Massachusetts Promissory Notes
Create a legally compliant Massachusetts 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.
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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 Massachusetts usury limits (max 20%). 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.
Massachusetts statute of limitations: 6 years. Max interest rate: 20%.
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 Massachusetts usury law (20% 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 Massachusetts law. Includes usury savings clause and default provisions.
Create Demand Promissory NoteMassachusetts Usury Law and Note Requirements
Verified against official Massachusetts usury statutes and Massachusetts Superior Courts guidance. Last reviewed May 2026. How we verify our legal data.
Massachusetts usury law is governed by Massachusetts Superior Courts. The maximum allowable interest rate is 20% (20% criminal usury threshold). Penalties for exceeding the usury limit include: Interest over 20% is criminal usury punishable by up to 10 years; the court may void the loan (M.G.L. c. 271, s. 49). The statute of limitations for enforcing a promissory note in Massachusetts is 6 years. Notarization is not required but recommended. Our documents are designed to comply with Massachusetts law and include all required provisions.
Frequently Asked Questions
What is the maximum interest rate for a promissory note in Massachusetts?
Massachusetts caps the maximum interest rate at 20% (20% criminal usury threshold). Exceeding this limit may result in penalties: Interest over 20% is criminal usury punishable by up to 10 years; the court may void the loan (M.G.L. c. 271, s. 49). 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 Massachusetts?
Notarization is not legally required in Massachusetts, 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 Massachusetts 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, Massachusetts-compliant PDF instantly. Re-download available for 5 days.
What are Massachusetts' usury laws for promissory notes?
Massachusetts caps interest at 20% per year for consumer loans (M.G.L. c. 271 §49). For business or commercial loans between private parties, Massachusetts courts apply a reasonableness standard. Charging above the 20% criminal usury limit is a felony. Massachusetts' 6-year statute of limitations applies to written promissory notes. Massachusetts also has consumer protection laws (M.G.L. c. 93A) that can apply to unfair or deceptive lending practices.
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