1. Home »
  2. Loan Agreement »
  3. Promissory Note »
  4. Rhode Island

Rhode Island Promissory Note Template

Fill Now Click to fill, edit and sign this form now!

Rhode Island promissory note is a contract that establishes the terms of a loan repayment between a lender and borrower. Promissory notes are generally used to seek out loans from sources other than financial institutions. The document should detail repayment terms and deadlines, the interest rate, and provisions detailing what should happen in the event of non-payment.

It should be noted that as per § 6-26-3, any lender that knowingly violates the maximum rate of interest may be charged with criminal usury and face a prison sentence of up to five (5) years.


Types (2)

Secured Promissory Note – An agreement whereby a lender grants a loan to a borrower who puts up personal assets as collateral.

Download: PDFWord (.docx)OpenDocument

 


Unsecured Promissory Note – A lending agreement that does not require any form of collateral by the borrower.

Download: PDFWord (.docx)OpenDocument