Promissory Note in Delaware

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 Delaware law says

Maximum interest rate (usury limit)	Parties may agree in writing to interest of up to 5 percentage points above the Federal Reserve discount rate (including any surcharge); without an agreed rate, the legal rate is the same 5-points-over-discount figure as of when interest starts. There is no cap on loans over $100,000 that are not secured by a mortgage on the borrower's principal residence. A borrower charged usurious interest need not pay the excess, and one who has paid it may sue within one year for the greater of three times the excess or $500; corporations, LLCs and similar entities cannot raise usury as a defense. Source: 6 Del. C. §§ 2301, 2304, 2306
Time limit to sue on a written contract	3 years. Actions based on a promise, and actions to recover a debt not evidenced by a record or by an instrument under seal, must be brought within 3 years after the claim accrues. Delaware does not set a separate, longer period for ordinary written consumer contracts. A written contract involving at least $100,000 may set its own period of up to 20 years. Re-verified 2026-10-27. Source: 10 Del. C. § 8106(a), (c)

Maximum interest rate (usury limit)

Parties may agree in writing to interest of up to 5 percentage points above the Federal Reserve discount rate (including any surcharge); without an agreed rate, the legal rate is the same 5-points-over-discount figure as of when interest starts. There is no cap on loans over $100,000 that are not secured by a mortgage on the borrower's principal residence. A borrower charged usurious interest need not pay the excess, and one who has paid it may sue within one year for the greater of three times the excess or $500; corporations, LLCs and similar entities cannot raise usury as a defense.

Source: 6 Del. C. §§ 2301, 2304, 2306

Time limit to sue on a written contract

3 years. Actions based on a promise, and actions to recover a debt not evidenced by a record or by an instrument under seal, must be brought within 3 years after the claim accrues. Delaware does not set a separate, longer period for ordinary written consumer contracts. A written contract involving at least $100,000 may set its own period of up to 20 years.

Re-verified 2026-10-27.

Source: 10 Del. C. § 8106(a), (c)

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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 · Delaware 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.