Arkansas Promissory Note Templates

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The Arkansas promissory note templates are documents used to record loan based deals between two parties. The documents consist of several sections where information regarding interest rates, payment types, late fees, etc are open to utilization by the lender.

Usury Rate – Rate of interest may not exceed the maximum of 17% as established in Arkansas Constitution, Amendment 89.

LawsArk. Code Ann. § 4-57-104

Types (2)

Secured Promissory Note – For lenders that want to ensure they are as protected as possible in the event of a default from the borrower. Before the signing of the document, the lender and borrower agree on physical item(s) that are automatically given to the lender if the loaned amount cannot be paid off.

Download: Adobe PDFMS Word (.docx)OpenDocument



Unsecured Promissory Note – Contains more risk than the secured note solely because of the absence of any security for the lender. In the case of a default, the lender has to resort to a small claims court or report the default to a credit agency.

Download: Adobe PDFMS Word (.docx)OpenDocument




Usury Rate

Arkansas statute states that “The parties to a contract may agree in writing to the payment of interest not exceeding the applicable rate of interest, if any, set forth in the Arkansas Constitution by Amendment 89 on money due or to become due.” (Ark. Code Ann. § 4-57-104) The Arkansas Constitution states, “The maximum lawful rate of interest on loans or contracts not described in Sections 1 and 2 shall not exceed seventeen percent (17%) per annum.” (Ark. Const. amend. LXXXIX, § 3)

(Video) What is an Arkansas Promissory Note?

How to Write

Step 1 – Lender must download the document – Submit  the following information:

  • Document start date in dd/m/yy format
  • A Borrower’s name
  • Borrower’s mailing address
  • AND
  • Provide the lender’s name
  • Mailing address
  • AND
  • A Lender must submit the principal amount of the loan
  • Provide the annual percentage rate (lender)

Step 2 – Payments – Provide the full balance of the loan – to include late fees in mm/dd/yyyy format

Installments – Check the box that would best reflect the chosen method of repayment:

  • Submit the applicable amount
  • If the borrower will use the installment method, check the box stating the frequency of repayment
  • Submit any late fees that the borrower would owe (if any)

Step 3 –  Security – Enter:

  • Check the box stating the level of security of the note
  • If the note will be considered “secured,” submit any information regarding the property provided as security, before the note may be secured
  • The borrower must review the remainder of this section

Step 4 – Titled Sections – Parties must carefully read titled sections as follows:

  • Interest Due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A. – Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Check the appropriate box – Should a co-signer be required by the lender, check the box. Enter the co-signer’s name
  • Execution
  • Governing Law – Submit the state where the note shall be governed

Step 5 – Signatures – Submit signatures before a selected witness. Provide the following:

  • Lender’s signature
  • The date of the signature in mm/dd/yyyy format
  • The Lender’s printed name
  • AND
  • Borrower’s signature
  • Date of signature in mm/dd/yyyy format
  • Submit the borrower’s printed name
  • AND
  • Co-signer’s signature (if any)
  • Date of co-signer’s signature (mm/dd/yyyy format)
  • Co-signer’s printed name
  • AND
  • The Witness must enter their signature
  • Date of signature (in mm/dd/yyyy format)
  • Enter the Witness’ printed name