Promissory Note in Arkansas

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 Arkansas law says

Maximum interest rate (usury limit)	For loans and contracts other than those involving governmental units or federally insured banks, the maximum lawful interest rate is 17% a year under Amendment 89 of the Arkansas Constitution. Parties may agree in writing to interest up to that rate. When a contract does not state a rate, the rate is 6% a year. Read on codes.findlaw.com (a public copy of the official code); check against the official code. Source: Ark. Const. amend. 89, § 3; Ark. Code Ann. §§ 4-57-104, 4-57-101(d)
Time limit to sue on a written contract	5 years for actions to enforce written obligations, such as a signed loan or credit agreement. Official code published only via LexisNexis; text verified on a public mirror (FindLaw, current as of March 28, 2024). 2025 session amendments, if any, would not show on this mirror. Source: Ark. Code Ann. § 16-56-111

Maximum interest rate (usury limit)

For loans and contracts other than those involving governmental units or federally insured banks, the maximum lawful interest rate is 17% a year under Amendment 89 of the Arkansas Constitution. Parties may agree in writing to interest up to that rate. When a contract does not state a rate, the rate is 6% a year.

Read on codes.findlaw.com (a public copy of the official code); check against the official code.

Source: Ark. Const. amend. 89, § 3; Ark. Code Ann. §§ 4-57-104, 4-57-101(d)

Time limit to sue on a written contract

5 years for actions to enforce written obligations, such as a signed loan or credit agreement.

Official code published only via LexisNexis; text verified on a public mirror (FindLaw, current as of March 28, 2024). 2025 session amendments, if any, would not show on this mirror.

Source: Ark. Code Ann. § 16-56-111

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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 · Arkansas 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.