Promissory Note in Ohio

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 Ohio law says

Maximum interest rate (usury limit)	Parties to a written note may agree to interest of up to 8% a year. Higher rates are allowed in listed cases, including when the principal is over $100,000, when the note is payable on demand or in one installment and is not secured by household goods, and for qualifying business loans. When money becomes due and no written contract sets a rate, the creditor is entitled to interest at the yearly rate set under Ohio Rev. Code 5703.47 by the tax commissioner. Legal rate: https://codes.ohio.gov/ohio-revised-code/section-1343.03 Source: Ohio Rev. Code §§ 1343.01, 1343.03(A)
Time limit to sue on a written contract	6 years for an action on a written contract. For a consumer debt (personal, family or household purposes) the period is 6 years whether or not the agreement is in writing, and it starts 30 days after the later of the last charge or the last payment by the consumer. Written-contract section: https://codes.ohio.gov/ohio-revised-code/section-2305.06. Both periods were shortened by S.B. 13 (134th GA), effective June 16, 2021. Source: Ohio Rev. Code 2305.06; 2305.07(C)

Maximum interest rate (usury limit)

Parties to a written note may agree to interest of up to 8% a year. Higher rates are allowed in listed cases, including when the principal is over $100,000, when the note is payable on demand or in one installment and is not secured by household goods, and for qualifying business loans. When money becomes due and no written contract sets a rate, the creditor is entitled to interest at the yearly rate set under Ohio Rev. Code 5703.47 by the tax commissioner.

Legal rate: https://codes.ohio.gov/ohio-revised-code/section-1343.03

Source: Ohio Rev. Code §§ 1343.01, 1343.03(A)

Time limit to sue on a written contract

6 years for an action on a written contract. For a consumer debt (personal, family or household purposes) the period is 6 years whether or not the agreement is in writing, and it starts 30 days after the later of the last charge or the last payment by the consumer.

Written-contract section: https://codes.ohio.gov/ohio-revised-code/section-2305.06. Both periods were shortened by S.B. 13 (134th GA), effective June 16, 2021.

Source: Ohio Rev. Code 2305.06; 2305.07(C)

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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 · Ohio 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.