Massachusetts Promissory Note Templates

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Updated June 13, 2022

A Massachusetts promissory note templates outline the specifics of an agreement between a lender and a borrower of a monetary balance. The templates also add legality to the deal and help to ensure the borrower makes timely payments to the lender. Both parties should complete the document together to ensure everyone is on the same page.

Usury Rate – The legal interest rate is 6% (unless a written contract exists); even if part of a contract, an interest rate over 20% is criminally usurious.

LawsMass. Gen. Law Ch. 107, § 3 and Ch. 271, § 49

Types (2)

Secured Promissory Note – This version includes a security section. Security is an item (or items) that typically consists of a home, vehicle, or boat that is in possession of the borrower. The secured items are given to the lender in the case of a default that the borrower cannot recover from.

Download: Adobe PDFMS Word (.docx)OpenDocument



Unsecured Promissory Note – This version poses a far greater risk on the lender, as there is no built-in security for the lender. In the case of a default, the lender would be left resorting to small claims court and reporting the default to the borrower’s credit.

Download: Adobe PDFMS Word (.docx)OpenDocument



Usury Rate

The maximum amount of interest chargeable on a loan in Massachusetts is 20% per annum. M.G.L.A. 271 § 49

(Video) What is a Massachussetts Promissory Note?

How to Write

Step 1 – Download the Massachusetts note document – Proceed and submit:

  • The document start date – dd/mm/yyyy
  • The Borrower’s name
  • Mailing address
  • AND
  • Lender’s name
  • Mailing address
  • AND
  • The sum of the principal of note
  • Enter the unpaid amount of the annual percentage rate

Step 2 – Payments – Provide:

  • The full balance of the note due upon the due date
  • Enter the amount of all accrued interest and late fees

Installments –

Check the box next to the preferred payment method – Submit the following information:

  • The total amount that must be paid in full by the due date
  • The total amount of the principal of the agreement
  • Select payment frequency (check the preferred box)
  • Enter an amount required for late payment fees

Step 3 – Security-

  • Select “Unsecured” or “Secured” and check the box
  • If the requirement is that the note be“secured,” enter a description of the property to be secured

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A.)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Co-signer’s name (if required)
  • Execution
  • Governing Law – (governed under the laws of the state of Massachusetts)

Step 5 – Signatures – Submit signatures before a witness –

  • Lender’s signature
  • Date of signature – in mm/dd/yyyy format
  • Prinedt name
  • AND
  • Borrower’s signature
  • Date of signature – in mm/dd/yyyy format
  • Print name
  • AND
  • Co-signer’s signature (if a co-signer is required for the note agreement)
  • Date signature in dd/mm/yyyy format
  • Printed name
  • AND
  • The Witness’ signature
  • Date of witness’ signature – enter in mm/dd/yyyy format
  • Printed name