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Illinois Promissory Note
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Illinois at a glance: Usury Limit: 9% per year · Governing Law: 815 Ill. Comp. Stat. 205/4
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Overview
Promissory Notes in Illinois
Illinois sets the default legal rate of interest at 5% and the maximum contract rate at 9% per year, although numerous exceptions exist for business and mortgage loans.
Key Facts
Illinois Promissory Note — Quick Reference
| Requirement | Illinois Rule |
|---|---|
| Usury Limit | 9% per year |
| Governing Law | 815 Ill. Comp. Stat. 205/4 |
Legal Requirements
Illinois Legal Requirements
- Interest rate cannot exceed 9% unless a specific statutory exemption is met.
Governing Laws
Illinois Governing Laws
815 ILCS 205/4
General Usury Law
Sets the legal interest rate limit on written contracts at 9% per year.
Read the full text of these laws at Cornell Law School's Illinois legal resources or your state legislature's official website.
Questions & Answers
Illinois Promissory Note — Frequently Asked Questions
What is the usury limit in Illinois?
The statutory limit for personal written loans is 9% per year.