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West Virginia Promissory Note Templates (2)

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West Virginia Promissory Note Templates (2)

Updated July 27, 2023

West Virginia promissory notes are documents designed to ensure the parties in a monetary loan transaction are clear on the terms and conditions of the agreement to minimize the chance of default.

Usury Rate – Legal interest rate is 6%, but parties may agree to a maximum of 8% in a written agreement.

Table of Contents

By Type (2)


Secured Promissory Note – Includes a section that requires security to be declared. Items used as security typically consist of homes, vehicles, or boats. The item in security is given to the lender if the borrower cannot repay the loaned balance.

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Unsecured Promissory Note – This note does not include security. If the borrower were to default on the balance, the lender would have no sure-fire way of being reimbursed the loaned balance. Because of this, lenders should take extra caution when deciding whom to lend money.

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Usury Statute

(a) Except in cases where it is otherwise specially provided by law, legal interest shall continue to be at the rate of $6 upon $100 for a year, and proportionately for a greater or less sum, or for a longer or shorter time, and no person upon any contract other than a contract in writing shall take for the loan or forbearance of money, or other thing, above the value of such rate: Provided, That a charge of $1 may be made for any loan or forbearance of money or other thing, where the interest at the rate aforesaid would not amount to that sum, and the same shall not be a usurious charge or rate of interest.

(b) Parties may contract in writing for the payment of interest for the loan or forbearance of money at a rate not to exceed $8 upon $100 for a year, and proportionately for a greater or less sum, or for a longer or shorter time, including points expressed as a percentage of the loan divided by the number of years of the loan contract.

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