New York Promissory Note Templates

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Updated January 24, 2022

A New York promissory note templates are documents designed to assist the lender in being reimbursed a loaned amount of money in addition to interest from a borrower. The documents include many sections to ensure the parties are clear on the terms and conditions, as well as sections that clarify the fallout to the borrower if payments are not paid-in-full or are paid late.

Usury Rate – The legal rate of interest is 6% and the general usury limit is 11.25%

LawsN.Y. Gen. Oblig. § 5-501 and N.Y. Banking § 14-A

Types (2)

Secured Promissory Note – Includes a section on security. Security is an item set aside at the start of the agreement and is used if the borrower enters into default and cannot make the remaining payments. The item in security (previously owned by the borrower) is then given to the lender to help cover the outstanding balance.

Download: Adobe PDFMS Word (.docx)OpenDocument



Unsecured Promissory Note – Does not include security. This version is typically used between family and friends as there is a considerable amount of added risk for the lender. This is because the lender has no immediate solution for being reimbursed the loaned amount if the borrower cannot/does not repay the balance.

Download: Adobe PDFMS Word (.docx)OpenDocument



Usury Rate

The maximum rate of interest chargeable in New York, with exceptions, is 16% per year.

Source: New York Banking Laws Section 14A

(Video) What is a New York Promissory Note?