Promissory Note in Oklahoma

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 Oklahoma law says

Maximum interest rate (usury limit)	The legal rate is 6% a year when there is no agreement on a rate; by contract, the parties may agree to any rate authorized by law. Under the Consumer Credit Code, a 'consumer loan' is one made by a person regularly engaged in the business of making loans; for a loan other than a consumer loan, the parties may contract for a finance charge up to the rate stated in 14A O.S. § 5-107(2), which is 45% a year. Consumer Credit Code: https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os14A.pdf. Whether a particular private loan falls under § 3-605 depends on the Code's scope provisions. Source: 15 O.S. § 266; 14A O.S. §§ 3-104, 3-605, 5-107(2)
Time limit to sue on a written contract	5 years for an action on a contract, agreement or promise in writing. Source: 12 O.S. 95(A)(1)

Maximum interest rate (usury limit)

The legal rate is 6% a year when there is no agreement on a rate; by contract, the parties may agree to any rate authorized by law. Under the Consumer Credit Code, a 'consumer loan' is one made by a person regularly engaged in the business of making loans; for a loan other than a consumer loan, the parties may contract for a finance charge up to the rate stated in 14A O.S. § 5-107(2), which is 45% a year.

Consumer Credit Code: https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os14A.pdf. Whether a particular private loan falls under § 3-605 depends on the Code's scope provisions.

Source: 15 O.S. § 266; 14A O.S. §§ 3-104, 3-605, 5-107(2)

Time limit to sue on a written contract

5 years for an action on a contract, agreement or promise in writing.

Source: 12 O.S. 95(A)(1)

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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 · Oklahoma 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.