Promissory Note in Vermont

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 Vermont law says

Maximum interest rate (usury limit)	Unless a law specifically provides otherwise, the rate of interest is 12% a year. Higher limits apply to specific loan types; for example, an installment loan not otherwise limited may carry up to 24% a year on the first $1,000 and 12% above that, or 18% on the whole balance, whichever is higher. Several categories (credit cards, vehicle-secured loans, real estate loans) have their own limits in § 41a(b). Source: 9 V.S.A. § 41a
Time limit to sue on a written contract	6 years. Vermont's general civil-action limitations period (six years after the claim accrues) applies to contract debts, written or oral. Source: 12 V.S.A. 511

Maximum interest rate (usury limit)

Unless a law specifically provides otherwise, the rate of interest is 12% a year. Higher limits apply to specific loan types; for example, an installment loan not otherwise limited may carry up to 24% a year on the first $1,000 and 12% above that, or 18% on the whole balance, whichever is higher.

Several categories (credit cards, vehicle-secured loans, real estate loans) have their own limits in § 41a(b).

Source: 9 V.S.A. § 41a

Time limit to sue on a written contract

6 years. Vermont's general civil-action limitations period (six years after the claim accrues) applies to contract debts, written or oral.

Source: 12 V.S.A. 511

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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 · Vermont 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.