Oregon Promissory Note Without Interest
Description
How to fill out Oregon Complaint - Action On Promissory Note?
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FAQ
Although it's a legal document, writing a promissory note doesn't have to be difficult. There are even websites online that offer fill-in-the-blank templates, like or .
If you decide to give the loan without charging any interest, be prepared to justify it to the IRS, because it literally is a gift in the IRS's eyes. The IRS can "impute" interest on your loan, whether you actually charged any interest or not, and require you to report that imputed interest as income.
If interest on your loan is calculated as simple interest, the formula for calculating interest begins with the total principal balance multiplied by the interest rate. For example, if the principal is $5,000 and the interest rate is 15 percent, multiply 5,000 by 0.15 to equal 750.
There is no legal requirement for most Oregon promissory notes to be notarized. Promissory notes related to real estate loans may require notarization. Most promissory notes in Oregon need to be signed and dated by the borrower and any applicable co-signer.
A promissory note must specify the percentage interest charged on the loan. All loans should carry some interest, even if it is between family members.