Promissory Note in Washington
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 Washington law says
| Maximum interest rate (usury limit) | When the parties do not agree in writing on a different rate, a loan bears interest at 12% a year. The highest legal rate is the higher of 12% a year or four percentage points above the 26-week Treasury bill yield from the first auction of the month before the rate is set. Prejudgment interest on medical debt is limited to 9%. Source: RCW 19.52.010, 19.52.020 |
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| Time limit to sue on a written contract | 6 years for an action on a written contract or a liability arising from a written agreement. Source: RCW 4.16.040(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 · Washington 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.