DOWNLOAD this Illinois Promissory Note Form. This form can be used to document the lending of monies from one Illinois resident to another. The parties to this note may specify for how long the monies will be lent and how the monies will be repaid. The parties may also detemine whether the monies lent pursuant to this note will be secured by collateral or will be unsecured.
In Illinois, the legal interest rate when not otherwise specified is 5% per year. 815 ILCS 205/1 Parties to a loan transaction in Illinois may not agree to an interest rate higher than 9% per year according to Illinois law. 815 ILCS 205/4