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Oklahoma Promissory Note Templates (2)

An Oklahoma promissory note template is a signed document stating the borrower of a monetary balance will reimburse the lender of said balance in a scheduled time frame. The document also sets out the amount of interest the borrower will be required to pay, along with any other conditions the two parties must meet as part of the arrangement.
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Updated August 06, 2024

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Usury Rate

The legal rate of interest in Oklahoma is 6% unless otherwise agreed to in writing. The maximum amount of interest chargeable in Oklahoma is 10%.

By Type (2)

Secured Promissory Note – Sets aside a physical item such as a home, vehicle, or boat that is given to the lender if the borrower enters into default and cannot recover. The item in security should be in similar value to that of the balance to minimize loss to the lender.

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Unsecured Promissory Note – Does not include a section on security. This results in the lender being far more vulnerable, as he or she has the possibility of losing the loaned balance. The lender should take the time to screen potential borrowers to ensure they have a strong credit history.

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Usury Statute

The legal rate of interest shall be six percent (6%) in the absence of any contract as to the rate of interest, and by contract parties may agree to any rate as may be authorized by law, now in effect or hereinafter enacted.[1]

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Sources

  1. Okla. Stat. tit. 15, §266