DOWNLOAD this Mississippi Promissory Note Form when you need an agreement for lending and borrowing money in Mississippi. The lender and borrower should decide how much interest should be charged, how long the loan will be for and whether it will be secured by property or remain unsecured. The lender and borrower can also determine how the loan will be repaid.
Under Mississippi law, the legal rate of interest, unless otherwise agreed is 8% per year, although parties can contract in writing for an interest nate not to exceed 10% per year of 5% over the federal reserve discount rate, whichever is greater. Miss. Code § 75-17-1. Legal rate of interest; finance charges