The Washington promissory note templates are documents signed by both a lender and a borrower that concrete 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.
Laws –Wash. 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
Source: https://eforms.com/promissory-note/wa/
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