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Georgia Secured Promissory Note

Create Georgia Secured Promissory Note - $7.99

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

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

Georgia law governs promissory notes with specific usury limits and enforcement rules that defends both lending party and debtor. The usury limit in Georgia is 16% on loans of $3,000 or less; 7% legal rate absent a written contract. Loans of $3,000 to $250,000 may set any agreed rate in writing.. Lenders have 6 years to file suit to collect on a promissory note in Georgia. Georgia law requires 4 specific elements in a valid promissory note.

Georgia Promissory Note Requirements

Max Interest Rate 16%
Rate Details 16% on loans of $3,000 or less; 7% legal rate absent a written contract. Loans of $3,000 to $250,000 may set any agreed rate in writing.
Usury Penalty Forfeiture of all interest
Statute of Limitations 6 years
Notarization Recommended
Witnesses Recommended (1)
Governing Agency Georgia Superior Courts
Required Elements Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable

Georgia Secured 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.

Georgia rules to know

  • Keep the interest rate at or below Georgia's usury cap of 16% per year (16% on loans of $3,000 or less; 7% legal rate absent a written contract. Loans of $3,000 to $250,000 may set any agreed rate in writing.).
  • Notarization is not required in Georgia but is strongly recommended. A notarized note is self-authenticating in court and harder to dispute.
  • 1 witness is recommended in Georgia even though not legally required.
  • In Georgia, 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).
  • Detailed description of the collateral (make, model, serial number, or legal description for real estate).
  • Late fee amount and grace period, if any.
  • Signatures of both parties (and witnesses if required).
  • Lender's right to seize and sell the collateral upon default.

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

What to Include in a Georgia Secured Promissory Note

Every Secured Promissory Note in Georgia should include the following essential provisions: the full legal names and addresses of both the lender and obligor, the principal loan amount, the interest rate (which must not exceed 16% on loans of $3,000 or less; 7% legal rate absent a written contract. Loans of $3,000 to $250,000 may set any agreed rate in writing. under Georgia 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.

Georgia 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 Georgia Secured Promissory Note

To complete a Secured Promissory Note in Georgia, 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 16% on loans of $3,000 or less; 7% legal rate absent a written contract. Loans of $3,000 to $250,000 may set any agreed rate in writing. in Georgia), the repayment terms, and any collateral details if applicable.

Our platform walks you through each section with a guided form tailored to Georgia 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

What is the maximum interest rate for a promissory note in Georgia?
Georgia caps interest at 16% on loans of $3,000 or less; 7% legal rate absent a written contract. Loans of $3,000 to $250,000 may set any agreed rate in writing.. Charging above the legal limit is usury - in Georgia, the penalty is: forfeiture of all interest. Always confirm the current rate with an attorney, as usury laws can change.
Do I need a notary for a promissory note in Georgia?
Notarization is not required in Georgia 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 1 witness is also recommended.
What happens if a borrower defaults on a promissory note in Georgia?
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 Georgia court. As a secured note, the lender may also seize and sell the collateral to recover the outstanding amount. Lenders have 6 years from the date of default to file a lawsuit under Georgia's statute of limitations for written contracts.
What collateral can be used for a secured promissory note in Georgia?
Common collateral for secured promissory notes includes real estate, vehicles, equipment, bank accounts, or valuable personal property. The collateral must be described in detail in the note - make, model, serial number, or legal property description depending on the asset type. The lender's right to seize and sell the collateral upon default must also be clearly stated. For real estate collateral, a separate deed of trust or mortgage is typically also required.
What is the difference between a secured and unsecured promissory note?
A secured promissory note is backed by collateral - if the borrower defaults, the lender can seize the collateral to recover the debt. An unsecured note relies solely on the borrower's promise to repay; the lender must sue and obtain a judgment to collect. Secured notes carry less risk for the lender and typically carry lower interest rates as a result.
What must be included in a Georgia Secured Promissory Note?
A valid Secured Promissory Note in Georgia must include: Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable. Our platform automatically includes all required elements formatted to Georgia standards.
What is Georgia's usury cap for private promissory notes?
Georgia caps interest on written contracts at 16% per year for loans not regulated by other statutes (O.C.G.A. §7-4-2). For loans between $3,000 and $250,000, the limit is the greater of 5% above the Federal Reserve discount rate or 16%. Usury in Georgia can result in forfeiture of all interest charged. Georgia has a 6-year statute of limitations for written contracts. Licensed lenders and certain business loans operate under separate rules.

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