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A Virginia promissory note is a financial contract whereby one individual (the “lender”) gives a sum of money to another party (the “borrower”) with conditions for its repayment. The completed document will include the start date of the agreement, the contact information of both parties, the amount of money lent, the interest rate on the loan, payment due dates, late fees, and any personal property that the borrower may offer as collateral. A co-signer may also be required to guarantee that the lender will be paid in the event that the borrower fails to do so on time.
Once both parties have signed a promissory note, the funds will be considered delivered and repayment must be made in accordance with the contract’s terms.
Types (2)
Secured Promissory Note – Used for agreements in which collateral is provided by the borrower as security.
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Unsecured Promissory Note – A personal loan that does not offer any security in the form of collateral.
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Laws
- Interest & Usury Laws: Chapter 3 – Interest and Usury
- Usury Rate with Contract (§ 6.2-303(A)): 12%
- Usury Rate Generally (§ 6.2-301(A)): 6%
- Usury Rate with Bankruptcy Proceeding (§ 6.2-1522): 6%
- Usury Rate for Insurance Premiums (§ 38.2-1806(A)): 1.5%/month
- Usury Rate for Pawnbrokers (§ 54.1-4008(A)):
- Loans of $25 or less – 10%/month
- Loans of $100 or less – 7%/month
- Loans of more than $100 – 5%/month
- Usury Rate for Third Party Tax Payments (§ 58.1-3018(B)(2)): 16%