Illinois Unsecured Promissory Note (2026)

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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