A Florida promissory note is a written promise to repay borrowed money. It names the lender, the borrower, the amount, the interest rate and the payment terms. This free Florida promissory note template covers each of those details and lets you choose an unsecured or a secured loan. The Florida usury statute sets the highest rate a note can charge, 18 percent per annum simple interest for most loans.[1]
Last Updated: October 2026. This guide is reviewed and updated regularly to reflect current Florida law. If you notice an error or outdated information, please contact us.
Build Your Document
Answer a few simple questions to make your document in minutes
Save and Print
Save progress and finish on any device, download and print anytime
Sign and Use
Your valid, lawyer-approved document is ready
The Florida usury statute limits the interest a promissory note can charge. Under Section 687.03 of the Fla. Stat., it is usury and unlawful to reserve, charge or take a rate of interest greater than the equivalent of 18 percent per annum simple interest. The limit applies to any loan, advance of money, line of credit or other obligation, whether the interest is charged directly or indirectly.[1]
Loans over $500,000 are treated differently. The statute says:
If any loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds $500,000 in amount or value, it shall not be usury or unlawful to reserve, charge, or take interest thereon unless the rate of interest exceeds the rate prescribed in s. 687.071.
In plain words, interest on a loan over $500,000 is not usury unless the rate exceeds the rate prescribed in Section 687.071 of the Fla. Stat. A loan counts as over $500,000 when its outstanding principal indebtedness initially exceeds $500,000.[1]
Section 687.071 of the Florida Statutes makes some rates a crime. Unless otherwise specifically allowed by law, a person who willfully and knowingly charges, takes or receives interest at a rate exceeding 25 percent per annum, but not in excess of 45 percent per annum, commits a misdemeanor of the second degree. This 25 percent figure is a criminal threshold, separate from the 18 percent usury limit above.[2]
| Document Name | Florida Promissory Note Form |
| Other Name | FL Promissory Note |
| Max. Rate | 18 percent per annum simple interest, the general usury limit; for a loan over $500,000, the rate prescribed in s. 687.071[1] |
| Relevant Laws | Florida Statutes, Section 687.03 |
| Avg. Time to Fill Out | 10 minutes |
| # of Fillable Fields | 28 |
| Available Formats | Adobe PDF |
Popular Local Promissory Note Forms
A promissory note (often referred to as loan agreement) is a basic financial form used by many businesses and individuals in all states as a funding resource and an alternative to banks. Learn more about the most common states requested by our users with regards to promissory note templates.
Section 687.03 of the Fla. Stat. also says how interest is counted and when a late charge is allowed. These rules affect whether a note stays within the usury limit and what a lender may add for a late installment.[1]
The 18 percent per annum simple interest limit is the general rule. If you plan to charge a higher rate, ask an attorney first.[1]
The free template runs three pages and works for a loan between two people or two businesses. It sets out who owes what, how and when the borrower pays, and what happens if the borrower defaults. Here is what each part of the document says.
Each of these terms is printed on the form, so you only choose options and fill in blanks. Use the steps below to complete the document, and keep a signed copy for each party.
This free form has 28 fillable fields. Select the options that fit your loan, enter the details in the process below, and sign on page 3. Download the PDF above, or edit it online with our form builder. You can then fill in and sign the PDF on any device and share the finished document.
The screenshots under each step show the FormsPal Florida promissory note template filled with sample entries in blue, so you can see where each answer goes. The names, addresses, dates and amounts are examples only.
Page 2 also holds fixed terms with nothing to fill in. They cover security documents, waiver of demand, acceleration, the late fee, prepayment, Florida governing law and assignment by the lender. Read them with the other party before you sign. If you need terms beyond a note, a loan agreement can cover them.
Florida caps the interest on most promissory notes at 18 percent per annum simple interest. These answers cover the cap, the rule for larger loans and how the rate is counted.[1]
For most loans, it is 18 percent per annum simple interest. For a loan over $500,000, the test is the rate prescribed in Section 687.071 of the Fla. Stat.[1]
Yes. Section 687.03 of the Fla. Stat. makes a rate above 18 percent per annum simple interest unlawful.[1]
On most loans, yes. A 30 percent annual rate is greater than 18 percent per annum simple interest, so it is usury.[1]
Usury laws limit the interest a lender may charge. Florida also reaches indirect charges, such as commissions or discounts.[1]
It is 18 percent per annum simple interest for most loans, computed as if the debt is paid on its agreed terms.[1]
Other Promissory Note Forms by State
General information, not legal or tax advice.
