A New York promissory note is a written promise to repay borrowed money, signed by the borrower and the lender. It states the amount, the interest rate and when payments are due. State usury law limits the interest a lender can charge.[1] This free New York promissory note template is a PDF you can fill in online, then download and print.
Last Updated: October 2026. This guide is reviewed and updated regularly to reflect current New York 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 If you notice an error or outdated information, please contact us.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
A promissory note records who lent the money, who borrowed it, how much and how it will be paid back. The FormsPal form puts each of these terms in one place, so the lender and the borrower sign the same written record of the deal. A note usually covers these points:
A note can be unsecured or secured. An unsecured note rests on the borrower's promise alone, and people often use it when the lender knows the borrower well, such as a relative or a friend. A secured note also names an asset, called collateral, that backs the loan, which lenders often choose when the amount is large.
The lender is also known as the payee. The FormsPal form uses the terms Borrower and Lender throughout.
Every state has its own version of this document. The main promissory note template page links to the other state versions.
Usury laws limit how much interest a lender may charge on a loan. New York sets a maximum rate of interest in its Banking Law, and its Penal Law makes it a crime to knowingly charge interest above a higher rate. The two limits are:
The Banking Law states the cap this way:
The maximum rate of interest provided for in section 5-501 of the general obligations law shall be sixteen per centum per annum.
The same section of the Banking Law defines interest broadly:
The rate of interest as so prescribed under this section shall include as interest any and all amounts paid or payable, directly or indirectly, by any person, to or for the account of the lender in consideration for the making of a loan or forbearance as defined by the superintendent pursuant to subdivision three of this section.
In plain words, money the lender receives for making the loan counts toward the rate, even when it is paid indirectly or by someone other than the borrower. A forbearance is an agreement to wait before collecting a debt.[1]
The Penal Law defines the crime this way:
A person is guilty of criminal usury in the second degree when, not being authorized or permitted by law to do so, he knowingly charges, takes or receives any money or other property as interest on the loan or forebearance of any money or other property, at a rate exceeding twenty-five per centum per annum or the equivalent rate for a longer or shorter period.
In plain words, knowingly charging interest above 25% a year without legal authorization is criminal usury.[2]
| Document Name | New York Promissory Note Form |
| Other Name | NY Promissory Note |
| Max. Rate | 16% per year |
| Criminal Usury | Interest above 25% per year, knowingly charged without legal authorization |
| Relevant Laws | N.Y. Banking Law § 14-a and N.Y. Penal Law § 190.40 |
| Avg. Time to Fill Out | 10 minutes |
| # of Fillable Fields | 28 |
| Available Formats | Adobe PDF |
Popular Local Promissory Note Forms
In case you want to lend or borrow money, consider using a promissory note. It is a useful legal document largely drafted by companies and people in most states. Listed below are the state promissory note documents our users research the most.
The FormsPal form has three pages of fields, split into six parts. Fill it in with the online PDF editor or print it and write by hand. Work through the steps in order, from the date and parties at the top of page 1 to the signature blocks on page 3.
The screenshots under each step show the FormsPal New York 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.
Yes. The New York Banking Law sets the maximum rate of interest at sixteen per centum per annum, which is 16% a year. The same law counts any and all amounts paid or payable to the lender for making the loan as interest.[1]
For interest, New York has three rules:
The N.Y. Banking Law sets the maximum rate of interest at sixteen per centum per annum, or 16% a year.[1] On the form, you enter the rate you agree on in the opening paragraph of page 1, before the words "% per annum".
The maximum rate of interest is 16% a year under N.Y. Banking Law § 14-a.[1] A person who knowingly charges, takes or receives interest above 25% a year, without legal authorization, is guilty of criminal usury in the second degree under N.Y. Penal Law § 190.40.[2]
General information, not legal or tax advice.
