DOWNLOAD this Pennsylvania Promissory Note Form to document a lending agreement between two parties in Pennsylvania. The form allows the parties to determine whether or not the money lent will be secured by property or collateral. It also allows the parties to contract for the length of the loan and the terms of repayment. In addition, within the parameters of Pennsylvania law, the parties can decide what interest rate will be charged for the borrowing of funds.
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