Promissory Note in Iowa
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 Iowa law says
| Maximum interest rate (usury limit) | When no rate is agreed in writing, Iowa's legal interest rate is 5% per year on money loaned and money due. The maximum rate allowed in a written agreement is set monthly at two percentage points above the average 10-year U.S. Treasury rate, as published by the Iowa superintendent of banking. Some borrowers, such as those borrowing for business or agricultural purposes or to buy real estate, may agree in writing to any rate. The current monthly maximum is published by the Division of Banking; it is not stated here. Source: Iowa Code § 535.2(1)-(3) |
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| Time limit to sue on a written contract | 10 years for actions founded on written contracts. Claims for unpaid rent have a separate 5-year limit. Iowa Code 2026 text. Source: Iowa Code § 614.1(5) |
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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 · Iowa 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.