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North Carolina Promissory Note Templates (2)

A North Carolina promissory note template is a document used to establish the agreed-upon terms of a loan agreement between a borrower and a lender. Sections of the agreement govern the terms on late fees, interest rates, acceleration, and other important aspects of the deal.
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Updated October 07, 2024

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Usury Rate

For loans less than $25,000, the maximum is the amount announced on the 15th of each month by the North Carolina Commissioner of Banks. For loans greater than $25,000, the parties may agree in writing to any amount.

By Type (2)

Secured Promissory Note – The secured version of the template includes a section on security. Security requires the borrower to set aside an item of relative value to that of the loaned amount of money. This item is given to the lender if the borrower enters into default to help cover the remaining outstanding balance.

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Unsecured Promissory Note – The unsecured version does not include a section on security, substantially increasing the lender’s financial risk. This is because the lender is not guaranteed a reimbursement if the borrower fails to pay back the loaned balance.

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Usury Statute

(a) Except as otherwise provided in this Chapter or other applicable law, the parties to a loan, purchase money loan, advance, commitment for a loan, or forbearance, other than a credit card, open-end, or similar loan, may contract in writing for the payment of interest not in excess of the following:

(1) Where the principal amount is twenty-five thousand dollars ($25,000) or less,
the rate set under subsection (c) of this section.

(2) Any rate agreed upon by the parties where the principal amount is more than
twenty-five thousand dollars ($25,000)

…[1]

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Sources

  1. N.C. Gen. Stat. § 24-1.1