Michigan Promissory Notes
Create a legally compliant Michigan 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.
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 Michigan usury limits (max 25%). 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.
Michigan statute of limitations: 6 years. Max interest rate: 25%.
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 Michigan usury law (25% 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 Michigan law. Includes usury savings clause and default provisions.
Create Demand Promissory NoteMichigan Usury Law and Note Requirements
Michigan usury law is governed by Michigan Circuit Courts. The maximum allowable interest rate is 25% (25% criminal usury threshold). Penalties for exceeding the usury limit include: Forfeiture of all interest. The statute of limitations for enforcing a promissory note in Michigan is 6 years. Notarization is not required but recommended. Our documents are designed to comply with Michigan law and include all required provisions.
Frequently Asked Questions
What is the maximum interest rate for a promissory note in Michigan?
Michigan caps the maximum interest rate at 25% (25% criminal usury threshold). Exceeding this limit may result in penalties: Forfeiture of all interest. If no rate is specified, the default legal rate is 7%. Our documents include a usury savings clause for additional protection.
Does a promissory note need to be notarized in Michigan?
Notarization is not legally required in Michigan, 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 Michigan 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, Michigan-compliant PDF instantly. Re-download available for 5 days.
What is Michigan's usury limit for promissory notes?
Michigan caps interest at 5% per year for written contracts that do not specify a rate (MCL §438.31). If a rate is specified in writing, Michigan generally allows parties to contract freely for any rate, though rates that are unconscionable may be challenged in court. The criminal usury rate is 25% per year. Michigan's 6-year statute of limitations applies to written promissory notes. Lenders in Michigan should ensure the agreed rate is clearly stated in the note.
Create Your Michigan Promissory Note
Usury-compliant, professionally formatted, and ready to sign. Download your PDF instantly for $7.99.
Get Started