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Types (2)
Secured Promissory Note – Allows a lender to claim a borrower’s assets if they default on the agreement.
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Unsecured Promissory Note – Used to document a loan transaction that does not include any collateral.
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Laws
- Interest & Usury Laws: §§ 107.3 & 271.49
- Usury Rate with Contract (§ 107.3): No limit
- Usury Rate without Contract (§ 107.3): 6%, unless there is an agreement or provision specifying a different rate. Exceptions exist for certain small loans under $1000 (§ 140.90).
- Criminal Usury Rate (§ 271.49): 20%
- Usury Rate for Mortgages (§ 140.90A): 1.5% per month for loans over $1500 that are backed by a mortgage on property assessed below $40, 000. This rate applies before default and for 6 months following. 1% per month may be charged after that point.
- Usury Rate for Pawnbrokers (Mass. Gov): 12-36% APR depending on the city/town