Mississippi 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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Mississippi rules that this document follows
| Maximum interest (private loans) | 10% per year — 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(2) |
|---|---|
| Legal rate when none is stated | 8%Source: Miss. Code § 75-17-1(1) |
| Late fees | No 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 note | 3 yearsSource: Miss. Code § 15-1-49; § 75-3-118 (notes, 6 years) |
| Notarization / witnesses | Not 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 Mississippi
Keep the interest rate at or below the Mississippi 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 Mississippi?
10% per year for a private written loan (Miss. Code § 75-17-1(2)). 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 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?
3 years from default (Miss. Code § 15-1-49; § 75-3-118 (notes, 6 years)).
Related documents
- Independent Contractor Agreement — Mississippi
- Non-Disclosure Agreement (NDA) — Mississippi
- LLC Operating Agreement — Mississippi
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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.
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