Promissory Note in Georgia

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 Georgia law says

Maximum interest rate (usury limit)	When no rate is set in a written contract, Georgia's legal rate is 7% per year simple interest. A loan of $3,000 or less may not carry more than 16% per year simple interest unless made under another law. For loans over $3,000, the parties may agree in writing to any rate (stated as simple interest for loans under $250,000). Charging more than 5% per month is the misdemeanor of criminal usury. Read on codes.findlaw.com (a public copy of the official code); check against the official code. The copy is marked current as of March 28, 2024. Source: O.C.G.A. §§ 7-4-2(a), 7-4-18(a)
Time limit to sue on a written contract	6 years after the debt becomes due and payable for an action on a simple written contract. Official code published only via LexisNexis; text verified on a public mirror (FindLaw, current as of March 28, 2024). Source: O.C.G.A. § 9-3-24

Maximum interest rate (usury limit)

When no rate is set in a written contract, Georgia's legal rate is 7% per year simple interest. A loan of $3,000 or less may not carry more than 16% per year simple interest unless made under another law. For loans over $3,000, the parties may agree in writing to any rate (stated as simple interest for loans under $250,000). Charging more than 5% per month is the misdemeanor of criminal usury.

Read on codes.findlaw.com (a public copy of the official code); check against the official code. The copy is marked current as of March 28, 2024.

Source: O.C.G.A. §§ 7-4-2(a), 7-4-18(a)

Time limit to sue on a written contract

6 years after the debt becomes due and payable for an action on a simple written contract.

Official code published only via LexisNexis; text verified on a public mirror (FindLaw, current as of March 28, 2024).

Source: O.C.G.A. § 9-3-24

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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 · Georgia 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.