New York · Standard edition

New York Promissory Note Template

Create a New York promissory note online. The Standard note covers the principal, interest, a single payment at maturity, prepayment, events of default with a cure period, acceleration, and collection costs, and it states the general New York usury limit with a savings clause.

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New York rules built into this template

  • Interest limit: under New York law the maximum rate for many non-exempt loans between private parties is generally 16% per year (civil usury), and interest of 25% or more is criminal usury (N.Y. Gen. Oblig. Law § 5-501; N.Y. Banking Law § 14-a; N.Y. Penal Law § 190.40).
  • Savings clause: any interest above the lawful maximum is reduced and applied to principal or refunded.
  • Licensed lenders, business loans, and larger loans may be exempt or subject to different limits.

What the Promissory Note includes

  1. Payment
  2. Interest
  3. Maximum Lawful Rate
  4. Prepayment
  5. Application of Payments
  6. Events of Default
  7. Remedies
  8. Collection Costs
  9. Security
  10. Waivers
  11. Transfer
  12. Notices
  13. General Provisions

Frequently asked questions

What is the maximum interest rate on a private loan in New York?
For many non-exempt loans between private parties, New York law generally limits interest to 16% per year (civil usury), and interest of 25% or more is criminal usury (N.Y. Gen. Oblig. Law § 5-501; N.Y. Banking Law § 14-a; N.Y. Penal Law § 190.40). Exemptions and different limits may apply.
Does a New York promissory note need to be notarized?
A promissory note is generally enforceable when signed by the borrower; notarization is not usually required, though it can help prove the signature. Notes secured by real estate follow separate recording rules.
What is the difference between the Standard and Professional Promissory Note?
The Standard edition is a complete, state-aware Promissory Note for common situations. The Professional edition adds longer clause coverage, schedules, and optional modules for more complex matters. You can preview either edition free before you pay.

Promissory Note templates for other states

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