Maine Promissory Notes

Create a legally compliant Maine 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 Maine usury limits (no statutory cap). 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.

Maine statute of limitations: 6 years. Max interest rate: No statutory cap.

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 Maine usury law (no statutory cap).

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 Maine law. Includes usury savings clause and default provisions.

Create Demand Promissory Note

Maine Usury Law and Note Requirements

Max Interest Rate No statutory cap

Rate Description No general usury cap

Default Rate 6%

Penalty for Exceeding Usury Limit Regulated loans only

Statute of Limitations 6 years

Notarization Required Not required (recommended)

Witness Required Not required

Governing Agency Maine Superior Courts

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

A Maine promissory note is unusual in that the state imposes no general usury cap on most private loans, so the parties are largely free to agree on a rate, while consumer credit governed by the Maine Consumer Credit Code carries its own limits. When a note does not state a rate, Maine's default legal rate is 6 percent.

Even without a hard cap, the interest rate should be clearly stated and reasonable to remain enforceable. The statute of limitations on a written note is six years. Our documents include a usury savings clause and the terms that make a Maine note clear and enforceable.

Frequently Asked Questions

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

Maine does not have a statutory usury cap for most private lending transactions. If no rate is specified, the default legal rate is 6%. Our documents include a usury savings clause for additional protection.

Does a promissory note need to be notarized in Maine?

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

Create Your Maine Promissory Note

Usury-compliant, professionally formatted, and ready to sign. Download your PDF instantly for $7.99.

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