Michigan Promissory Note (2026)
A Michigan promissory note records a loan: amount, interest, payments, late fee and default. 7% per year by written agreement (MCL §438.31). Over 25% is criminal usury (MCL §438.41).
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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.
Michigan promissory note: key facts
- Maximum interest (usury limit)
- 7% per year by written agreement (MCL §438.31). Over 25% is criminal usury (MCL §438.41).
- Legal rate when the note sets none
- 5% per year (MCL §438.31).
- Time limit to sue
- Michigan: 6 years (MCL §600.5807(9)).
- 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.
- Late fees
- A lender that is not licensed may not charge late or processing fees by contract (Michigan DIFS summary).
Official sources: MCL §438.31 · MCL §438.41 · MCL §600.5807 · Last reviewed: October 2026
Frequently asked questions
- What is the maximum interest rate on a personal loan in Michigan?
- 7% per year by written agreement (MCL §438.31). Over 25% is criminal usury (MCL §438.41). Our form blocks rates above the safe limit for your state.
- Does a promissory note need to be notarized in Michigan?
- 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 Michigan?
- Michigan: 6 years (MCL §600.5807(9)).
- Can I get it in Spanish?
- Yes. You sign the English note and also receive a Spanish reference translation and Spanish instructions.
DoneDoc provides self-help forms and is not a law firm. We recommend having your document reviewed by a licensed attorney in your state before signing.
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