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Alaska Promissory Note Template

An Alaska promissory note is an agreement formed between a lender and a borrower that contractually obligates the borrower to reimburse the lender for the amount lent by a specific date. Often viewed as the cross-breed between an IOU and a loan agreement, promissory notes serve an essential role in forming a valid agreement while foregoing the complex legal terms and conditions found in official loan contracts. While the contract can be modified to meet unique circumstances, certain sections should not be removed, namely those pertaining to the loan amount, interest rate, and repayment plan.

Types (2)

Secured Promissory Note – Contains many of the same terms and conditions as the unsecured note, but differs in that the borrower is required to provide an asset to the lender at the start of the contract.

Download: Adobe PDF, MS Word (.docx), OpenDocument (.odt)

 


Unsecured Promissory Note – Does not require the borrower to provide the lender with an asset (such as a home or car) as collateral for the loan.

Download: Adobe PDF, MS Word (.docx), OpenDocument (.odt)

 


Laws

  • Interest & Usury laws: Title 45, Chapter 45
  • Usury rate (§ 45.45.010): For loans above $25,000, the maximum interest rate is 10.5%. Otherwise, interest rates cannot exceed the greater of 10% OR 5% plus the annual rate of the Federal Reserve, on the day the loan was made.