By Type (2)
Secured Promissory Note – Because this agreement is ‘secured’, it includes a section that requires the borrower to set aside a physical item (such as a home, vehicle, or boat) that is given to the lender in the case of default to help cover the remaining unpaid balance.
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Unsecured Promissory Note – This version does not include a section on security creating an additional financial risk for the lender. To help lessen this risk, it is highly recommended that the lender only enter into a deal with family/friends and those with an exceptional credit score.
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Usury Statute
The rate of interest, in the absence of a written contract fixing a different rate, shall be not more than fifteen percent annually in the following cases:
A. on money due by contract;
B. on money received to the use of another and retained without the owner’s consent expressed or implied; and
C. on money due upon the settlement of matured accounts from the day the balance is ascertained.