DOWNLOAD this Arkansas promissory note form to make an agreement to loan money. This note represents a promise by one person to pay back loaned money at a rate of interest agreed to by the parties. The parties may choose whether or not the loaned amount is secured or unsecured as well as the repayment terms.
Arkansas statute states that “The parties to a contract may agree in writing to the payment of interest not exceeding the applicable rate of interest, if any, set forth in the Arkansas Constitution by Amendment 89 on money due or to become due.” (Ark. Code Ann. § 4-57-104) The Arkansas Constitution states, “The maximum lawful rate of interest on loans or contracts not described in Sections 1 and 2 shall not exceed seventeen percent (17%) per annum.” (Ark. Const. amend. LXXXIX, § 3)