Michigan Unsecured Promissory Note (2026)

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.

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