Mississippi Promissory Note Templates

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A Mississippi promissory note is a financial document. It establishes a loan agreement between the borrower and the lender. A promissory note will display how much money was borrowed and describe the terms of repayment.

Promissory notes are more formal than an IOU and less exhaustive than a standard loan agreement. Mississippi Code Title 15 § 15-1-81 states that actions to enforce a party to pay their portion of a promissory note must be within six years of the agreed-upon due date.

There are secured and unsecured Mississippi promissory notes.

Mississippi Secured Promissory Note

A secured promissory note means that the borrower will pay the lender in assets or other monetarily valuable materials if the borrower can’t pay financially. The types of assets are stipulated in the promissory note when making the agreement and ensure the lender will receive payment in some form should the borrower miss the deadline.

The maximum interest rate, also known as the usury rate, for Mississippi promissory notes is 8%, according to MS Code § 75-17-1. The promissory note template Mississippi involves all the basic information to complete the note, including:

  • The date
  • Name and address of the borrower
  • Name and address of the lender
  • Amount borrowed
  • Payment due date
  • Whether the borrower will use payment installments
  • How many days may pass before a late fee is issues
  • Which of the borrower’s items can be used as security
  • Signatures of the borrower, lender, and usually a notary

Mississippi Unsecured Promissory Note

An unsecured promissory note doesn’t require the borrower to give the lender an asset if the borrower can’t pay back the amount. As a result, unsecured notes are typically used between people who already know each other like family or friends, where breaking the promissory note’s deadline would be more socially painful than with a stranger.

Even though late fees will urge the borrower to pay back the lender, the lender is still at a higher financial risk when agreeing to an unsecured promissory note.

The unsecured promissory note Mississippi form looks nearly the same as the secure one. The difference, of course, is that the unsecured template lacks the portion describing what asset the borrower would use to pay back the lender in case they default on the loan.

It’s easy to find free Mississippi promissory note templates online if you need to establish a written agreement in the context of a loan.


There are two parties involved:

  • The borrower, or the person receiving money in a loan.
  • The lender, the person giving money in a loan.
  • The borrower may sometimes use a co-signer to help them pay back the loan.

In Mississippi, the statute of limitations for all notes — including promissory notes — is three years, according to MS Code 75-3-118.

The lender could sue in a small claims court. The lender would have to produce a copy of the promissory note and show that the borrower knew the conditions of payment and the deadline when agreeing to the loan.