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Missouri Unsecured Promissory Note

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Not a blank template - your details are filled in, formatted to Missouri law, and ready to sign.

Draft a legally proper Unsecured Promissory Note for Missouri that incorporates all required terms under Missouri promissory note law. Fill in your loan details and download your completed, ready-to-sign Unsecured Promissory Note as a professional PDF.

Missouri law governs promissory notes with specific usury limits and enforcement rules that protects both note holder and borrower. The usury limit in Missouri is 10% maximum. Lenders have 6 years to file suit to collect on a promissory note in Missouri. Missouri law requires 3 specific elements in a valid promissory note.

Missouri Promissory Note Requirements

Max Interest Rate 10%
Rate Details 10% maximum
Usury Penalty Twice the interest paid may be recovered within five years, plus costs and attorney fees (RSMo 408.030)
Statute of Limitations 6 years
Notarization Recommended
Witnesses Recommended (1)
Governing Agency Missouri Circuit Courts
Required Elements Written agreement signed by borrower; Clear repayment terms; Interest rate disclosure

Missouri Unsecured Promissory Note Signing Checklist

Print this or save it as a PDF and use it at the signing. Review every item before any party puts pen to paper.

Before you sign

  • Both the lender and borrower read the full note before signing.
  • Confirm the principal amount, interest rate, and repayment terms match what was agreed.
  • Confirm any late fee amount and grace period are correct.
  • The lender keeps the original signed note in a safe place.
  • Each party keeps a signed copy for their own records.

Missouri rules to know

  • Keep the interest rate at or below Missouri's usury cap of 10% per year (10% maximum).
  • Notarization is not required in Missouri but is strongly recommended. A notarized note is self-authenticating in court and harder to dispute.
  • 1 witness is recommended in Missouri even though not legally required.
  • In Missouri, the lender has 6 years from the date of default to file suit to collect on the note.

In the note itself

  • Borrower's full legal name and current address.
  • Lender's full legal name and current address.
  • Principal loan amount written out in both numbers and words.
  • Annual interest rate (expressed as a percentage).
  • Maturity date (the date by which the full balance must be repaid).
  • Late fee amount and grace period, if any.
  • Signatures of both parties (and witnesses if required).
  • A clear statement that no collateral secures this note and the lender relies solely on the borrower's promise to repay.

This checklist is a reference aid only. Consult an attorney for advice specific to your situation. Usury and enforcement rules for Missouri may change; verify current rates before signing.

What to Include in a Missouri Unsecured Promissory Note

Every Unsecured Promissory Note in Missouri should include the following critical provisions: the full legal names and addresses of both the creditor and borrowing party, the principal loan amount, the interest rate (which must not exceed 10% maximum under Missouri law), the repayment schedule and due dates, any late payment penalties, the consequences of default, and the governing law clause.

Missouri requires the following elements in a valid promissory note: written agreement signed by borrower, clear repayment terms, interest rate disclosure.

How to Complete a Missouri Unsecured Promissory Note

To complete a Unsecured Promissory Note in Missouri, start by gathering the necessary information: the full legal names and addresses of both parties, the loan amount, the agreed-upon interest rate (must be at or below 10% maximum in Missouri), the repayment terms, and any collateral details if applicable.

Our platform walks you through each section with a guided form tailored to Missouri requirements. Once you have filled in all details, you can preview the document, choose from five professional document styles, and download your completed Unsecured Promissory Note as a PDF.

Frequently Asked Questions

What is the maximum interest rate for a promissory note in Missouri?
Missouri caps interest at 10% maximum. Charging above the legal limit is usury - in Missouri, the penalty is: twice the interest paid may be recovered within five years, plus costs and attorney fees (rsmo 408.030). Always confirm the current rate with an attorney, as usury laws can change.
Do I need a notary for a promissory note in Missouri?
Notarization is not required in Missouri for a promissory note to be legally valid. Notarizing it anyway is strongly recommended - it deters forgery claims, simplifies court enforcement, and makes the note self-authenticating as evidence. Having 1 witness is also recommended.
What happens if a borrower defaults on a promissory note in Missouri?
Upon default, the lender may demand immediate repayment of the full outstanding balance, charge any default interest rate specified in the note, and file suit in Missouri court. Lenders have 6 years from the date of default to file a lawsuit under Missouri's statute of limitations for written contracts.
Is an unsecured promissory note enforceable in Missouri?
Yes. An unsecured promissory note is a legally enforceable contract in Missouri even without collateral. If the borrower defaults, the lender can sue in Missouri court and obtain a judgment, which can be used to garnish wages or bank accounts. Lenders have 6 years to file suit.
Is a promissory note the same as an IOU?
No. An IOU is an informal acknowledgment of a debt - it typically lacks repayment terms, interest rates, and default provisions. A promissory note is a formal legal contract with specific terms including the loan amount, interest rate, repayment schedule, and consequences of default. Promissory notes are far more enforceable in court than informal IOUs.
Is a promissory note legally binding in Missouri?
Yes. A properly executed promissory note is an enforceable contract in Missouri. It must identify both parties, state the loan amount and repayment terms, and be signed by the borrower. Lenders have 6 years to pursue legal action to collect on a defaulted note.
What interest rate is legal for a Missouri promissory note?
Missouri allows private parties to agree to any interest rate in a written contract - there is no general usury cap for written agreements between adults (Mo. Rev. Stat. §408.020). If no rate is specified, 9% per year applies as the default. Consumer loans are subject to specific licensing requirements and rate limits under Missouri's consumer lending laws. For a negotiable promissory note, Missouri applies the Uniform Commercial Code six-year period (Mo. Rev. Stat. 400.3-118); a non-negotiable written instrument can run up to ten years. Criminal usury charges can apply for unconscionable rates.

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