Promissory Note in Kansas
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 Kansas law says
| Maximum interest rate (usury limit) | When no rate is agreed, Kansas's legal interest rate is 10% per year. A written note or other instrument may set interest of no more than 15% per year unless another law allows more. A lender who contracts for more forfeits the excess interest plus an equal amount deducted from what is owed, and the borrower recovers a reasonable attorney fee. The 15% cap does not apply to business or agricultural loans, consumer credit transactions under the Uniform Consumer Credit Code, adjustable-rate real estate notes, and certain other loans (K.S.A. 16-207(e)). Legal rate: https://www.ksrevisor.gov/statutes/chapters/ch16/016_002_0001.html. Source: K.S.A. 16-201(a), 16-207(a), (d) |
|---|---|
| Time limit to sue on a written contract | 5 years for an action on any written agreement, contract or promise. Source: K.S.A. 60-511(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 · Kansas 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.