Promissory Note in North Carolina

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 North Carolina law says

Maximum interest rate (usury limit)	The legal rate of interest is 8% a year. For a loan of $25,000 or less, the maximum agreed rate is the greater of 16% or the six-month Treasury bill rate plus 6%, as announced monthly by the Commissioner of Banks; for a loan over $25,000, the parties may agree to any rate. Credit card and open-end loans are outside § 24-1.1. For consumer loans under $5,000 to individuals for personal purposes, the APR including origination fees and interest may not exceed 36% (§ 24-1.1(e)(3)). Source: N.C. Gen. Stat. §§ 24-1, 24-1.1(a), (c)
Time limit to sue on a written contract	3 years for an action on a contract, written or oral. 10 years for a sealed instrument. § 1-47: https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_1/GS_1-47.html Source: N.C. Gen. Stat. § 1-52(1); § 1-47(2)

Maximum interest rate (usury limit)

The legal rate of interest is 8% a year. For a loan of $25,000 or less, the maximum agreed rate is the greater of 16% or the six-month Treasury bill rate plus 6%, as announced monthly by the Commissioner of Banks; for a loan over $25,000, the parties may agree to any rate.

Credit card and open-end loans are outside § 24-1.1. For consumer loans under $5,000 to individuals for personal purposes, the APR including origination fees and interest may not exceed 36% (§ 24-1.1(e)(3)).

Source: N.C. Gen. Stat. §§ 24-1, 24-1.1(a), (c)

Time limit to sue on a written contract

3 years for an action on a contract, written or oral. 10 years for a sealed instrument.

§ 1-47: https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_1/GS_1-47.html

Source: N.C. Gen. Stat. § 1-52(1); § 1-47(2)

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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 · North Carolina 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.