Washington D.C. Promissory Note Templates

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Updated June 02, 2022

A Washington D.C. promissory note template is a document used to record the details of a loan. These are legally binding contracts that obligate the borrower to certain terms and conditions, and can be used in a court of law should a dispute between borrower and lender arise.

Usury Rate – 24% for written contracts, 6% for verbal contracts.

LawsD.C. Code, Title 29, Chapter 33

Types (2)

Secured Promissory Note – A secured promissory note secures an obligation to repay a loan with some type of property. This means that, through a secured promissory note, the borrower offers up some property or asset as collateral, which a lender can seize should the borrower default on repaying the loan. Lenders generally prefer secured promissory notes to unsecured promissory notes. Secured promissory notes are usually used to guarantee large loans.

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Unsecured Promissory Note – An unsecured promissory note is typically used when a relatively small sum is being loaned. The note is considered unsecured because, unlike a secured promissory note that secures some type of property as collateral, it is essentially just a legally binding promise. If the borrower defaults on the loan, the lender has to file a lawsuit in order to seize any of the promised assets.

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Usury Rate

The legal rate of interest in Washington D.C. in the absence of a written contract is 6% per annum, per § 28–3302 of the D.C. Code. A written loan contract may carry an interest rate not exceeding 24% per annum, per § 28–3301.

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