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Pennsylvania Promissory Note Templates

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The Pennsylvania promissory note templates are signed promises stating that the borrower of a monetary balance will reimburse the lender of said monetary balance in a timely and structured fashion. The templates offered below also detail the penalties for missing or being late on payments, which should be clearly understood by the borrower to ensure payments are made correctly.

Types

Secured Promissory Note – Includes a section called ‘security’ which protects the lender from serious financial loss by granting him or her an item previously put into security (by the borrower) if the borrower defaults on the note and cannot recover.

Unsecured Promissory Note – Does not include a section on security. The lender should have complete trust in the borrower’s payment abilities, as if the borrower defaults on the balance, the lender is not guaranteed a reimbursement on the loan.

Usury Rate

The legal rate of interest in the Commonwealth of Pennsylvania is 6% unless otherwise agreed to in writing. The maximum amount of interest for a loan of less than $50,000 or an unsecured loan less than $35,000 is 6%. PA ST 41 P.S. § 201

How to Write

Step 1 – Download the Pennsylvania note document – Emter the following information:

  • The start date of the note agreement (mm/dd/yyyy format)
  • Borrower’s name
  • Full mailing address
  • AND
  • Lender’s name
  • Full mailing address
  • AND
  • Provide the note’s full sum of the principal
  • Enter the amount the remainder of the annual percentage rate (APR)

Step 2 – Payments –

  • Submit the current sum of the note, to be paid by the due date
  • Include accrued interest on unpaid balance

Installments – Enter the final due date of the note

  • Submit the total sum of the note agreement
  • Provide the principal sum of the note
  • Select payment frequency and check the preceding box
  • Provide the amount due with payment required for late payments

Step 3 – Security –

  • Check the box indicating the type of selected note
  • If the note will be“secured,” provide a description of the property

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (6A.- Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Submit the Co-signer’s name
  • Execution
  • Governing Law – (Under Pennsylvania State Laws)

Step 5 – Signatures –

  • Lender’s signature
  • Signature dated in mm/dd/yyyy format
  • Print name
  • AND
  • Provide the borrower’s signature
  • Signature dated – in mm/dd/yyyy format
  • Printed name
  • AND
  • Co -Signer’s signature (if any)
  • Signature date – mm/dd/yyyy format
  • Print name
  • AND
  • Signature of Witness in mm/dd/yyyy format
  • Printed name


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