Types (2)
Secured Promissory Note – An agreement whereby a lender grants a loan to a borrower who puts up personal assets as collateral.
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Unsecured Promissory Note – A lending agreement that does not require any form of collateral by the borrower.
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Laws
- Interest & Usury Laws: Chapter 26: Interest and Usury
- Usury Rate in General (§ 6-26-2(a) & (b)): 21%, or the domestic prime rate + 9%
- Usury Rate for Small Loans (§ 19-14.2-8):
- Loans up to and including $300: 3%
- Loans exceeding $300 and up to $800: 2.5%
- Loans exceeding $800: 2%
- Usury Rate for Monetary Judgments (§ 6-26-1): $12 on every $100 for one (1) year unless another rate is stipulated.