MS · PROM-NOTE · Updated July 2026 · Free

Mississippi Promissory Note PDF

Not Attorney-ReviewedAuthor: Arjun AnnamalaiMethodology: Statutory Verification

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Mississippi at a glance: Usury Limit: 10% per year · Governing Law: Miss. Code § 75-17-1

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Overview

Promissory Notes in Mississippi

Mississippi sets the default legal interest rate at 8% and the contract cap at 10% per year, or 5% over the Federal Reserve discount rate.
Key Facts

Mississippi Promissory Note — Quick Reference

RequirementMississippi Rule
Usury Limit10% per year
Governing LawMiss. Code § 75-17-1
Legal Requirements

Mississippi Legal Requirements

  • Interest rates must remain below 10% per year for personal loans.
Governing Laws

Mississippi Governing Laws

Miss. Code § 75-17-1
Legal Interest Rate
Limits interest rates to 10% per year on written agreements.

Read the full text of these laws at Cornell Law School's Mississippi legal resources or your state legislature's official website.

Questions & Answers

Mississippi Promissory Note — Frequently Asked Questions

What is the usury limit in Mississippi?

The cap is 10% per year for standard consumer loans.