Maine Promissory Note Templates

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Updated June 13, 2022

A Maine promissory note is a formal ‘promise’ for a borrower of a monetary balance to reimburse a lender the loaned amount of money in addition to interest. The maximum interest rate (usury rate) that can be charged by the lender is 6%.


Types (2)

Secured Promissory Note – The lender and borrower agree on an item/items that will be used as security in the case of a default on the balance. Items typically used as security are homes, vehicles, and boats.

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Unsecured Promissory Note – This version does not include security. Because of this, the lender is at an increased risk of losing the loaned balance. The lender should ensure the borrower has worthy credit and/or is a well-known friend or family member.

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Usury Rate

The legal interest rate in Maine is 6% per annum unless otherwise agreed to in writing. Me. Rev. Stat. tit. 9-B, § 432

(Video) What is a Maine Promissory Note?

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