Promissory Note in Wisconsin

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 Wisconsin law says

Maximum interest rate (usury limit)	The legal rate of interest is 5% a year; parties may agree to a higher rate allowed by statute if the rate is clearly stated in writing. The general usury limit is $12 per $100 a year (12%) on the declining balance. This limit does not apply to loans to corporations or LLCs, consumer credit transactions governed by chs. 421-427, or loans of $150,000 or more not secured by the borrower's home, among other exceptions. Section 138.05 contains further exceptions; check the full section for the specific loan. Source: Wis. Stat. §§ 138.04, 138.05(1), (5)-(7)
Time limit to sue on a written contract	6 years for an action on any contract, obligation or liability, express or implied. Text from the 2023-24 Wis. Stats. as updated and certified Oct. 1, 2026. Source: Wis. Stat. 893.43(1)

Maximum interest rate (usury limit)

The legal rate of interest is 5% a year; parties may agree to a higher rate allowed by statute if the rate is clearly stated in writing. The general usury limit is $12 per $100 a year (12%) on the declining balance. This limit does not apply to loans to corporations or LLCs, consumer credit transactions governed by chs. 421-427, or loans of $150,000 or more not secured by the borrower's home, among other exceptions.

Section 138.05 contains further exceptions; check the full section for the specific loan.

Source: Wis. Stat. §§ 138.04, 138.05(1), (5)-(7)

Time limit to sue on a written contract

6 years for an action on any contract, obligation or liability, express or implied.

Text from the 2023-24 Wis. Stats. as updated and certified Oct. 1, 2026.

Source: Wis. Stat. 893.43(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 · Wisconsin 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.