Promissory Note in Minnesota
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 Minnesota law says
| Maximum interest rate (usury limit) | Interest on a debt is 6% a year unless a different rate is agreed in writing, and no one may take more than 8% a year for a loan; interest may not be compounded (Minn. Stat. §334.01, subd. 1). These limits do not apply to a written credit contract signed by the debtor for $100,000 or more (subd. 2). Source: Minn. Stat. §334.01 |
|---|---|
| Time limit to sue on a written contract | 6 years for consumer debts (personal, family or household) and for contract actions generally. § 541.05: https://www.revisor.mn.gov/statutes/cite/541.05 Source: Minn. Stat. § 541.053; § 541.05 |
Fill it in
Nothing you type leaves your browser. Replace anything still highlighted, and keep a signed copy.
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 · Minnesota 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.