West Virginia Promissory Note

A secured or unsecured loan note with installment or lump-sum repayment, interest within your state's legal limit, late fees and default terms.

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West Virginia rules that this document follows

Maximum interest (private loans)8% per year — 8% per year max by written contract; business loans over $20,000 (§ 47-6-11) and certain residential loans (up to the rate under § 47-6-5b) exempt; 6% absent agreementSource: W. Va. Code § 47-6-5(b); § 47-6-11
Legal rate when none is stated6%Source: W. Va. Code § 47-6-5(a)
Late feesNo statutory cap on late fees for private (non-consumer-lender) loans; fee must be a reasonable liquidated-damages estimate and, together with interest, must not push the effective rate above the usury ceiling
Time to sue on a written note10 yearsSource: W. Va. Code § 55-2-6
Notarization / witnessesNot required (optional for evidentiary value)

Rules current as of 2026-09-07. Statutes change; verify before relying on them.

How to use this Promissory Note in West Virginia

Keep the interest rate at or below the West Virginia ceiling shown above; a usurious note can cost the lender all interest and more. For loans between family members, the IRS applicable federal rate (AFR) is the minimum to avoid imputed-gift issues on loans above $10,000.

Sign one original; the lender keeps it and the borrower keeps a copy. When the note is paid, the lender should mark it 'PAID IN FULL' and return it.

Frequently asked questions

What is the maximum interest rate I can charge in West Virginia?

8% per year for a private written loan (W. Va. Code § 47-6-5(b); § 47-6-11). 8% per year max by written contract; business loans over $20,000 (§ 47-6-11) and certain residential loans (up to the rate under § 47-6-5b) exempt; 6% absent agreement

Does a promissory note need a notary or witnesses?

No. A note signed by the borrower is enforceable in West Virginia. Notarizing is optional; for a secured loan, file a UCC-1 or note the lien on the vehicle title to protect the lender.

How long can the lender sue on an unpaid note?

10 years from default (W. Va. Code § 55-2-6).

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