Download this Virginia Promissory Note Form in order to set forth a note agreement between two parties in the Commonwealth. It also allows the parties to contract for the length of the loan and decide whether the loan will be paid in equal payments or in one large payment at the end of the loan term. In addition, within the parameters of Virginia law, the parties can agree to the interest rate that will be charged. This form allows the parties to determine whether or not the money lent will be secured by any form of collateral.
The legal rate of interest in Virginia if not otherwise written in an agreement is 6% and the maximum rate is 12%. VA ST § 6.2-303