A Missouri promissory note is a written promise to repay a loan on set terms. It names the lender and the borrower, the sum lent, the interest rate, and the repayment dates. Families, friends, and small businesses use it to put a loan on paper. The state of Missouri sets a cap on the interest rate that parties may agree to in writing.[1]
Last Updated: October 2026. This guide is reviewed and updated regularly to reflect current Missouri statutes. If you notice an error or outdated information, please contact us.
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Most promissory notes name both signatories with their addresses, state the sum lent, give the interest rate if there is one, and set the date and method of repayment. The FormsPal template has a field for each of these items. Our simple promissory note template is a related guide that covers the general version.
Settle these points with the other party before anyone signs:
Page 2 of the FormsPal template asks you to choose one box, unsecured or secured. An unsecured note rests on the borrower's promise to repay and names no property behind the loan. A secured note adds collateral, which is property named in the note to back the loan.
Many unsecured notes are drafted between relatives, friends, and coworkers. A secured note takes more care, because you describe the collateral on the lines the form provides, and many lenders choose collateral worth about as much as the loan. If the borrower does not repay an unsecured note, the lender has no named property to fall back on.
Missouri lets lenders and borrowers agree in writing to an interest rate not exceeding ten percent per annum. The rate can apply to money due or to become due under any contract, including a contract for commitment. This state cap comes from Section 408.030 of the Missouri Revised Statutes.[1]
When the "market rate" is above ten percent, the parties may agree in writing to a rate up to the market rate. Here is the market rate as defined in the statute:[1]
The "market rate" for any calendar quarter shall be equal to the monthly index of long term united states government bond yields for the second preceding calendar month prior to the beginning of the calendar quarter plus an additional three percentage points rounded off to the nearest tenth of one percent.
In plain words, the market rate is a long-term government bond yield plus three percentage points, rounded to the nearest tenth of one percent.[1]
Two more limits apply to loans that start with a promise to lend:
Charging too much costs the lender. If a rate of interest greater than the statute permits is paid, the person who paid it, or their legal representative, may recover twice the amount of the interest paid. The action must be brought within five years from the time the interest should have been paid.[1]
Before you enter the interest rate on page 1 of the form, compare it with the ten percent figure above. If your rate is higher, read the "market rate" definition first.
| Document Name | Missouri Promissory Note Form |
| Other Name | MO Promissory Note |
| Max. Rate | 10% per annum, or the "market rate" when it is higher[1] |
| Relevant Laws | Missouri Revised Statutes, Section 408.030 |
| Avg. Time to Fill Out | 10 minutes |
| # of Fillable Fields | 28 |
| Available Formats | Adobe PDF |
Popular Local Promissory Note Forms
If you need to lend or borrow money, think about signing a promissory note. It is a useful legally binding document widely used by companies and individuals in all US states. The following are the state-level promissory note templates our visitors read about most often.
The FormsPal Missouri promissory note has 28 fillable fields over three pages. Work through the six parts below in the order the form presents them, ending with the two signatures on page 3. Fill in each required line properly before you print. You can also open our online maker, answer a few questions, and download the finished PDF.
The screenshots under each step show the FormsPal Missouri 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.
Before signing, read the whole form once more. After both signatures are in place, send a copy of the signed note to each party.
The three questions below cover the interest rate limit that applies to a written promissory note in Missouri, including the general cap, the market rate exception, and the penalty for charging too much.
Frequently Asked QuestionsMissouri lets parties agree in writing to a rate not exceeding ten percent per annum, so 30% is above the general cap. When the "market rate" exceeds ten percent, parties may agree in writing to a rate not exceeding it.[1]
Yes. Under the state statute, parties may agree in writing to a rate not exceeding ten percent per annum on a contract, including a contract for commitment.[1]
State usury laws limit the interest a lender may charge on promissory notes and other loans. Missouri sets its limit in Section 408.030, and a person who pays more than that statute permits may recover twice the interest paid.[1]
General information, not legal or tax advice.
The interest rate rules on this page come from the one statute listed below. Open the link to read the full text of the statute and compare it with the summaries above.
