Promissory Note in Missouri

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 Missouri law says

Maximum interest rate (usury limit)	When no rate is agreed, creditors may receive 9% a year on money due on written contracts and on accounts after demand (RSMo 408.020). Parties may agree in writing to up to 10% a year, or up to the quarterly 'market rate' when it is higher; a borrower who pays more than the lawful rate may recover twice the interest paid plus attorney's fees if suit is brought within five years (RSMo 408.030). Any written rate is allowed for loans to business entities, business or agricultural credit, non-residential real estate loans, and certain secured loans of $5,000 or more (RSMo 408.035). Source: RSMo 408.020; 408.030; 408.035
Time limit to sue on a written contract	10 years for an action on a writing that promises to pay money. 5 years for other contract actions, including oral agreements. 516.120: https://revisor.mo.gov/main/OneSection.aspx?section=516.120. Which period applies depends on whether the written document itself contains the promise to pay. Source: RSMo 516.110(1); RSMo 516.120(1)

Maximum interest rate (usury limit)

When no rate is agreed, creditors may receive 9% a year on money due on written contracts and on accounts after demand (RSMo 408.020). Parties may agree in writing to up to 10% a year, or up to the quarterly 'market rate' when it is higher; a borrower who pays more than the lawful rate may recover twice the interest paid plus attorney's fees if suit is brought within five years (RSMo 408.030). Any written rate is allowed for loans to business entities, business or agricultural credit, non-residential real estate loans, and certain secured loans of $5,000 or more (RSMo 408.035).

Source: RSMo 408.020; 408.030; 408.035

Time limit to sue on a written contract

10 years for an action on a writing that promises to pay money. 5 years for other contract actions, including oral agreements.

516.120: https://revisor.mo.gov/main/OneSection.aspx?section=516.120. Which period applies depends on whether the written document itself contains the promise to pay.

Source: RSMo 516.110(1); RSMo 516.120(1)

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 · Missouri 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.