Oregon Promissory Note Templates

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Updated June 13, 2022

An Oregon promissory note template is a signed document completed in junction by both a lender and borrower that aids in structuring and detailing the various aspects of a money lending deal. Once the template has been signed, the borrower will be required to make timely and complete payments to the lender for the duration of the agreement.

Usury Rate – The legal interest rate is 9%, but the parties may agree to different rates in a written agreement. Business and agricultural loans have a maximum of 12 percent or five percent greater than the 90-day discount rate of commercial paper.

LawsOr. Rev. Stat. § 82.010

Types (2)

Secured Promissory Note – Includes security, which is a way for the lender to be more secure in the transaction. This is because the lender receives an item (such as a home, car, or boat) in the case of a default that the borrower cannot recover from to cover the unpaid balance.

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Unsecured Promissory Note – Does not include security leading to an increase in liability for the lender in the transaction. To help prevent monetary loss for the lender, he or she should screen potential borrowers by ensuring they have a strong credit history. It is also recommended that the lender only lend to family or friends that he or she can trust.

Download: Adobe PDFMS Word (.docx)OpenDocument



Usury Rate

The legal rate of interest in Oregon is 9% per year unless otherwise agreed in writing. The maximum amount of interest chargeable on a loan $50,000 or less, is the greater of 12% per year or 5% per year in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank in the district where the person making the loan is located. OR ST § 82.010

(Video) What is an Oregon Promissory Note?

How to Write

Step 1 – Download the Oregon note Document – Proceed by provision of:

  • The start date of the note in mm/dd/yyyy format
  • Borrower’s name
  • Mailing address
  • AND
  • Lender’s name
  • Mailing address
  • AND
  • Enter sum of the principal of the note
  • Submit the amount that remains of the annual percentage rate

Step 2 – Payments –

  • Provide the current sum of the note, that will be payable by the due date stated
  • Include interest that has been accrued and late fees

Installments – Check the agreed payment method

  • Submit the total sum of the note agreement
  • Provide the principal sum of the note
  • Select payment frequency and check the box
  • Enter the amount due with payment required for late payments

Step 3 – Security –

  • Check the box an indicate the type of note selected
  • If the note will be“secured,” provide a description of the property

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A.- Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – The Co-signer’s name
  • Execution
  • Governing Law – (Oregon State Laws)

Step 5 – Signatures –

  • Lender’s signature
  • Date signature in mm/dd/yyyy formtat
  • Printed name
  • AND
  • Provide the borrower’s signature
  • Signature dated  – mm/dd/yyyy format
  • Printed name – borrower
  • AND
  • Co -Signer’s signature
  • Signature dated in mm/dd/yyyy format
  • Print the name of the co-signer
  • AND
  • Signature of Witness in mm/dd/yyyy format
  • Printed name