DOWNLOAD this Tennessee Promissory Note Form when recording a loan agreement between two people in Tennessee. The lender and borrower may agree to how much interest will be charged, as long as it doesn’t conflict with Tennessee law. They may also agree as to how the loan will be repaid. The note also allows the lender and borrower to agree on whether the loan will be secured or unsecured.
Under Tennessee law, the maximum interest rate is 10% per year if it is not in writing. Otherwise the maximum rate is the applicabale formula rate published in the Tennessee Administrative Register on the first of each month. TN ST § 47-14-103 and TN ST § 47-14-105