Updated April 11, 2022
A Nebraska secured promissory note outlines many points of information to ensure both the lender and borrower are clear on payment due dates, late payment penalties, the parties’ personal information, interest rates, and several other areas necessary for understanding the transaction. The lender makes a profit from the deal by earning interest on top of the original balance. The interest rate used for the agreement cannot exceed the legal usury rate for Nebraska, which can be found here: NEST § 45-101.03.