By Type (2)
Secured Promissory Note – This allows the lender to hold something of value if the borrower does not pay back the amount loaned.
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Unsecured Promissory Note – Usually for family, friends, or those with a high level of credit. There is no property that is guaranteed if the note becomes in default.
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Usury Statute
Except as otherwise provided by law, the maximum rate of interest upon the loan or forbearance of money, goods, or things in action, except by written contract is $6 upon $100 for one year, and the rate of interest by written contract is not to exceed $8 upon $100 for one year and at that rate for a greater or less sum or for a longer or shorter time.[1]