Types (2)
Secured Promissory Note – A personal loan with collateral provided as security on repayment.
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Unsecured Promissory Note – A promissory note that doesn’t require the lender to put up their assets as collateral on the loan.
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Laws
- Interest & Usury Laws: Chapter 1 – Interest Rates
- Usury Rate with Contract (§ 15-1-1(1)): No limit
- Usury Rate without Contract (§ 15-1-1(2)): 10%
- Usury Rate for Judgments (§ 15-1-4(3)): Must bear interest at the federal post judgment rate plus 2%.
- Usury Rate for Judgments Under $10,000 (§ 15-1-4(4)): Must bear interest at the federal post judgment rate plus 10%.