Virginia Promissory Note Templates

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Updated June 20, 2022

A Virginia promissory note template is a signed promise requiring the borrower of a monetary balance to reimburse a lender in a timely and structured fashion. The note includes many sections covering areas that include late fees, payment types, interest rates, and many other important areas.

Usury Rate – Legal rate of interest is 6%. With a contract in place, the maximum interest rate is 12%.

LawsVa. Code Ann. § 6.2-301 and § 6.2-303

Types (2)

Secured Promissory Note – Includes security, which provides the lender with a layer of protection if the borrower defaults on the balance. In the template, the borrower will be required to enter an item such as a home, vehicle, or boat that will help cover the remaining unpaid balance if the borrower cannot recover from the default.

Download: Adobe PDFMS Word (.docx)OpenDocument


Unsecured Promissory Note – Does not include security, leaving the lender at an increased risk for losing the loaned balance. Lenders should take their time in selecting a borrower by only lending to family, friends, and/or those with strong credit.

Download: Adobe PDFMS Word (.docx)OpenDocument



Usury Rate

The legal rate of interest in Virginia if not otherwise written in an agreement is 6% and the maximum rate is 12%. VA ST § 6.2-303

(Video) What is a Virginia Promissory Note?

How to Write –

Step 1 – Download the Virginia note document –

  • The start date of the document in dd/m/yy format
  • Borrower’s name
  • Mailing address
  • AND
  • Lender’s name
  • Mailing address
  • AND
  • Enter the sum of the principal on the note agreement
  • Specify the unpaid amount of the annual percentage rate

Step 2 – Payments –

  • Submit the balance of the note to be satisfied by the due date
  • Include the amount of accrued interest and late fees

Installments –

Payment method – Enter the final date for the note to be paid – in dd/m/yy format

  • The full amount to be paid in full when the note is due
  • The amount of the principal
  • Choose the best payment frequency and check the box
  • Submit the amount that shall be required of the borrower for late fees

Step 3 –  Security-

  • Check “Secured”or “Unsecured”
  • If the requirement is that the note shall be a“secured,” agreement, 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.)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Name of the co-signer
  • Execution
  • Governing Law – (Virginia State Laws)

Step 5 – Signatures – Submit signatures before a witness, as follows:

  • Lender’s signature
  • Date of signature – in mm/dd/yyyy format
  • Printed name
  • AND
  • Borrower’s signature
  • Date of signature – mm/dd/yyyy
  • Printed name
  • AND
  • Co-signer  signature
  • Date signature  – in dd/mm/yyyy format
  • Printed name
  • AND
  • Witness’ signature
  • Date of witness’ signature in mm/dd/yyyy format
  • Printed name