11) Quarterly Installments. Fla. It's important that Lenders do not charge a rate of interest more than what their state allows. Otherwise, legal action will most likely be necessary for money owed in value of more than $10,000. How to Calculate (3 ways) Total Interest Owed Total Repayment Amount Monthly ($) Payment Amount To calculate is as follows: Money Borrowed X Annual Interest Rate = Total Interest Owed (per Year) If LESS than 1 Year ? If the payment is monthly or quarterly, then divide the total above by the fraction of the year it will take to repay the loan. To do so, the "Installments" checkbox must be selected then the amount of borrowed money (plus applicable interest) making up each installment payment should be documented along with the exact date that the first payment will be due from the Borrower to the Lender. If the penalty imposed for a prepayment of the loan amount will take the form of a percentage of the amount being paid early, then select the second option provided. (18) Secured. Payments Select And Complete Item 7 Or Item 8 (7) Lump Sum. Article XV, ? 1 Colorado For supervised loans general usury limit is 45%, and the maximum for unsupervised loans is 12%. Property that is not defined in this area will not be considered security for this loan and remain unseizable without additional action(s) by the Lender should the Borrower become delinquent in paying back the loaned amount. Parties may agree to a different rate in a written agreement, subject to limitations that depend on the identity of the lender. A promissory note is a promise to pay back money owed within a specific timeframe. Experian is known as the most sensitive credit agency usually providing the lowest score of the 3 Credit Bureaus (Experian, Equifax, and TransUnion). If any conditions, provisions, or timelines have been left unrecorded then use the space in Article Twenty-One to document each such additional term or condition. tit. Stat ? 5-12-103 and ? 5-2-201 Connecticut The interest rate may not exceed 12%. Check to hide this tip in the future. Typically if the lender suspects a borrower to be risky, the lender may require the borrower to obtain another credible person to co-sign on the note. The cost of meeting and hiring the average law firm to make a Secured Promissory Note could total anywhere from two hundred to one thousand dollars, depending on where you are and how complex the matter might be. With this lending document, the borrower puts forth their personal property or real estate as collateral if the loan isn't repaid. Once all the money has been fully paid back to the lender a Loan Release Form is created and issued to the borrower relieving them from any liability from the note. This is to provide assurance to the lender that their money will be paid-back either in cash or assets. If you become a Premium member, you have the ability to request a document review from an experienced attorney or get answers to other questions about your Promissory Note. For loans greater than $25,000, the parties may agree in writing to any amount. N.D. Cent. 3. Should the penalty for prepayment of the loan be a flat dollar amount then place a mark in the checkbox preceding the dollar symbol and report the dollar amount that must be submitted as a prepayment penalty on the blank line that follows. An easier approach worth consideration is to request help from Rocket Lawyer network of attorneys. ? 47-14-103 Texas The parties may agree in writing to a maximum rate up to the weekly ceiling as published in the Texas Credit Letter. If the Lender required that one or more Co-Signers support the Borrower's efforts in this note and the Borrower has obtained the required Co-Signer(s), then select the checkbox "Co-Signer" and produce the name of each Party who shall sign this document as a testimony that he or she shall submit the required loan payment(s) to the Lender on behalf of the Borrower should the Borrower not satisfy the debt. Otherwise, the legal rate is 5%. S.D. Codified Laws ? 54-3-4 and ? 54-3-16(3) Tennessee The maximum rate is 10% unless otherwise expressed in a written contract. If it has been indicated that a Co-Signer will accompany the Borrower in entering the agreement this note represents, then the concerned Co-Signer must sign his or her name in the final signature area provided. Select Item 15 Or Item 16 To Complete Item 14 (15) Assessed By Occurrence. Depending on whom you reach out to, some lawyers won't even agree to review a document that they didn't write. Non-Waiver ? If for any reason the lender fails or delays to exercise their rights under the terms of the note, it does not signify or deem that they are waiving their rights. ? 408.030 Montana 15% or 6% above the rate published by the Federal Reserve System, whichever is greater. VIII Prepayment Penalty Select Item 21 Or Select And Complete Item 22 (21) No Pre-Payment Penalty. If the Lender in this document will not impose a pre-payment then supply a mark to the checkbox labeled "No Pre-Payment Penalty." (22) A Pre-Payment Penalty. The identity of the Borrower in this agreement will need to be established in Article I. Del. Parties may contract for a rate of up to 10% or 5% above the Federal Reserve discount rate, whichever is greater. Download: Adobe PDF, MS Word (.docx), OpenDocument Mont. Vt. Stat. It is standard practice for notices to be written and to be delivered either in person or by certified mail with copies and receipts. Your Promissory Note will be built section by section so you can be certain that it has all of the relevant details that you'll need. R.I. Gen. Additionally, one of the three checkbox definitions (that follows) to how often an installment must be received can be established. The dollar amount of the loan that the Lender will deliver to the Borrower must be supplied to Statement A in the Second Article. The Lender can use this document to set the full repayment of the loan to be made across several partial payments or "Installments" until the owed amount is paid back by the Borrower. 2. Law ? 6-26-2 South Carolina Unsupervised lenders may not charge a rate above 12%. The identity of the Lender must also be attached to this document. ? 4-57-104 California Rate may not exceed 10% per year on loans for personal, family, or household purposes. If the borrower defaults on a Secured Promissory Note, the lender gets to keep the collateral (the property that was used to secure the loan). 815 Ill. Ga. Code Ann. Cal. For other loans for other purposes, the maximum is the higher of 10% or 5% over the amount charged by Fed. The Borrower must formally accept the conditions and terms above by signing the "Borrower's Signature" line. Conflicting Terms ? That no other agreement shall have superior legality or control over the promissory note. If the above prepayment penalties do not sufficiently explain how the Lender will calculate and apply a penalty for paying the owed amount early, then supply a mark in the checkbox labeled "Other" and describe how the Lender will calculate the penalty for the Borrower's prepayment of the owed amount. Ariz. Repayment schedule. ? 7-4-2 and ? 7-4-18 Hawaii The default is 10% if no written contract is established, 12% is the general usury limit, and 10% is the limit on judgments. Further, if the borrower refuses to pay the note, the lender shall have the notice of non-payment presented and notarized which may follow with legal proceedings. The date when the Lender must make sure the loan amount is received by the Borrower should be presented in Statement C. Reporting Agencies ? It is a good idea to use Experian which is free to the lender and charges $14.95 to the borrower. If the Borrower must submit an installment payment to the Lender on a "Weekly" basis, then select the first option under "Installments." Additionally, the final date when the full amount of the loan must be paid should be documented. For instructions on how to fill in the document, line-by-line refer to the How to Write section. A promissory note requires and holds the borrower to be liable for repaying the debt owed. Default Clause ? Provide terms in the chance the money is never paid back by the borrower. Total Repayment Amount To calculate is as follows: Money Borrowed + Total Interest Owed = Total Repayment Amount Sample Calculation ? Let's say I wanted to borrow $1,000 for 3 months at an interest rate of 10%. (24) Percent Of Prepaid Amount. ? 37-3-201 South Dakota No limit if a written agreement is established, 12% if no agreement exists. In the case of a co-signer, he or she would be liable for the full extent of the money owed along with all penalties or late fees. Then we would add the Money Borrowed of $1,000 to the $25 of interest due which equals $1,025. Download: Adobe PDF, MS Word (.docx), OpenDocument Unsecured Promissory Note ? Does not allow the lender to secure an asset for money loaned. With the loan amount set, it's also important to specify when the amount is due. ? 15-1-1 Vermont The rate of interest is 12% except in certain circumstances as provided in subsection (b) of ? 41a. This means that if the payment is not made by the borrower that the lender would have to either file in small claims court or through other legal processes. Tex. Interest Rate ? In other words, the fee for borrowing the money (See How to Calculate). Make sure to check the Interest Rate Laws in your State (or "Usury Rate"). It is unclear whether an exorbitant rate could be considered "unfair" under the New Hampshire Consumer Protection Act and hence unlawful. Or. Rev. Therefore, it is imperative that a credit report is run before making any type of agreement. Then I would divide the $100 amount by 4 (as there are 4, 3-month periods in a year) and I would arrive at $25 as the total interest owed. 6, ? 2301 Florida General usury limit is 18%, 25% on loans over $500,000. The note being issued must cover every agreement made between the Lender and Borrower to engage this loan. State Usury Rate Laws Alabama 8% for written contracts, 6% for verbal agreements. Ala. If there was security placed in the note then the property or asset shall be turned over to the borrower in accordance with the note. The final payment amount would be $1,025. The details of the collateral. Conn. The non-response by the lender does not give the borrower the right to not make payment on the due date. Neb. The major difference between a secured and unsecured Promissory Note is collateral. XX. This requires that the legal name of the Borrower is documented along with his or her mailing address. ? 28-22-104 Illinois The general usury limit is 9%. Mass. Tenn. Stat ? 478-2, ? 478-3, and ? 478-4 Idaho Unless stipulated in a written agreement, the legal rate is 12%. For excessive amounts (more than $10,000) a notary public is recommended. Wash. If no agreement exists, then the maximum is 10%. If this note will not require that the Lender provide any security against the loan then the first checkbox, "Unsecured," should be selected from the Sixth Article. Step 4 ? Writing the Note After the main terms of the note have been agreed upon the lender and borrower should come together to authorize the formal agreement. (14) Late Fee. If the late fee will only be charged once every time the Lender fails to pay within the grace period of the due date, then select the "Occurrence" checkbox. Aside from the original borrower and lender, it's important to track any cosigners on the loan. The name of the state where both Parties will be governed within this note should be presented in Article Twenty. It is fast and simple to get what you need with a free Secured Promissory Note template from Rocket Lawyer:Make the document - Answer a few questions and we will do the restSend or share - Go over it with a lawyer, if neededSign it - Sign your Promissory Note online and make it legalThis method will often end up being notably more affordable than hiring your average law firm. ? 45.45.010 Arizona No limit for loan agreements in writing. The Borrower must also report the current date at the time of signing as well as print his or her name where requested. Code ? 8-8-1 Alaska For loans less than $25,000, 5% above the 12th Federal Reserve District interest rate on the day the loan was made, or 10%, whichever is greater. For instance, if the Borrower is using his or her automobile to secure the loan amount, then the Manufacturer of the motor vehicle, the model, its VIN number, and the color of the vehicle should be presented to define it. Select Item 23 Or Item 24 Or Item 25 To Complete Item 22 (23) Flat Prepayment Penalty. 9, ? 41a Virginia The legal rate of interest is 6%. If the Lender will expect the loan (and any interest payments due with the loan) to be paid back as one lump sum then mark the first checkbox in Article 3. Rev. If there is a co-signer, both the borrower and the co-signer are equally responsible for paying back the loan. S.C. Code Ann. ? 44-1201 Arkansas Rate of interest may not exceed the maximum of 17% as established in the Arkansas Constitution, Amendment 89. Maine Rev. VII. (32) Co-Signer Signature. ? 82.010 Pennsylvania For loans less than $50,000, the maximum rate is 6%. ? 37-4 Delaware Not in excess of 5% over the Federal Reserve discount rate at the time the loan was made. Similarly, any intangible assets such as stocks should be defined with their ownership information. Attorney's Fees and Costs ? The borrower must pay all monies incurred if defaulting on the loan results in the involvement of attorneys and court proceedings. Code ? 24-4.6-1-102 and ? 24-4.5-3-201 Iowa The maximum interest rate is 5% unless otherwise agreed upon in writing, in which case, maximum is set by Iowa Superintendent of Banking (IA Usury Rates). If not, fees may be applied to the overall balance. Step 3 ? Security and Co-Signer(s) If there are red flags that appear on the credit report the lender may want to have the borrower add Security or a Co-Signer to the note. This is a form that informs the borrower of the terms stated in the promissory note such as the penalty for late payment as well as how much time they have before they become in default. The following are links to each state's Usury Rate Laws. Late Fee(s) ? In the case there will be penalties for late payment. Some loans may require that the borrower pay a fee in order to "prepay" the loan. In some cases a prepayment of the loaned amount will cause problems with the Lender's books, especially if an interest rate will be applied. Include information such as agreed upon value of the collateral, who holds the collateral until the loan terms are met, and details of the transfer of collateral, if necessary. Comp. This will require that all such property considered as security is fully defined in the space provided. Va. Code ? 47-6-5 Wisconsin The legal rate of interest is 5%. Monthly Payment Amount To calculate is as follows: (Money Borrowed + Total Interest Owed) / Number (#) of Months = Monthly Payment Amount Sample Calculation ? Let's say I wanted to borrow $1,000 for 3 months at an interest rate of 10%. Co-Signer ? Or "guarantor", is a person that guarantees a loan if the borrower defaults. Colo. With a contract in place, the maximum interest rate is 12%. This would mean that in the event the borrower did not pay back the funds that the lender would be able to obtain full ownership of the security placed in the note. VI. Security Select Item 17 Or Select And Complete Item 18 (17) Unsecured. ? 45-101.03 Nevada Parties may contract for a rate up to the lesser of 36% or the maximum rate permitted under the federal Military Lending Act. Only can your promissory note be amended (edited) if both the lender and borrower sign a written agreement. Terms of Repayment ? Will the payments be made incrementally or as a lump sum? Laws ? 438.31 Minnesota The legal rate of interest is 6%. Additional Terms & Conditions (27) Provisions TO Agreement. Promissory Notes can be as thorough as you want them to be, but there are a few necessities: The amount of the loan and how that money may be transferred. If the Borrower has agreed to release ownership of his or her property to the Lender should he or she (the Borrower) be unable or unwilling to pay the promised loan amount in this note, then select the "Secured" checkbox. Fin. If the loan cannot be repaid, then the collateral is forfeited to the creditor. V. Ann. D.C. Code, Title 29, Chapter 33 West Virginia The legal interest rate is 6% but parties may agree to a maximum of 8% in a written agreement. ? 6.2-301 and ? 6.2-303 Washington The maximum rate of interest is 12% or 4% points above the average bill rate for 26-week treasury bills in the month before the loan was made.

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