Promissory Note in Hawaii

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 Hawaii law says

Maximum interest rate (usury limit)	When no written contract sets a rate, Hawaii's legal rate is 10% per year, running on a note or loan from the date it is due. For consumer credit transactions (other than credit cards) and home business loans, a written contract may set at most 1% per month or 12% per year simple interest (24% for certain licensed financial institutions). Transactions that are not consumer credit may carry any rate not otherwise prohibited. Legal rate: https://data.capitol.hawaii.gov/hrscurrent/Vol11_Ch0476-0490/HRS0478/HRS_0478-0002.htm. Judgments bear 10% per year (§ 478-3). Source: HRS §§ 478-2, 478-4(a), (c)
Time limit to sue on a written contract	6 years from when the claim arises, for an action to recover a debt founded on any contract, obligation or liability. Hawaii uses the same period for written and oral contracts. Source: HRS § 657-1(1)

Maximum interest rate (usury limit)

When no written contract sets a rate, Hawaii's legal rate is 10% per year, running on a note or loan from the date it is due. For consumer credit transactions (other than credit cards) and home business loans, a written contract may set at most 1% per month or 12% per year simple interest (24% for certain licensed financial institutions). Transactions that are not consumer credit may carry any rate not otherwise prohibited.

Legal rate: https://data.capitol.hawaii.gov/hrscurrent/Vol11_Ch0476-0490/HRS0478/HRS_0478-0002.htm. Judgments bear 10% per year (§ 478-3).

Source: HRS §§ 478-2, 478-4(a), (c)

Time limit to sue on a written contract

6 years from when the claim arises, for an action to recover a debt founded on any contract, obligation or liability. Hawaii uses the same period for written and oral contracts.

Source: HRS § 657-1(1)

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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 · Hawaii 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.