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Types (2)
Secured Promissory Note – A personal loan with the borrower’s property promised as security on repayment.
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Unsecured Promissory Note – An agreement that doesn’t allow the lender to obtain any collateral from the borrower.
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Laws
- Interest & Usury Laws: Subtitle A – Interest
- Usury Rate with Contract (§ 302.001(b)): 10%
- Usury Rate without Contract (§ 302.002): 6%
- Usury Rate for Money Judgments with Contract (§ 304.002(2)): 18% or the amount specified in contract, whichever is lesser.
- Usury Rate Post Judgment (§ 304.003(c)):
- The federal prime rate if the prime rate published by the Board of Governors of the Federal Reserve System is between 5% and 15%.
- If the prime rate published by the Board of Governors of the Federal Reserve System is less than 5% – 5%
- If the prime rate published by the Board of Governors of the Federal Reserve System is more than 15% – 15%
- Periodic Usury Ceiling (§ 303.003, § 303.005, § 303.009, Texas Credit Letter): 18%
- Usury Ceiling for Credit Extensions (§ 303.009(c)): 28%
- Usury Ceiling for Open-End Account Credit Agreements (§ 303.009(d)): 21%