Minnesota Promissory Notes
Create a legally compliant Minnesota 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 Minnesota usury limits (max 8%). 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.
Minnesota statute of limitations: 6 years. Max interest rate: 8%.
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 Minnesota usury law (8% 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 Minnesota law. Includes usury savings clause and default provisions.
Create Demand Promissory NoteMinnesota Usury Law and Note Requirements
Verified against official Minnesota usury statutes and Minnesota District Courts guidance. Last reviewed May 2026. How we verify our legal data.
Minnesota usury law is governed by Minnesota District Courts. The maximum allowable interest rate is 8% (8% maximum agreed rate; the cap does not apply to written loans of $100,000 or more.). Penalties for exceeding the usury limit include: Usurious contracts are void except as to a holder in due course (Minn. Stat. 334.03); interest paid may be recovered in full within two years (334.02). The statute of limitations for enforcing a promissory note in Minnesota is 6 years. Notarization is not required but recommended. Our documents are designed to comply with Minnesota law and include all required provisions.
Frequently Asked Questions
What is the maximum interest rate for a promissory note in Minnesota?
Minnesota caps the maximum interest rate at 8% (8% maximum agreed rate; the cap does not apply to written loans of $100,000 or more.). Exceeding this limit may result in penalties: Usurious contracts are void except as to a holder in due course (Minn. Stat. 334.03); interest paid may be recovered in full within two years (334.02). 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 Minnesota?
Notarization is not legally required in Minnesota, 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 Minnesota 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, Minnesota-compliant PDF instantly. Re-download available for 5 days.
What interest rate limits apply to Minnesota promissory notes?
Minnesota caps interest at 6% per year for verbal agreements and written contracts where no rate is specified (Minn. Stat. §334.01). Parties may agree in writing to rates above 6%, but consumer loans above 8% must comply with Minnesota's consumer credit statutes. For commercial loans, Minnesota courts apply a reasonableness standard for unusually high rates. Minnesota's 6-year statute of limitations applies to written promissory notes.
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