Types (2)
Secured Promissory Note – A promissory note wherein the borrower provides the lender collateral to encourage their repayment.
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Unsecured Promissory Note – Used to outline the terms and conditions of a loan that has not been secured by collateral.
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Laws
- Interest & Usury Laws: Title 31 – Interest and Usury
- Usury Rate with Contract (N.J. Stat. § 31:1-1(a)): 16%
- Usury Rate without Contract (N.J. Stat. § 31:1-1(a)): 6%
- Usury Rate for Monetary Judgments within Special Civil Part limit ($15,000 or less) (Rule 4:42-11(a)(ii)): Equal to the average rate of return of the New Jersey Cash Management Fund from the corresponding previous fiscal year.
- Usury Rate for Monetary Judgments above Special Civil Part limit (Rule 4:42-11(a)(iii)): Equal to the average rate of return of the New Jersey Cash Management Fund from the corresponding previous fiscal year + 2%.