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Arkansas Secured Promissory Note

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Build a legally conforming Secured Promissory Note for Arkansas that includes all required terms under Arkansas promissory note law. Fill in your loan details and download your completed, ready-to-sign Secured Promissory Note as a professional PDF.

Arkansas law governs promissory notes with specific usury limits and enforcement rules that shields both lender and obligor. The usury limit in Arkansas is 17% maximum. Lenders have 5 years to file suit to collect on a promissory note in Arkansas. Arkansas law requires 4 specific elements in a valid promissory note.

Arkansas Promissory Note Requirements

Max Interest Rate 17%
Rate Details 17% maximum
Usury Penalty Entire debt may be voided; criminal penalties possible
Statute of Limitations 5 years
Notarization Recommended
Witnesses Recommended (1)
Governing Agency Arkansas Circuit Courts
Required Elements Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable

What to Include in a Arkansas Secured Promissory Note

Every Secured Promissory Note in Arkansas should include the following necessary provisions: the full legal names and addresses of both the lending party and debtor, the principal loan amount, the interest rate (which must not exceed 17% maximum under Arkansas law), the repayment schedule and due dates, any late payment penalties, the consequences of default, and the governing law clause. Because this is a secured promissory note, you must also describe the collateral in detail, including how it will be valued and the lender's right to seize it upon default.

Arkansas requires the following elements in a valid promissory note: written agreement signed by borrower, detailed collateral description, interest rate disclosure, lien filing if applicable.

How to Complete a Arkansas Secured Promissory Note

To complete a Secured Promissory Note in Arkansas, start by gathering the necessary information: the full legal names and addresses of both parties, the loan amount, the agreed-upon interest rate (must be at or below 17% maximum in Arkansas), the repayment terms, and any collateral details if applicable.

Our platform walks you through each section with a guided form tailored to Arkansas requirements. Once you have filled in all details, you can preview the document, choose from five professional document styles, and download your completed Secured Promissory Note as a PDF.

Frequently Asked Questions

Is a promissory note legally binding in Arkansas?
Yes. A properly executed promissory note is a legally enforceable contract in Arkansas. To be binding, it must identify both parties, state the loan amount and repayment terms, and be signed by the borrower. While notarization is not required in Arkansas, it is recommended to add an extra layer of authenticity. Lenders have 5 years to pursue legal action to collect on a defaulted note.
What is the maximum interest rate for a promissory note in Arkansas?
Arkansas imposes a usury limit of 17% maximum. Charging interest above the legal limit is considered usury and can result in penalties — in Arkansas, the consequence is: entire debt may be voided; criminal penalties possible.
Do I need a notary for a promissory note in Arkansas?
Notarization is not required for a promissory note to be legally valid in Arkansas. However, notarizing the document is strongly recommended — it deters forgery claims, simplifies enforcement in court, and makes the note self-authenticating as evidence. Having 1 witness is also recommended.
What happens if the borrower defaults on a promissory note in Arkansas?
If the borrower defaults, the lender may demand immediate repayment of the full outstanding balance, charge any default interest rate specified in the note, and pursue legal action in Arkansas court. Because this is a secured note, the lender may also seize and sell the collateral to recover the outstanding amount. Lenders have 5 years from the date of default to file a lawsuit under Arkansas's statute of limitations for written contracts.
What must be included in a Arkansas Secured Promissory Note?
A valid Secured Promissory Note in Arkansas must include: Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable. Our platform automatically includes all required elements for Arkansas in your generated document, formatted to meet state standards.

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