Each state has its own interest rate limits (called the “usury rate”) and usurers illegally calculate higher than the maximum allowable rate, although not all credit sharks practice illegally, but instead fraudulently calculate the highest interest rate, which is legal under the law. It is strongly recommended that the agreement be notarized or, at the very least, certified and signed by an impartial third party. Sarah Brown, I agree with a delay of $5 per day for all late payments until the full loan is paid in full on March 25, 2021. The most important feature of every loan is the amount of money that is borrowed, so the first thing you want to write on your document is the amount that may be in the first line. Follow by typing the name and address of the borrower and then the lender. In this example, the borrower is in New York State and asks to borrow $10,000 from the lender. . . .