Promissory Note in New York

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 New York law says

Maximum interest rate (usury limit)	The general civil usury limit is 16% a year: General Obligations Law § 5-501 sets 6% unless Banking Law § 14-a prescribes a different rate, and § 14-a sets 16%. A loan charging more is void, and excess interest paid may be recovered. Loans of $250,000 or more (unless secured mainly by a one- or two-family home) are outside this civil limit, though the criminal usury law still applies; loans of $2,500,000 or more are exempt from all maximum-rate laws. Different penalties apply to savings banks and savings and loan associations (Gen. Oblig. Law § 5-511(1)). Source: N.Y. Gen. Oblig. Law §§ 5-501, 5-511; N.Y. Banking Law § 14-a
Time limit to sue on a written contract	6 years for contract actions generally. But a lawsuit against a consumer arising from a consumer credit transaction (such as a credit card or consumer loan) must be brought within 3 years. CPLR 213: https://www.nysenate.gov/legislation/laws/CVP/213. CPLR 214-i was added by the Consumer Credit Fairness Act (2021) and does not apply where UCC Article 2 or certain other provisions govern. Source: N.Y. CPLR 213(2); CPLR 214-i

Maximum interest rate (usury limit)

The general civil usury limit is 16% a year: General Obligations Law § 5-501 sets 6% unless Banking Law § 14-a prescribes a different rate, and § 14-a sets 16%. A loan charging more is void, and excess interest paid may be recovered. Loans of $250,000 or more (unless secured mainly by a one- or two-family home) are outside this civil limit, though the criminal usury law still applies; loans of $2,500,000 or more are exempt from all maximum-rate laws.

Different penalties apply to savings banks and savings and loan associations (Gen. Oblig. Law § 5-511(1)).

Source: N.Y. Gen. Oblig. Law §§ 5-501, 5-511; N.Y. Banking Law § 14-a

Time limit to sue on a written contract

6 years for contract actions generally. But a lawsuit against a consumer arising from a consumer credit transaction (such as a credit card or consumer loan) must be brought within 3 years.

CPLR 213: https://www.nysenate.gov/legislation/laws/CVP/213. CPLR 214-i was added by the Consumer Credit Fairness Act (2021) and does not apply where UCC Article 2 or certain other provisions govern.

Source: N.Y. CPLR 213(2); CPLR 214-i

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 · New York 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.