Promissory Note in District of Columbia

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 District of Columbia law says

Maximum interest rate (usury limit)	Parties may agree in a written instrument to interest of up to 24% a year, with exceptions; loans over $2,500 not secured by residential property may carry any rate if made to a nonprofit or for a business, commercial or investment purpose. When a contract does not state a rate, the legal rate is 6% a year. Source: D.C. Code §§ 28-3301(a), (d), 28-3302(a)
Time limit to sue on a written contract	3 years. Any lawsuit to collect a consumer debt filed on or after September 1, 2021 must be started within 3 years after the claim accrues, whether it is based on a written contract, account stated, open account or any other theory, and even for contracts under seal. Other simple contracts also have 3 years. § 12-301: https://code.dccouncil.gov/us/dc/council/code/sections/12-301 Re-verified 2026-10-27. Source: D.C. Code § 28-3814(o); § 12-301(7)

Maximum interest rate (usury limit)

Parties may agree in a written instrument to interest of up to 24% a year, with exceptions; loans over $2,500 not secured by residential property may carry any rate if made to a nonprofit or for a business, commercial or investment purpose. When a contract does not state a rate, the legal rate is 6% a year.

Source: D.C. Code §§ 28-3301(a), (d), 28-3302(a)

Time limit to sue on a written contract

3 years. Any lawsuit to collect a consumer debt filed on or after September 1, 2021 must be started within 3 years after the claim accrues, whether it is based on a written contract, account stated, open account or any other theory, and even for contracts under seal. Other simple contracts also have 3 years.

§ 12-301: https://code.dccouncil.gov/us/dc/council/code/sections/12-301 Re-verified 2026-10-27.

Source: D.C. Code § 28-3814(o); § 12-301(7)

Fill it in

Nothing you type leaves your browser. Replace anything still highlighted, and keep a signed copy.

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 · District of Columbia 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.