Rhode Island Promissory Notes

Create a legally compliant Rhode Island 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 Rhode Island usury limits (max 21%). Includes collateral description and default remedies.

Create Secured Promissory Note

Unsecured Promissory Note

For loans based solely on the borrower's promise to pay, with no collateral pledged. Common for personal and family loans.

Rhode Island statute of limitations: 10 years. Max interest rate: 21%.

Create Unsecured Promissory Note

Installment 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 Rhode Island usury law (21% max rate).

Create Installment Promissory Note

Demand Promissory Note

Payable in full when the lender demands repayment. No fixed schedule or maturity date. Common for informal arrangements.

Payable on demand under Rhode Island law. Includes usury savings clause and default provisions.

Create Demand Promissory Note

Rhode Island Usury Law and Note Requirements

Max Interest Rate 21%

Rate Description 21% or 9% above prime rate

Default Rate 12%

Penalty for Exceeding Usury Limit Forfeiture of all interest plus 5% of principal

Statute of Limitations 10 years

Notarization Required Not required (recommended)

Witness Required Not required

Governing Agency Rhode Island Superior Courts

Rhode Island usury law is governed by Rhode Island Superior Courts. The maximum allowable interest rate is 21% (21% or 9% above prime rate). Penalties for exceeding the usury limit include: Forfeiture of all interest plus 5% of principal. The statute of limitations for enforcing a promissory note in Rhode Island is 10 years. Notarization is not required but recommended. Our documents are designed to comply with Rhode Island law and include all required provisions.

Frequently Asked Questions

What is the maximum interest rate for a promissory note in Rhode Island?

Rhode Island caps the maximum interest rate at 21% (21% or 9% above prime rate). Exceeding this limit may result in penalties: Forfeiture of all interest plus 5% of principal. If no rate is specified, the default legal rate is 12%. Our documents include a usury savings clause for additional protection.

Does a promissory note need to be notarized in Rhode Island?

Notarization is not legally required in Rhode Island, 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 Rhode Island 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, Rhode Island-compliant PDF instantly. Re-download available for 5 days.

Create Your Rhode Island Promissory Note

Usury-compliant, professionally formatted, and ready to sign. Download your PDF instantly for $7.99.

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