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Rhode Island Secured Promissory Note

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Not a blank template — your details are filled in, formatted to Rhode Island law, and ready to sign.

Draft a legally valid Secured Promissory Note for Rhode Island that contains all required terms under Rhode Island promissory note law. Fill in your loan details and download your completed, ready-to-sign Secured Promissory Note as a professional PDF.

Rhode Island law governs promissory notes with specific usury limits and enforcement rules that defends both note holder and borrower. The usury limit in Rhode Island is 21% or 9% above prime rate. Lenders have 10 years to file suit to collect on a promissory note in Rhode Island. Rhode Island law requires 4 specific elements in a valid promissory note.

Rhode Island Promissory Note Requirements

Max Interest Rate 21%
Rate Details 21% or 9% above prime rate
Usury Penalty Forfeiture of all interest plus 5% of principal
Statute of Limitations 10 years
Notarization Recommended
Witnesses Recommended (1)
Governing Agency Rhode Island Superior Courts
Required Elements Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable

What to Include in a Rhode Island Secured Promissory Note

Every Secured Promissory Note in Rhode Island should include the following essential provisions: the full legal names and addresses of both the lending party and debtor, the principal loan amount, the interest rate (which must not exceed 21% or 9% above prime rate under Rhode Island law), the repayment schedule and due dates, any late payment penalties, the consequences of default, and the governing law clause. Because this is a secured promissory note, you must also describe the collateral in detail, including how it will be valued and the lender's right to seize it upon default.

Rhode Island requires the following elements in a valid promissory note: written agreement signed by borrower, detailed collateral description, interest rate disclosure, lien filing if applicable.

How to Complete a Rhode Island Secured Promissory Note

To complete a Secured Promissory Note in Rhode Island, 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 21% or 9% above prime rate in Rhode Island), the repayment terms, and any collateral details if applicable.

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

Frequently Asked Questions

Is a promissory note legally binding in Rhode Island?
Yes. A properly executed promissory note is a legally enforceable contract in Rhode Island. To be binding, it must identify both parties, state the loan amount and repayment terms, and be signed by the borrower. While notarization is not required in Rhode Island, it is recommended to add an extra layer of authenticity. Lenders have 10 years to pursue legal action to collect on a defaulted note.
What is the maximum interest rate for a promissory note in Rhode Island?
Rhode Island imposes a usury limit of 21% or 9% above prime rate. Charging interest above the legal limit is considered usury and can result in penalties — in Rhode Island, the consequence is: forfeiture of all interest plus 5% of principal.
Do I need a notary for a promissory note in Rhode Island?
Notarization is not required for a promissory note to be legally valid in Rhode Island. However, notarizing the document is strongly recommended — it deters forgery claims, simplifies enforcement in court, and makes the note self-authenticating as evidence. Having 1 witness is also recommended.
What happens if the borrower defaults on a promissory note in Rhode Island?
If the borrower defaults, the lender may demand immediate repayment of the full outstanding balance, charge any default interest rate specified in the note, and pursue legal action in Rhode Island court. Because this is a secured note, the lender may also seize and sell the collateral to recover the outstanding amount. Lenders have 10 years from the date of default to file a lawsuit under Rhode Island's statute of limitations for written contracts.
What must be included in a Rhode Island Secured Promissory Note?
A valid Secured Promissory Note in Rhode Island must include: Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable. Our platform automatically includes all required elements for Rhode Island in your generated document, formatted to meet state standards.

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