Promissory Note in Oregon

A written promise to repay a personal loan, with the amount, interest and payment schedule. States limit how much interest a lender can charge; check your state's rules below before you set the rate.

What Oregon law says

Maximum interest rate (usury limit)	When the parties have not agreed on a rate, the legal rate is 9% a year on money that is due. For loans of $50,000 or less, no person may charge more than the greater of 12% a year or 5 percentage points above the Federal Reserve discount rate on 90-day commercial paper on the date the loan is made, unless an exemption in ORS 82.025 applies. A lender who charges more forfeits all interest, and the borrower repays only the principal. Exemptions are in ORS 82.025. Source: ORS 82.010(1), (3), (4)
Time limit to sue on a written contract	6 years for an action on a contract or liability, express or implied. Oregon uses the same period for written and oral contracts. Source: ORS 12.080(1)

Maximum interest rate (usury limit)

When the parties have not agreed on a rate, the legal rate is 9% a year on money that is due. For loans of $50,000 or less, no person may charge more than the greater of 12% a year or 5 percentage points above the Federal Reserve discount rate on 90-day commercial paper on the date the loan is made, unless an exemption in ORS 82.025 applies. A lender who charges more forfeits all interest, and the borrower repays only the principal.

Exemptions are in ORS 82.025.

Source: ORS 82.010(1), (3), (4)

Time limit to sue on a written contract

6 years for an action on a contract or liability, express or implied. Oregon uses the same period for written and oral contracts.

Source: ORS 12.080(1)

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PROMISSORY NOTE

Amount: $[principal amount] Date: [date] Place: [city, state]

For value received, [borrower name], of [borrower address] ("Borrower"), promises to pay [lender name], of [lender address] ("Lender"), the sum of $[principal amount], with interest at [rate]% per year.

Payments: [e.g. $[amount] per month starting [date] until paid in full / one payment of the full amount on [due date]].

Late payment: [late fee or 'none']. Prepayment: Borrower may prepay all or part at any time without penalty.

If Borrower misses a payment for [number] days, Lender may [declare the full balance due].

Borrower signature: ____________________ Date: [date]

[Co-signer signature, if any] [Notary acknowledgment, if you choose to use one]

Promissory Note for other states · Oregon tenant rights

General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.