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Florida Unsecured Promissory Note

Create Florida Unsecured Promissory Note - $7.99

Not a blank template - your details are filled in, formatted to Florida law, and ready to sign.

Draft a legally compliant Unsecured Promissory Note for Florida that covers all required terms under Florida promissory note law. Fill in your loan details and download your completed, ready-to-sign Unsecured Promissory Note as a professional PDF.

Florida law governs promissory notes with specific usury limits and enforcement rules that secures both note holder and borrower. The usury limit in Florida is 18% for loans under $500,000; 25% for larger. Lenders have 6 years to file suit to collect on a promissory note in Florida. Florida law requires 3 specific elements in a valid promissory note.

Florida Promissory Note Requirements

Max Interest Rate 18%
Rate Details 18% for loans under $500,000; 25% for larger
Usury Penalty Forfeiture of double the interest (Fla. Stat. 687.04); over 25% is a criminal misdemeanor, over 45% a third-degree felony (687.071)
Statute of Limitations 6 years
Notarization Recommended
Witnesses Recommended (2)
Governing Agency Florida Circuit Courts
Required Elements Written agreement signed by borrower; Clear repayment terms; Interest rate disclosure

Florida Unsecured Promissory Note Signing Checklist

Print this or save it as a PDF and use it at the signing. Review every item before any party puts pen to paper.

Before you sign

  • Both the lender and borrower read the full note before signing.
  • Confirm the principal amount, interest rate, and repayment terms match what was agreed.
  • Confirm any late fee amount and grace period are correct.
  • The lender keeps the original signed note in a safe place.
  • Each party keeps a signed copy for their own records.

Florida rules to know

  • Keep the interest rate at or below Florida's usury cap of 18% per year (18% for loans under $500,000; 25% for larger).
  • Notarization is not required in Florida but is strongly recommended. A notarized note is self-authenticating in court and harder to dispute.
  • 2 witnesses are recommended in Florida even though not legally required.
  • In Florida, the lender has 6 years from the date of default to file suit to collect on the note.

In the note itself

  • Borrower's full legal name and current address.
  • Lender's full legal name and current address.
  • Principal loan amount written out in both numbers and words.
  • Annual interest rate (expressed as a percentage).
  • Maturity date (the date by which the full balance must be repaid).
  • Late fee amount and grace period, if any.
  • Signatures of both parties (and witnesses if required).
  • A clear statement that no collateral secures this note and the lender relies solely on the borrower's promise to repay.

This checklist is a reference aid only. Consult an attorney for advice specific to your situation. Usury and enforcement rules for Florida may change; verify current rates before signing.

What to Include in a Florida Unsecured Promissory Note

Every Unsecured Promissory Note in Florida should include the following vital 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 18% for loans under $500,000; 25% for larger under Florida law), the repayment schedule and due dates, any late payment penalties, the consequences of default, and the governing law clause.

Florida requires the following elements in a valid promissory note: written agreement signed by borrower, clear repayment terms, interest rate disclosure. Two witnesses recommended per Florida custom.

How to Complete a Florida Unsecured Promissory Note

To complete a Unsecured Promissory Note in Florida, 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 18% for loans under $500,000; 25% for larger in Florida), the repayment terms, and any collateral details if applicable.

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

Frequently Asked Questions

What is the maximum interest rate for a promissory note in Florida?
Florida caps interest at 18% for loans under $500,000; 25% for larger. Charging above the legal limit is usury - in Florida, the penalty is: forfeiture of double the interest (fla. stat. 687.04); over 25% is a criminal misdemeanor, over 45% a third-degree felony (687.071). Always confirm the current rate with an attorney, as usury laws can change.
Do I need a notary for a promissory note in Florida?
Notarization is not required in Florida for a promissory note to be legally valid. Notarizing it anyway is strongly recommended - it deters forgery claims, simplifies court enforcement, and makes the note self-authenticating as evidence. Having 2 witnesses is also recommended.
What happens if a borrower defaults on a promissory note in Florida?
Upon default, the lender may demand immediate repayment of the full outstanding balance, charge any default interest rate specified in the note, and file suit in Florida court. Lenders have 6 years from the date of default to file a lawsuit under Florida's statute of limitations for written contracts.
Is an unsecured promissory note enforceable in Florida?
Yes. An unsecured promissory note is a legally enforceable contract in Florida even without collateral. If the borrower defaults, the lender can sue in Florida court and obtain a judgment, which can be used to garnish wages or bank accounts. Lenders have 6 years to file suit.
Is a promissory note the same as an IOU?
No. An IOU is an informal acknowledgment of a debt - it typically lacks repayment terms, interest rates, and default provisions. A promissory note is a formal legal contract with specific terms including the loan amount, interest rate, repayment schedule, and consequences of default. Promissory notes are far more enforceable in court than informal IOUs.
Is a promissory note legally binding in Florida?
Yes. A properly executed promissory note is an enforceable contract in Florida. It must identify both parties, state the loan amount and repayment terms, and be signed by the borrower. Lenders have 6 years to pursue legal action to collect on a defaulted note.
What is Florida's maximum interest rate for a private promissory note?
Florida Statute §687.02 sets the usury limit at 18% per year for loans under $500,000 and 25% per year for loans of $500,000 or more. Charging above the 18% limit is civil usury (forfeiture of excess interest). Charging above 25% is criminal usury - a third-degree felony. For a promissory note, Florida applies the Uniform Commercial Code six-year period (Fla. Stat. 673.1181). Seller-financed mortgages and certain business loans have different rate rules.

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