Promissory Note in Mississippi

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 Mississippi law says

Maximum interest rate (usury limit)	The legal rate of interest on notes, accounts and contracts is 8% a year. By contract, borrowers may agree to a finance charge yielding up to the greater of 10% a year or 5 percentage points above the Federal Reserve 90-day commercial paper discount rate. For a loan whose original principal is more than $2,000, the parties may agree in writing to any finance charge, and usury claims are barred. Read on codes.findlaw.com (a public copy of the official code); check against the official code. Source: Miss. Code Ann. §75-17-1(1), (2), (5)
Time limit to sue on a written contract	3 years. Mississippi's general catch-all period of 3 years applies to written contracts, and unwritten contracts are expressly 3 years. The official code is published only through LexisNexis, so text was verified on a public mirror (FindLaw, current as of January 1, 2025). Source: Miss. Code Ann. § 15-1-49(1); § 15-1-29

Maximum interest rate (usury limit)

The legal rate of interest on notes, accounts and contracts is 8% a year. By contract, borrowers may agree to a finance charge yielding up to the greater of 10% a year or 5 percentage points above the Federal Reserve 90-day commercial paper discount rate. For a loan whose original principal is more than $2,000, the parties may agree in writing to any finance charge, and usury claims are barred.

Read on codes.findlaw.com (a public copy of the official code); check against the official code.

Source: Miss. Code Ann. §75-17-1(1), (2), (5)

Time limit to sue on a written contract

3 years. Mississippi's general catch-all period of 3 years applies to written contracts, and unwritten contracts are expressly 3 years.

The official code is published only through LexisNexis, so text was verified on a public mirror (FindLaw, current as of January 1, 2025).

Source: Miss. Code Ann. § 15-1-49(1); § 15-1-29

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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 · Mississippi 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.