Updated April 06, 2022
The Washington D.C. secured promissory note records the transaction of a loan, including information about the lender and the borrower, the timeframe in which the loan must be repaid, and any agreed-upon late fees. A secured promissory note is different from an unsecured promissory note in that it promises some type of property, or collateral, to the lender in the event the borrower defaults. Lenders can also charge interest, at a rate not to exceed 24% annually (§ 28-3301).