Iowa Promissory Notes

Create a legally compliant Iowa 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 Iowa usury limits (max 6.25%). Includes collateral description and default remedies.

Create Secured Promissory Note

Unsecured Promissory Note

For loans based solely on the borrower's promise to pay, with no collateral pledged. Common for personal and family loans.

Iowa statute of limitations: 6 years. Max interest rate: 6.25%.

Create Unsecured Promissory Note

Installment 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 Iowa usury law (6.25% max rate).

Create Installment Promissory Note

Demand Promissory Note

Payable in full when the lender demands repayment. No fixed schedule or maturity date. Common for informal arrangements.

Payable on demand under Iowa law. Includes usury savings clause and default provisions.

Create Demand Promissory Note

Iowa Usury Law and Note Requirements

Max Interest Rate 6.25%

Rate Description Floating cap published monthly by the Iowa Superintendent of Banking: 10-year Treasury average plus 2 points (6.25% for June 2026). Business and agricultural loans, and personal loans above the indexed threshold, may bear any agreed written rate. 5% legal rate absent a written contract.

Default Rate 5%

Penalty for Exceeding Usury Limit Judgment is limited to the principal (all interest forfeited) plus a forfeiture of 8% per year of the unpaid principal payable to the state (Iowa Code 535.5)

Statute of Limitations 6 years

Notarization Required Not required (recommended)

Witness Required Not required

Governing Agency Iowa District Courts

Verified against official Iowa usury statutes and Iowa District Courts guidance. Last reviewed May 2026. How we verify our legal data.

Iowa usury law is governed by Iowa District Courts. The maximum allowable interest rate is 6.25% (Floating cap published monthly by the Iowa Superintendent of Banking: 10-year Treasury average plus 2 points (6.25% for June 2026). Business and agricultural loans, and personal loans above the indexed threshold, may bear any agreed written rate. 5% legal rate absent a written contract.). Penalties for exceeding the usury limit include: Judgment is limited to the principal (all interest forfeited) plus a forfeiture of 8% per year of the unpaid principal payable to the state (Iowa Code 535.5). The statute of limitations for enforcing a promissory note in Iowa is 6 years. Notarization is not required but recommended. Our documents are designed to comply with Iowa law and include all required provisions.

Frequently Asked Questions

What is the maximum interest rate for a promissory note in Iowa?

Iowa caps the maximum interest rate at 6.25% (Floating cap published monthly by the Iowa Superintendent of Banking: 10-year Treasury average plus 2 points (6.25% for June 2026). Business and agricultural loans, and personal loans above the indexed threshold, may bear any agreed written rate. 5% legal rate absent a written contract.). Exceeding this limit may result in penalties: Judgment is limited to the principal (all interest forfeited) plus a forfeiture of 8% per year of the unpaid principal payable to the state (Iowa Code 535.5). If no rate is specified, the default legal rate is 5%. Our documents include a usury savings clause for additional protection.

Does a promissory note need to be notarized in Iowa?

Notarization is not legally required in Iowa, 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 Iowa 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, Iowa-compliant PDF instantly. Re-download available for 5 days.

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