Promissory Note in Colorado

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 Colorado law says

Maximum interest rate (usury limit)	When no rate is agreed, the legal interest rate is 8% a year, compounded annually. Parties to a promissory note or other written instrument may agree to a higher rate, but not more than 45% a year (except as otherwise provided in articles 1 to 6 of title 5). Interest on medical debt is capped at 3% a year. Text from the Colorado Revised Statutes 2024 edition; later session laws may have changed it. Source: C.R.S. §§ 5-12-101, 5-12-102, 5-12-103
Time limit to sue on a written contract	6 years for actions to recover a liquidated debt or a determinable amount of money due, and for enforcing any instrument that secures or evidences a debt. Most consumer debts with a set balance fall in this category. Other contract claims generally have 3 years. Read in the official Colorado Revised Statutes 2024 Title 13 printout (Office of Legislative Legal Services). 2025-2026 amendments, if any, are not reflected. Source: C.R.S. § 13-80-103.5(1)(a); § 13-80-101(1)(a)

Maximum interest rate (usury limit)

When no rate is agreed, the legal interest rate is 8% a year, compounded annually. Parties to a promissory note or other written instrument may agree to a higher rate, but not more than 45% a year (except as otherwise provided in articles 1 to 6 of title 5). Interest on medical debt is capped at 3% a year.

Text from the Colorado Revised Statutes 2024 edition; later session laws may have changed it.

Source: C.R.S. §§ 5-12-101, 5-12-102, 5-12-103

Time limit to sue on a written contract

6 years for actions to recover a liquidated debt or a determinable amount of money due, and for enforcing any instrument that secures or evidences a debt. Most consumer debts with a set balance fall in this category. Other contract claims generally have 3 years.

Read in the official Colorado Revised Statutes 2024 Title 13 printout (Office of Legislative Legal Services). 2025-2026 amendments, if any, are not reflected.

Source: C.R.S. § 13-80-103.5(1)(a); § 13-80-101(1)(a)

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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 · Colorado 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.