DOWNLOAD this Ohio Promissory Note Form to document the terms of a lending agreement. This promissory note allows the parties to choose the interest rate that will be charged within the parameters of Ohio law, as well as other terms, including how and when the loan will be repaid and whether or not it wil be secured by some sort of collateral.
In Ohio, the maximum rate of interest that can be charged is 8% per year. However, there is an exception if the loan amount is over $100,000. There are also exceptions depending on what type of collateral is involved and the terms of repayment. For instance, if there is only one installment at the end of the term a higher interest rate can be charged provided the loan isn’t secured by certain collateral. OH ST § 1343.01