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Mississippi Promissory Note (2026)

A secured or unsecured loan note with installment or lump-sum repayment, interest within your state's legal limit, late fees and default terms.

Updated September 2026≈ 7 minReviewed against Miss. Code § 75-17-1 · 16 C.F.R. § 444.3 · Miss. Code § 15-1-49; § 75-3-118
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Sample first page of the Promissory Note. Your answers fill in the blanks; the clauses required in Mississippi are added automatically.

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Sample first page of the Promissory Note: title block and opening sections with blanks to fill

Sample first page of the Promissory Note. Your answers fill in the blanks; the clauses required in Mississippi are added automatically.

This preview updates as you type. Blank fields show as ____ .

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)

Mississippi rules that this document follows

Maximum interest (private loans)10% per year for personal/household loans; business loans exempt; loans to business entities exempt — Greater of 10% per year or 5 points above the Federal Reserve discount rate by written contract; loans over $2,000 to individuals and business/corporate loans may agree to higher rates (§ 75-17-1(3)–(5))Source: Miss. Code § 75-17-1
Legal rate when none is stated8%Source: Miss. Code § 75-17-1(1)
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
Cosigner noticeIncluded when a cosigner is namedSource: 16 C.F.R. § 444.3
Time to sue on a written note3 yearsSource: Miss. Code § 15-1-49; § 75-3-118 (notes, 6 years)
Notarization / witnessesNot required (optional for evidentiary value)

Rules current as of 2026-10-27. Statutes change; verify before relying on them.

How to use this Promissory Note in Mississippi

Keep the interest rate at or below the Mississippi 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.

Frequently asked questions

What is the maximum interest rate I can charge in Mississippi?

10% per year for a personal, family or household loan; business-purpose loans are exempt; loans to corporations/LLCs are exempt (Miss. Code § 75-17-1). Greater of 10% per year or 5 points above the Federal Reserve discount rate by written contract; loans over $2,000 to individuals and business/corporate loans may agree to higher rates (§ 75-17-1(3)–(5))

Does a promissory note need a notary or witnesses?

No. A note signed by the borrower is enforceable in Mississippi. Notarizing is optional. For a loan secured by a titled vehicle, have the lien noted on the certificate of title at the DMV — a UCC-1 does not perfect a lien on a titled vehicle; for equipment or other goods, file a UCC-1 financing statement.

How long can the lender sue on an unpaid note?

3 years from default (Miss. Code § 15-1-49; § 75-3-118 (notes, 6 years)).

Why does the note ask whether the loan is personal or business?

Most usury statutes set a lower ceiling for personal, family or household loans and exempt or raise the ceiling for business loans, loans to entities, or large loans. The borrower's written representation in Section 1 is what a court looks at to decide which ceiling applies — so it must be truthful.

Other names

  • loan agreement
  • IOU
  • personal loan contract
  • secured promissory note
  • family loan agreement
  • demand note
  • installment note
  • loan note

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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.