Download the Iowa Promissory Note Form to record a loan transaction between Iowa residents. The form represents a promise to pay back funds lent over a period of time agreed upon by the parties to the agreement. The parties may also agree to the repayment terms and decide whether or not to make the note secured or unsecured.
The legal rate of interest in Iowa is 5% per annum unless otherwised agreed to in writing by the parties. The Iowa Superintendent of Banking, in accordance with Iowa Code Section 535.2(3)(a) determines the usury rate on a month to month basis.