Virginia Promissory Notes
Create a legally compliant Virginia promissory note that complies with state usury limits and includes all required provisions. Choose the note type that fits your lending situation, fill out the guided form, and download your professional PDF for $7.99.
Secured Promissory Note
For loans backed by collateral such as a vehicle, property, or equipment. The lender can seize the collateral if the borrower defaults.
Complies with Virginia usury limits (max 12%). Includes collateral description and default remedies.
Create Secured Promissory NoteUnsecured Promissory Note
For loans based solely on the borrower's promise to pay, with no collateral pledged. Common for personal and family loans.
Virginia statute of limitations: 5 years. Max interest rate: 12%.
Create Unsecured Promissory NoteInstallment Promissory Note
For loans repaid in fixed periodic payments over a set term. Includes a detailed payment schedule with amounts and due dates.
Includes amortization-ready payment terms compliant with Virginia usury law (12% max rate).
Create Installment Promissory NoteDemand Promissory Note
Payable in full when the lender demands repayment. No fixed schedule or maturity date. Common for informal arrangements.
Payable on demand under Virginia law. Includes usury savings clause and default provisions.
Create Demand Promissory NoteVirginia Usury Law and Note Requirements
Virginia usury law is governed by Virginia Circuit Courts. The maximum allowable interest rate is 12% (12% maximum). Penalties for exceeding the usury limit include: Forfeiture of all interest; double penalty if willful. The statute of limitations for enforcing a promissory note in Virginia is 5 years. Notarization is not required but recommended. Our documents are designed to comply with Virginia law and include all required provisions.
Frequently Asked Questions
What is the maximum interest rate for a promissory note in Virginia?
Virginia caps the maximum interest rate at 12% (12% maximum). Exceeding this limit may result in penalties: Forfeiture of all interest; double penalty if willful. If no rate is specified, the default legal rate is 6%. Our documents include a usury savings clause for additional protection.
Does a promissory note need to be notarized in Virginia?
Notarization is not legally required in Virginia, but it is strongly recommended. A notarized note is easier to enforce in court and helps verify the identities of all parties. While not required, having 1 witness is recommended.
How much does a Virginia promissory note cost?
Each promissory note costs $7.99. Choose your note type, fill in your details through our guided form, and download your completed, Virginia-compliant PDF instantly. Re-download available for 5 days.
What interest rates are allowed on private promissory notes in Virginia?
Virginia caps interest at 12% per year for written contracts (Va. Code §6.2-303) unless both parties agree to a higher rate in writing. When a higher rate is agreed to in a written contract, Virginia generally enforces it without a specific upper limit for business loans - though consumer loans have additional protections. Virginia's 5-year statute of limitations applies to written promissory notes. Lenders should clearly state the agreed rate in the note to preserve enforcement rights.
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