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Pennsylvania Promissory Note Templates (2)

A Pennsylvania promissory note template is a signed document outlining the terms and conditions of a money-lending agreement between a lender and a borrower. It details the penalties for missing or being late on payments, the agreed-upon interest rate, and other aspects of the arrangement.
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Usury Rate

For loans less than $50,000, the maximum rate is 6%.

By Type (2)

Secured Promissory Note – Includes a section called ‘security’ which protects the lender from serious financial loss by granting him or her an item previously put into security (by the borrower) if the borrower defaults on the note and cannot recover.

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Unsecured Promissory Note – Does not include a section on security. The lender should have complete trust in the borrower’s payment abilities, as if the borrower defaults on the balance, the lender is not guaranteed a reimbursement on the loan.

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Usury Statute

(a) Except as provided in Article III of this act, the maximum lawful rate of interest for the loan or use of money in an amount of fifty thousand dollars ($50,000) or less in all cases where no express contract shall have been made for a less rate shall be six per cent per annum.
(b) The maximum lawful rate of interest set forth in this section shall not apply to:
(1) an obligation to pay a sum of money in an original bona fide principal amount of more than fifty thousand dollars ($50,000);
(2) an unsecured, noncollateralized loan in excess of thirty-five thousand dollars ($35,000); or
(3) business loans of any principal amount.