Promissory Note in Arizona
A written promise to repay a personal loan, with the amount, interest and payment schedule. States limit how much interest a lender can charge; check your state's rules below before you set the rate.
What Arizona law says
| Maximum interest rate (usury limit) | For loans other than medical debt, the parties may agree to any interest rate if it is contracted for in writing. When no rate is agreed in writing, the legal rate on a loan or debt is 10% a year. Medical debt is capped at the lesser of the one-year Treasury yield or 3% a year. Source: A.R.S. § 44-1201(A) |
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| Time limit to sue on a written contract | 6 years for a debt based on a written contract signed in Arizona. If another state's limitations period conflicts, Arizona's 6-year rule applies to these debts. Re-verified 2026-10-27. Source: A.R.S. § 12-548(A)(1), (B) |
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PROMISSORY NOTE
Amount: $[principal amount] Date: [date] Place: [city, state]
For value received, [borrower name], of [borrower address] ("Borrower"), promises to pay [lender name], of [lender address] ("Lender"), the sum of $[principal amount], with interest at [rate]% per year.
Payments: [e.g. $[amount] per month starting [date] until paid in full / one payment of the full amount on [due date]].
Late payment: [late fee or 'none']. Prepayment: Borrower may prepay all or part at any time without penalty.
If Borrower misses a payment for [number] days, Lender may [declare the full balance due].
Borrower signature: ____________________ Date: [date]
[Co-signer signature, if any] [Notary acknowledgment, if you choose to use one]
Promissory Note for other states · Arizona tenant rights
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.