VA · PROM-NOTE · Updated July 2026 · Free

Virginia Promissory Note PDF

Not Attorney-ReviewedAuthor: Arjun AnnamalaiMethodology: Statutory Verification

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Virginia at a glance: Usury Limit: 12% per year · Governing Law: Va. Code § 6.2-303

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Overview

Promissory Notes in Virginia

Virginia sets the default legal rate of interest at 6% and the contract rate cap at 12% per year on written agreements.
Key Facts

Virginia Promissory Note — Quick Reference

RequirementVirginia Rule
Usury Limit12% per year
Governing LawVa. Code § 6.2-303
Legal Requirements

Virginia Legal Requirements

  • Interest rates must stay below 12% per year on personal contracts.
Governing Laws

Virginia Governing Laws

Va. Code § 6.2-303
Rate of Interest
Caps written contract interest rates at 12%.

Read the full text of these laws at Cornell Law School's Virginia legal resources or your state legislature's official website.

Questions & Answers

Virginia Promissory Note — Frequently Asked Questions

What is the usury limit in Virginia?

The maximum interest rate on written contracts is 12% per year.