A Virginia promissory note is a written promise to repay borrowed money on stated terms. It records the amount, the interest rate, the repayment schedule, and the due date. Virginia caps the interest rate on a loan at 12 percent per year, unless another law permits more.[1] Use this free promissory note template for a personal loan, and check your rate against that cap before you sign.
Last Updated: October 2026. This guide is reviewed and updated regularly to reflect current Virginia law. If you notice an error or outdated information, please contact us.
Build Your Document
Answer a few simple questions to make your document in minutes
Save and Print
Save progress and finish on any device, download and print anytime
Sign and Use
Your valid, lawyer-approved document is ready
Settle these terms with the other party before you fill in the note, because each one has its own blank on the form:
A secured note names property as collateral to back the loan. An unsecured note names none, so it suits a loan to someone you trust.
Virginia sets its maximum interest rate in Section 6.2-303 of the Va. Code Ann. The limit is 12 percent per year, except as otherwise permitted by law. Check the rate on your Virginia promissory note against this limit before you sign.[1]
The statute puts the cap this way:
Except as otherwise permitted by law, no contract shall be made for the payment of interest on a loan at a rate that exceeds 12 percent per year.
The same section adds these rules:
The legal rate of interest is a separate figure from this cap. Under Section 6.2-301(A) of the Code of Virginia, the legal rate of interest is an annual rate of six percent.[2]
| Document Name | Virginia Promissory Note Form |
| Other Name | VA Promissory Note |
| Max. Rate | 12% per year, unless another law permits a higher rate |
| Relevant Laws | Va. Code Ann. § 6.2-303 |
| Avg. Time to Fill Out | 10 minutes |
| # of Fillable Fields | 28 |
| Available Formats | Adobe PDF |
Popular Local Promissory Note Forms
A promissory note (sometimes called loan agreement) is considered a useful lending document used regularly by many individuals and businesses in all states as a funds resource and an option to banks. Find out more about the most common US states searched by our website users when it comes to promissory note templates.
The FormsPal Virginia promissory note has six parts across three pages. Work through them in order, from the date and parties on page 1 to the signature blocks on page 3. If you download the PDF, you can fill it in with the FormsPal PDF editor.
The screenshots under each step show the FormsPal Virginia promissory note template filled with sample entries in blue, so you can see where each answer goes. The names, addresses, dates and amounts are examples only.
Page 2 also carries terms that are already printed on the form and have no blanks, including what happens on default, a late fee, and prepayment. Read them before you sign.
Here is a sample of how the first page reads. Suppose Dana Lee lends $5,000 to Priya Shah at 8 percent per year. Payments are due on the first day of each month, and the maturity date is three years out.
Dana is the lender and Priya is the borrower. The 8 percent goes in the blank before "per annum." These names, amounts, and dates are made up for illustration only.
Before you sign, run through this short checklist:
After both sides sign, each should keep a copy of the signed note.
These answers cover the interest limit that applies to a Virginia promissory note, the rules that come with it, and what the statute says about a rate above the limit. Each answer draws on Section 6.2-303 of the Va. Code Ann.
Yes. In Virginia, a contract may not charge interest on a loan at a rate above 12 percent per year, except as otherwise permitted by law.[1]
The legal rate of interest is an annual rate of six percent under Section 6.2-301(A).[2] It is separate from the limit on a contract rate, which is 12 percent per year under Section 6.2-303, except as otherwise permitted by law. Agree on a rate at or below that 12 percent limit and write it on the interest line of the note.[1]
A 30% rate exceeds the 12 percent per year limit in Section 6.2-303, unless another law permits it. Any contract made in violation of the section is void. No person has the right to collect, receive, or retain any principal, interest, fees, or other charges in connection with the contract.[1]
The Virginia rules covered on this page are about interest. The cap is 12 percent per year, and it applies to any person who seeks to evade it by any device, subterfuge, or pretense whatsoever. A contract made in violation is void.[1] Section 6.2-303 also sets these points:
Virginia's usury limit is 12 percent per year, except as otherwise permitted by law. The same section covers any person who seeks to evade the limit, and it makes a contract in violation void.[1]
General information, not legal or tax advice.
Other Promissory Note Forms by State
