New York Promissory Notes
Create a legally compliant New York 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 New York usury limits (max 16%). 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.
New York statute of limitations: 6 years. Max interest rate: 16%.
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 New York usury law (16% 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 New York law. Includes usury savings clause and default provisions.
Create Demand Promissory NoteNew York Usury Law and Note Requirements
Verified against official New York usury statutes and New York Supreme Courts guidance. Last reviewed May 2026. How we verify our legal data.
A New York promissory note is bound by one of the strictest usury regimes in the country. The civil usury cap is 16 percent per year, and interest above 25 percent is criminal usury. When a note is silent on rate, New York's default legal rate is 9 percent.
The consequences are severe: a note exceeding the 16 percent civil cap can be voided entirely, and rates above 25 percent are a felony. Many business loans above set thresholds are treated differently. The statute of limitations on a written note is six years. Our documents include a usury savings clause and the terms a New York court requires.
Frequently Asked Questions
What is the maximum interest rate for a promissory note in New York?
New York caps the maximum interest rate at 16% (16% civil maximum; 25% criminal threshold). Exceeding this limit may result in penalties: Entire debt voided over 16%; felony over 25%. If no rate is specified, the default legal rate is 9%. Our documents include a usury savings clause for additional protection.
Does a promissory note need to be notarized in New York?
Notarization is not legally required in New York, 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 New York 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, New York-compliant PDF instantly. Re-download available for 5 days.
What are New York's civil and criminal usury limits for promissory notes?
New York has a two-tier usury system. The civil usury limit is 16% per year (General Obligations Law §5-501) - loans above this rate are void and unenforceable. The criminal usury limit is 25% per year (Penal Law §190.40) - charging above this is a felony. Important exceptions apply for loans over $250,000 made to corporations or LLCs. Lenders have 6 years to sue to collect on a defaulted written promissory note in New York.
Create Your New York Promissory Note
Usury-compliant, professionally formatted, and ready to sign. Download your PDF instantly for $7.99.
Get Started