Promissory Note in Virginia
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 Virginia law says
| Maximum interest rate (usury limit) | Except where another law allows more, no loan contract may charge interest above 12% a year. When there is an obligation to pay interest but no agreed rate, the legal rate of 6% a year applies. Exceptions for higher rates are listed in § 6.2-303(B), including Article 4 of the same chapter (§ 6.2-309 et seq.). Source: Va. Code §§ 6.2-301, 6.2-303 |
|---|---|
| Time limit to sue on a written contract | 5 years for an action on a written contract signed by the person being sued (or their agent). Source: Va. Code 8.01-246(A)(2) |
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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 · Virginia 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.