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.
View largerWhat you'll get
Sample first page of the Promissory Note. Your answers fill in the blanks; the clauses required in your state are added automatically.
- Word
Choose your state
Select a state to load the correct statutory rules.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Compare Promissory Note rules in all 50 states
Key statutory numbers side by side. Click a column header to sort, or type to find your state — each state name opens the state-specific generator.
| Alabama | 8% per year for personal/household loans; loans over $2,000.00 exempt | 6% | 6 years | Not required (optional for evidentiary value) |
|---|---|---|---|---|
| Alaska | Formula cap | 10.5% | 3 years | Not required (optional for evidentiary value) |
| Arizona | No cap on interest agreed in writing | 10% | 6 years | Not required (optional for evidentiary value) |
| Arkansas | 17% per year for personal/household loans | 6% | 5 years | Not required (optional for evidentiary value) |
| California | 10% per year for personal/household loans | 7% | 4 years | Not required (optional for evidentiary value) |
| Colorado | 45% per year for personal/household loans | 8% | 6 years | Not required (optional for evidentiary value) |
| Connecticut | 12% per year for personal/household loans; loans to business entities exempt; loans… | 8% | 6 years | Not required (optional for evidentiary value) |
| Delaware | Formula cap | See statute | 3 years | Not required (optional for evidentiary value) |
| District of Columbia | 24% per year for personal/household loans | 6% | 3 years | Not required (optional for evidentiary value) |
| Florida | 18% per year for personal/household loans; loans over $500,000.00 exempt | See statute | 5 years | Not required (optional for evidentiary value) |
| Georgia | 16% per year for personal/household loans; loans over $3,000.00 exempt | 7% | 6 years | Not required (optional for evidentiary value) |
| Hawaii | 12% per year for personal/household loans; business loans exempt | 10% | 6 years | Not required (optional for evidentiary value) |
| Idaho | No cap on interest agreed in writing | 12% | 5 years | Not required (optional for evidentiary value) |
| Illinois | 9% per year for personal/household loans; business loans exempt; loans to business… | 5% | 10 years | Not required (optional for evidentiary value) |
| Indiana | No cap on interest agreed in writing | 8% | 6 years | Not required (optional for evidentiary value) |
| Iowa | Formula cap | 5% | 10 years | Not required (optional for evidentiary value) |
| Kansas | 15% per year for personal/household loans; business loans exempt | 10% | 5 years | Not required (optional for evidentiary value) |
| Kentucky | 19% per year for personal/household loans; loans over $15,000.00 exempt | 8% | 10 years | Not required (optional for evidentiary value) |
| Louisiana | 12% per year for personal/household loans; business loans exempt; loans to business… | See statute | 5 years | Not required (optional for evidentiary value) |
| Maine | No cap on interest agreed in writing | 6% | 6 years | Not required (optional for evidentiary value) |
| Maryland | 8% per year for personal/household loans; business loans exempt; loans to business… | 6% | 3 years | Not required (optional for evidentiary value) |
| Massachusetts | No cap on interest agreed in writing | 6% | 6 years | Not required (optional for evidentiary value) |
| Michigan | 7% per year for personal/household loans; loans to business entities exempt | 5% | 6 years | Not required (optional for evidentiary value) |
| Minnesota | 8% per year for personal/household loans; loans to business entities exempt; loans… | 6% | 6 years | Not required (optional for evidentiary value) |
| Mississippi | 10% per year for personal/household loans; business loans exempt; loans to business… | 8% | 3 years | Not required (optional for evidentiary value) |
| Missouri | 10% per year for personal/household loans; loans to business entities exempt;… | 9% | 10 years | Not required (optional for evidentiary value) |
| Montana | 15% per year for personal/household loans | 10% | 8 years | Not required (optional for evidentiary value) |
| Nebraska | 16% per year for personal/household loans; business loans exempt; loans to business… | 6% | 5 years | Not required (optional for evidentiary value) |
| Nevada | No cap on interest agreed in writing | See statute | 6 years | Not required (optional for evidentiary value) |
| New Hampshire | No cap on interest agreed in writing | 10% | 3 years | Not required (optional for evidentiary value) |
| New Jersey | 16% per year for personal/household loans; loans to business entities exempt; loans… | 6% | 6 years | Not required (optional for evidentiary value) |
| New Mexico | No cap on interest agreed in writing | 15% | 6 years | Not required (optional for evidentiary value) |
| New York | 16% per year for personal/household loans; loans to business entities exempt; loans… | 9% | 6 years | Not required (optional for evidentiary value) |
| North Carolina | 16% per year for personal/household loans; loans over $25,000.00 exempt | 8% | 3 years | Not required (optional for evidentiary value) |
| North Dakota | Formula cap | 6% | 6 years | Not required (optional for evidentiary value) |
| Ohio | 8% per year for personal/household loans; business loans exempt; loans over… | See statute | 6 years | Not required (optional for evidentiary value) |
| Oklahoma | 10% per year for personal/household loans | 6% | 5 years | Not required (optional for evidentiary value) |
| Oregon | 12% per year for personal/household loans; business loans exempt; loans over… | 9% | 6 years | Not required (optional for evidentiary value) |
| Pennsylvania | 6% per year for personal/household loans; business loans exempt; loans to business… | 6% | 4 years | Not required (optional for evidentiary value) |
| Rhode Island | 21% per year for personal/household loans | 12% | 10 years | Not required (optional for evidentiary value) |
| South Carolina | No cap on interest agreed in writing | 8.75% | 3 years | Not required (optional for evidentiary value) |
| South Dakota | No cap on interest agreed in writing | 12% | 6 years | Not required (optional for evidentiary value) |
| Tennessee | Formula cap | 10% | 6 years | Not required (optional for evidentiary value) |
| Texas | 10% per year for personal/household loans | 6% | 4 years | Not required (optional for evidentiary value) |
| Utah | No cap on interest agreed in writing | 10% | 6 years | Not required (optional for evidentiary value) |
| Vermont | 12% per year for personal/household loans | 12% | 6 years | Not required (optional for evidentiary value) |
| Virginia | 12% per year for personal/household loans; loans to business entities exempt;… | 6% | 5 years | Not required (optional for evidentiary value) |
| Washington | 12% per year for personal/household loans; business loans exempt | 12% | 6 years | Not required (optional for evidentiary value) |
| West Virginia | 8% per year for personal/household loans; business loans over $20,000.00 exempt | 6% | 10 years | Not required (optional for evidentiary value) |
| Wisconsin | No cap on interest agreed in writing | 5% | 6 years | Not required (optional for evidentiary value) |
| Wyoming | No cap on interest agreed in writing | 7% | 10 years | Not required (optional for evidentiary value) |
No state matches — try the two-letter code.
Values are shortened; open the state page for the full rule and its citation.
What this document covers
- Borrower, lender and optional cosigner
- Principal, date and purpose (personal or business)
- Interest rate checked against the state usury ceiling
- Installments, lump sum or on demand with amortized payment
- Late charge and default interest
- Usury savings clause
- Default, cure period and acceleration
- Collateral and UCC or title lien
- Prepayment without penalty
- Cosigner notice (FTC / California)
How to use this Promissory Note in US
Keep the interest rate at or below the your state ceiling shown above; a usurious note can cost the lender all interest and more, and late fees count toward the ceiling. For loans between family members, the IRS applicable federal rate (AFR) is the minimum to avoid imputed-gift issues on loans above $10,000.
If a cosigner signs, give them the Notice to Cosigner (Section 7) before they sign — in California and under the FTC rule the guaranty is unenforceable without it.
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.
Other names
- loan agreement
- IOU
- personal loan contract
- secured promissory note
- family loan agreement
- demand note
- installment note
- loan note
Related documents
Blank Promissory Note forms by state
free, no account · PDF + Word
Choose your state ▾
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
FormsByState provides self-help document templates and general information, not legal advice. We are not a law firm. For advice about your situation consult a licensed attorney in your state.