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Virginia Unsecured Installment Payment Promissory Note for Fixed Rate - Virginia 2025

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The document is a Promissory Note outlining the borrower's promise to repay a specified loan amount with interest to the lender. It details the terms of repayment, including monthly payment schedules, rights to prepay, potential late charges for overdue payments, and consequences of default. The note also specifies obligations of all parties involved and procedures for giving notices related to the agreement.

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What do you need for a promissory note in Virginia?

Youll need the following information to create a valid Virginia promissory note: Parties involved: Clearly state both the borrower and the lenders names and contact details. Loan amount: Specify the exact amount of money being borrowed. Repayment terms: Outline the repayment schedule and due date.

What is the maximum interest rate on an installment contract in Virginia?

Except as otherwise permitted by law, no contract shall be made for the payment of interest on a loan at a rate that exceeds 12 percent per year. B. Laws that permit payment of interest at a rate that exceeds 12 percent per year are set out, without limitation, in: 1. Article 4 ( 6.2-309 et seq.)

What are the conditions for a promissory note?

A promissory note must include the date of the loan, the loan amount, the names of both the lender and borrower, the interest rate on the loan, and the timeline for repayment. Once the document is signed by both parties, it becomes a legally binding contract.

What always needs to be in a promissory note?

A Promissory Note must always be written by hand. It must include all the mandatory elements such as the legal names of the payee and makers name, amount being loaned / to be repaid, full terms of the agreement and the full amount of liability, beside other elements.

What is required for a promissory note to be valid?

A promissory note will include the agreed-upon terms between the two parties, such as the maturity date, principal, interest, and issuers signature. Essentially, a promissory note allows entities other than financial institutions to provide lending services to other entities.