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DOWNLOAD this Delaware promissory note form which records a promise to repay money loaned from one Delaware resident to another.  The note form allows the makers to determine how much interest will be charged and whether or not the loan will be secured.  The makers may also choose how they want the loan to be repaid and how much time the borrower has to repay.

USURY

Under Delaware law, except as provided below, a lender may not charge a borrowe an interest at a rate more than 5% over the Federal Reserve discount rate including any surcharge.  If an interest rate is not specified, the legal rate is 5% over the Federal Reserve discount rate including any surcharge. 6 Del.C. § 2301(a) 

In addition, Delaware law states, “Notwithstanding any other provision in this chapter to the contrary, there shall be no limitation on the rate of interest which may be legally charged for the loan or use of money, where the amount of money loaned or used exceeds $100,000, and where repayment thereof is not secured by a mortgage against the principal residence of any borrower.” 6 Del.C. § 2301(c)

Del. Code Ann. tit. 6, § 2301 (West)

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