Promissory Note in Louisiana

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 Louisiana law says

Maximum interest rate (usury limit)	Conventional (agreed) interest may not exceed 12% a year and must be fixed in writing; it cannot be proved by testimony (R.S. 9:3500(C)(1)). Interest paid above that rate may be sued for and recovered within two years of payment (R.S. 9:3500(C)(2)). 'Legal interest' on sums that are the subject of a lawsuit is the judicial interest rate fixed in R.S. 13:4202 (R.S. 9:3500(B)). The 12% limit does not apply to loans made for commercial or business purposes (R.S. 9:3500(D)). The yearly judicial interest rate under R.S. 13:4202 was not read for this entry; consumer credit transactions are governed by the Louisiana Consumer Credit Law. Source: La. R.S. 9:3500
Time limit to sue on a written contract	10 years for most contract claims ('personal actions'), whether the contract is written or oral, unless a shorter period applies. Debts on money lent and on open accounts have a shorter 3-year period. Louisiana calls limitation periods 'liberative prescription.' Art. 3494: https://legis.la.gov/Legis/Law.aspx?d=110518 Source: La. C.C. art. 3499; art. 3494

Maximum interest rate (usury limit)

Conventional (agreed) interest may not exceed 12% a year and must be fixed in writing; it cannot be proved by testimony (R.S. 9:3500(C)(1)). Interest paid above that rate may be sued for and recovered within two years of payment (R.S. 9:3500(C)(2)). 'Legal interest' on sums that are the subject of a lawsuit is the judicial interest rate fixed in R.S. 13:4202 (R.S. 9:3500(B)). The 12% limit does not apply to loans made for commercial or business purposes (R.S. 9:3500(D)).

The yearly judicial interest rate under R.S. 13:4202 was not read for this entry; consumer credit transactions are governed by the Louisiana Consumer Credit Law.

Source: La. R.S. 9:3500

Time limit to sue on a written contract

10 years for most contract claims ('personal actions'), whether the contract is written or oral, unless a shorter period applies. Debts on money lent and on open accounts have a shorter 3-year period.

Louisiana calls limitation periods 'liberative prescription.' Art. 3494: https://legis.la.gov/Legis/Law.aspx?d=110518

Source: La. C.C. art. 3499; art. 3494

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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 · Louisiana 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.