Florida 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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Florida rules that this document follows

Maximum interest (private loans)18% per year — 18% simple per year max on loans up to $500,000; 25% on loans over $500,000Source: Fla. Stat. § 687.02(1); § 687.071(2)
Criminal usury threshold25%Source: Fla. Stat. § 687.071(2) (over 25% = 2nd-degree misdemeanor; over 45% = 3rd-degree felony, § 687.071(3))
Legal rate when none is statedSee statuteSource: Fla. Stat. § 687.01 (absent agreement, rate set under § 55.03 — adjusted quarterly by the CFO)
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 note5 yearsSource: Fla. Stat. § 95.11(2)(b)
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 Florida

Keep the interest rate at or below the Florida 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 Florida?

18% per year for a private written loan (Fla. Stat. § 687.02(1); § 687.071(2)). 18% simple per year max on loans up to $500,000; 25% on loans over $500,000 Above 25% is criminal usury.

Does a promissory note need a notary or witnesses?

No. A note signed by the borrower is enforceable in Florida. 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?

5 years from default (Fla. Stat. § 95.11(2)(b)).

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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.