Washington Promissory Note Templates

Create a high quality document online now!

Updated June 13, 2022

Washington promissory notes are documents signed by both a lender and a borrower that spell out the details of a money-lending agreement. The documents cover areas ranging from late fees to payment types plus many more important sections.

Usury Rate – The maximum rate of interest is 12% or 4% points above the average bill rate for 26-week treasury bills in the month before the loan was made.

LawsWash. Rev. Code § 19.52.020

Types (2)

Secured Promissory Note – The ‘secured’ part of the document refers to a section in which an item is declared as security. This item is typically a home, vehicle, or boat. The item is given to the lender if the borrower cannot repay the loaned balance to help cover the remaining unpaid note.

Download: Adobe PDF, MS Word (.docx), OpenDocument



Unsecured Promissory Note – This version does not include security, leaving the lender at an increased risk for losing the loaned balance. The lender should screen potential borrowers to ensure they have a strong credit history to avoid a financial loss.

Download: Adobe PDF, MS Word (.docx), OpenDocument



Usury Rate

In Washington, “any rate of interest shall be legal so long as the rate of interest does not exceed the higher of: (a) twelve percent per annum; or (b) four percentage points above the equivalent coupon issue yield (as published by the Board of Governors of the Federal Reserve System) of the average bill rate for twenty-six week treasury bills.” WA ST 19.52.020

(Video) What is a Washington Promissory Note?

How to Write –

Step 1 – Download the Washington note document – Submit the following:

  • The start date of the form – in dd/m/yy format
  • The Borrower’s name and Mailing address
  • AND
  • Lender’s name and Mailing address
  • AND
  • Enter the total sum of the principal on the note
  • Provide the unpaid sum of the annual percentage rate (APR)

Step 2 – Payments –

  • Enter the balance of the note to be satisfied by the due date
  • Include the sum of all accrued interest and late fees

Installments –

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

  • The full amount to be paid in full
  • The total sum of the principal
  • Choose the best payment frequency and check the box
  • Submit the amount that would be required of the borrower for late fees

Step 3 –  Security-

  • Check “Secured”or “Unsecured”
  • If the note is required to be a“secured,” agreement, provide a property description

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 co-signer
  • Execution
  • Governing Law – (Washington State Laws)

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

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