Types (2)
Secured Promissory Note – A promissory note for a loan that is secured by the borrower’s collateral.
Download: PDF, Word (.docx), OpenDocument
Unsecured Promissory Note – A loan that isn’t secured by the borrower’s assets.
Download: PDF, Word (.docx), OpenDocument
Laws
- Interest & Usury Laws: Article 6 – Money and Interest
- Usury Rate with Contract (§ 47-6-5(b)): 8%
- Usury Rate without Contract (§ 47-6-5(a)): 6%
- Usury Rate for Real Estate Loans (§ 47-6-5(c)): 9%