Promissory Note in Florida

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 Florida law says

Maximum interest rate (usury limit)	A loan contract charging more than the equivalent of 18% per year simple interest is usurious. For loans over $500,000, the limit is the criminal-usury rate instead. Knowingly charging more than 25% (up to 45%) is a second-degree misdemeanor, and more than 45% is a third-degree felony. When no rate is agreed, interest runs at the judgment rate set quarterly by Florida's Chief Financial Officer. Source: Fla. Stat. §§ 687.01, 687.02(1), 687.03(1), 687.071(2)-(3), 55.03(1)
Time limit to sue on a written contract	5 years for an action on a contract, obligation or liability founded on a written instrument. Source: Fla. Stat. § 95.11(2)(b)

Maximum interest rate (usury limit)

A loan contract charging more than the equivalent of 18% per year simple interest is usurious. For loans over $500,000, the limit is the criminal-usury rate instead. Knowingly charging more than 25% (up to 45%) is a second-degree misdemeanor, and more than 45% is a third-degree felony. When no rate is agreed, interest runs at the judgment rate set quarterly by Florida's Chief Financial Officer.

Source: Fla. Stat. §§ 687.01, 687.02(1), 687.03(1), 687.071(2)-(3), 55.03(1)

Time limit to sue on a written contract

5 years for an action on a contract, obligation or liability founded on a written instrument.

Source: Fla. Stat. § 95.11(2)(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 · Florida 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.