Illinois Promissory Notes
Create a legally compliant Illinois promissory note that complies with state usury limits and includes all required provisions. Choose the note type that fits your lending situation, fill out the guided form, and download your professional PDF for $7.99.
Browse by document type across all states →
Secured Promissory Note
For loans backed by collateral such as a vehicle, property, or equipment. The lender can seize the collateral if the borrower defaults.
Complies with Illinois usury limits (max 9%). Includes collateral description and default remedies.
Create Secured Promissory NoteUnsecured Promissory Note
For loans based solely on the borrower's promise to pay, with no collateral pledged. Common for personal and family loans.
Illinois statute of limitations: 6 years. Max interest rate: 9%.
Create Unsecured Promissory NoteInstallment Promissory Note
For loans repaid in fixed periodic payments over a set term. Includes a detailed payment schedule with amounts and due dates.
Includes amortization-ready payment terms compliant with Illinois usury law (9% max rate).
Create Installment Promissory NoteDemand Promissory Note
Payable in full when the lender demands repayment. No fixed schedule or maturity date. Common for informal arrangements.
Payable on demand under Illinois law. Includes usury savings clause and default provisions.
Create Demand Promissory NoteIllinois Usury Law and Note Requirements
Verified against official Illinois usury statutes and Illinois Circuit Courts guidance. Last reviewed May 2026. How we verify our legal data.
Illinois usury law is governed by Illinois Circuit Courts. The maximum allowable interest rate is 9% (9% legal rate; most business, corporate, and real-estate-secured loans may carry any agreed rate in writing.). Penalties for exceeding the usury limit include: Forfeiture of the entire interest; twice the interest paid may be recovered (G.S. 24-2). The statute of limitations for enforcing a promissory note in Illinois is 6 years. Notarization is not required but recommended. Our documents are designed to comply with Illinois law and include all required provisions.
Frequently Asked Questions
What is the maximum interest rate for a promissory note in Illinois?
Illinois caps the maximum interest rate at 9% (9% legal rate; most business, corporate, and real-estate-secured loans may carry any agreed rate in writing.). Exceeding this limit may result in penalties: Forfeiture of the entire interest; twice the interest paid may be recovered (G.S. 24-2). Our documents include a usury savings clause for additional protection.
Does a promissory note need to be notarized in Illinois?
Notarization is not legally required in Illinois, but it is strongly recommended. A notarized note is easier to enforce in court and helps verify the identities of all parties. While not required, having 1 witness is recommended.
How much does a Illinois promissory note cost?
Each promissory note costs $7.99. Choose your note type, fill in your details through our guided form, and download your completed, Illinois-compliant PDF instantly. Re-download available for 5 days.
What interest rate limits apply to promissory notes in Illinois?
Illinois caps interest at 9% per year for written contracts between private parties (815 ILCS 205/1). However, parties may agree to a higher rate if it is explicitly stated in the written contract - courts have generally allowed rates up to about 20 - 22% for consumer loans before finding them unconscionable. Corporate or business loans have more flexibility. Illinois has a 10-year statute of limitations on written contracts; for a negotiable promissory note the Uniform Commercial Code sets a six-year period (810 ILCS 5/3-118).
Create Your Illinois Promissory Note
Usury-compliant, professionally formatted, and ready to sign. Download your PDF instantly for $7.99.
Get Started