Promissory Note in West 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 West Virginia law says
| Maximum interest rate (usury limit) | The legal rate of interest is 6% a year, and no one may charge more than that on a contract that is not in writing. Parties may agree in writing to interest of up to 8% a year (including points). A usurious contract is void as to all interest, and the borrower may also recover four times the interest agreed to, with a minimum of $100. Other laws, including the consumer credit act, allow different rates for licensed lenders and specific loan types. |
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| Time limit to sue on a written contract | 10 years for an action on a contract in writing signed by the person being sued (or their agent), or under seal. Source: W. Va. Code 55-2-6 |
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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 · West 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.