DOWNLOAD this Michigan Promissory Note Form which allows documentation of an agreement between two people regarding loaning money over a period of time. You may decide how much interest will be charged and whether or not to secure the loan with collateral. You may also decide to have the loan payable in equal payments or installments or have one large payment at the end of the loan. The borrower and lender may also decide on how many years or months the borrower has to repay it.
Under Michigan law, the criminal usury rate for lending money if over 25% per year. M.C.L.A. 438.41