Alabama Promissory Note Template

The Alabama Promissory Note Template is used as a commitment between a lender and a borrower that the loaned money will be paid back with a defined interest rate. The sample promissory note template may be secured or unsecured depending on the terms and conditions negotiated by the parties. A Secured Note will make the borrower liable to transfer ownership of the property described in the paper unless they transmit the payment, interest rate, and late fees on time. An Unsecured Note does not impose this liability.

Alabama Promissory Note Form

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Usury Laws

Section 8-8-1 of the Alabama state law regulates the amount of usury rate. The legal interest rate normally equals 6% for one year, unless different conditions are provided in the paper for verbal agreements. If the contract is written and signed by both parties, the maximum interest rate cannot exceed 8%.

Alabama Promissory Note Form Details

Document Name Alabama Promissory Note Form
Other Name AL Promissory Note
Max. Rate 8% for written contracts; 6% for verbal agreements
Relevant Laws Alabama Code, Section 8-8-1
Avg. Time to Fill Out 10 minutes
# of Fillable Fields 28
Available Formats Adobe PDF
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Popular Local Promissory Note Forms

A promissory note (often called debt note) is a handy money instrument used by businesses and individuals across all states as a funds resource and a substitute for loan providers. Learn about the most common US states searched by our users regarding promissory note forms.

Filling Out the Alabama Promissory Note

You may opt for the official form, where you need to submit the following:

  • The maker’s and holder’s names
  • The initial principal sum in US dollars
  • The date the agreement becomes effective
  • Promissor’s signature, mailing address, and social security number
  • Two adult witnesses ’ signatures

To ensure the best result, you can use our form-building software and an alternative, more detailed Alabama Promissory Note template. Follow the steps below to complete it successfully.

  • Enter the Date and Payment Amount

Input the date you are signing the agreement and the amount of money the principal is about to receive in US dollars.
Date and payment amount part of Alabama promissory note form

  • Provide the Lender’s and the Borrower’s Data

Indicate the borrower’s full name and mailing address and the same information about the lender. Establish the interest rate per annum you have agreed upon.
Lender's and borrower's data indication section of promissory note for Alabama

  • Describe the Payment Policy

If the borrower pledges to transmit monetary funds every month, check the corresponding box. If the lender is supposed to receive the payments quarterly, select a related option. Indicate the sum you will get at a time (or the number of years given to the borrower for the debt compensation). The Maturity Date, or Due Date, should be entered as well.
Payment policy description of Alabama promissory note template

  • Establish the Note Type

Choose whether the Note is secured (along with the assets it is secured by) or unsecured.
Note type establishment section of Alabama promissory note document

  • Indicate Your State

Write down that the document is being created in Alabama and is regulated by its laws.
State indication part of Alabama template of promissory note

  • Sign and Witness the Paper

Two competent adults witnesses should append their signature, confirming that the information submitted is true and correct. Both parties have to provide their titles and full names.
Signing part of a promissory note for Alabama

seal of alabama state
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Published: Jun 23, 2022