Rhode Island Promissory Note Templates

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Updated June 13, 2022

A Rhode Island promissory note template is a document completed and signed by both parties involved in a money lending transaction. The lender of the monetary balance profits from the agreement by receiving payments over a scheduled period of time that consist of the original balance plus interest.

Usury Rate – The maximum interest rate is the greater of 21%, or the domestic prime rate as published in the Wall Street Journal plus 9%.

LawsR.I. Gen. Law § 6-26-2

Types (2)

Secured Promissory Note – This template is secured by an item such as a home, vehicle, or boat. If the borrower were to enter into default that he or she could not recover from, the item in security would be given to the lender to help cover the amount of the unpaid balance.

Download: Adobe PDFMS Word (.docx)OpenDocument



Unsecured Promissory Note – This template does not include security, resulting in an overall riskier transaction for the lender. To help reduce financial risk, the lender should screen potential borrowers to ensure they have strong credit.

Download: Adobe PDFMS Word (.docx)OpenDocument



Usury Rate

The maximum amount of interest allowed to be charged in Rhode Island is the greater of 21% per year or the rate per annum that is equal to nine percentage points (9%) plus an index that is the domestic prime rate as published in the Money Rates section of The Wall Street Journal on the last business day of each month. RI ST § 6-26-2

(Video) What is a Rhode Island Promissory Note?

How to Write –

Step 1 –  Begin by downloading the Rhode Island note document – Enter:

  • The start date of the note agreement in dd/m/yy format
  • Enter the name of the borrower’s
  •  Mailing address
  • AND
  • Enter the name of the Lender’s
  • Mailing address
  • AND
  • Enter the sum of the principal
  • Enter the remaining amount of the annual percentage

Step 2 – Payments –

  • Enter the amount of the note that must be paid by the due date
  • Include accrued interest on unpaid balance

Installments – Submit the final due date of the note in dd/m/yy format

  • Submit the total amount of the note
  • Provide the principal sum of the note agreement
  • Specify the preferred payment frequency and check the applicable box
  • Specify the amount due with payment required for late payments

Step 3 – Security –

  • Check the box indicating the type of selected note (secured/unsecured)
  • If the note will be“secured,” describe the property used as security

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (6A.- Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Submit the Co-signer’s name (if needed)
  • Execution
  • Governing Law – (Rhode Island State Laws)

Step 5 – Signatures –

  • Provide the Lender’s signature
  • Submit Signature date in mm/dd/yyyy format
  • Print name
  • AND
  • Provide the borrower’s signature
  • Enter Signature date in mm/dd/yyyy format
  • Printed name
  • AND
  • Enter Co -Signer’s signature (if any)
  • Signature date in mm/dd/yyyy format
  • Print name
  • AND
  • Submit Signature of Witness
  • Provide Signature date in mm/dd/yyyy format
  • Printed name