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Alabama Promissory Note Templates (2)

An Alabama promissory note template is a document that verifies a loan was given to an individual for the purpose of repayment over a period of time. The time period and interest rate are to be negotiated by the parties along with any security to be provided (if any) by the borrower.
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Updated August 06, 2024

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Usury Rate

8% for written contracts, 6% for verbal agreements.

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]

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Sources

  1. Ala. Code § 8-8-1