Illinois Promissory Note (2026)
A Illinois promissory note records a loan: amount, interest, payments, late fee and default. 9% per year on a written contract (815 ILCS 205/4), with exceptions (banks, loans to corporations, certain business loans).
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- Secured Promissory NoteThe borrower pledges property (a car, equipment) as security for the loan.
- Unsecured Promissory NoteA personal promise to repay, with no property pledged — common between friends and family.
Illinois promissory note: key facts
- Maximum interest (usury limit)
- 9% per year on a written contract (815 ILCS 205/4), with exceptions (banks, loans to corporations, certain business loans).
- Legal rate when the note sets none
- 5% per year on overdue notes (Illinois Interest Act).
- Time limit to sue
- Illinois: 10 years for promissory notes and written contracts (735 ILCS 5/13-206).
- Notary required?
- No requirement was found for a simple promissory note; notarizing is optional. A lien on real estate needs a separate mortgage or deed of trust.
Official sources: 815 ILCS 205/4 · 735 ILCS 5/13-206 · Last reviewed: October 2026
Frequently asked questions
- What is the maximum interest rate on a personal loan in Illinois?
- 9% per year on a written contract (815 ILCS 205/4), with exceptions (banks, loans to corporations, certain business loans). Our form blocks rates above the safe limit for your state.
- Does a promissory note need to be notarized in Illinois?
- No requirement was found for a simple promissory note; notarizing is optional. A lien on real estate needs a separate mortgage or deed of trust.
- Secured or unsecured: which one do I need?
- Use a secured note when the borrower pledges property, such as a car or equipment, that the lender can enforce against after a default. Use an unsecured note for a simple personal promise to repay.
- How long do I have to sue on an unpaid note in Illinois?
- Illinois: 10 years for promissory notes and written contracts (735 ILCS 5/13-206).
- Can I get it in Spanish?
- Yes. You sign the English note and also receive a Spanish reference translation and Spanish instructions.
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