Promissory Note - Simple - Georgia
SIMPLE PROMISSORY NOTE — GEORGIA
Before you use this: This form is for one unsecured personal or household loan between private individuals, with an advance greater than $3,000 and less than $250,000. Use it for an occasional loan by an individual who is not operating a lending business. It allows only 0–16% annual simple interest and no additional lending charges. The 16% ceiling is a limit chosen for this form, not Georgia's general ceiling for this principal range.
Date: [__/__/____]
Lender: [LENDER FULL LEGAL NAME], [ADDRESS]
Borrower: [BORROWER FULL LEGAL NAME], [ADDRESS]
Principal actually advanced: $[AMOUNT] (more than $3,000 and less than $250,000)
Advance date: [__/__/____]
Annual simple interest rate: [____]% (0–16%; enter 0 for an interest-free loan)
Payment address or account: [________________________________]
Promise to pay
This note becomes effective only when Lender advances funds to Borrower. Borrower then promises to pay Lender only the principal actually advanced above, plus interest calculated only on unpaid principal at the annual simple rate written above. Interest starts on the advance date, accrues for each day at the annual rate on unpaid principal divided by 365 in an ordinary calendar year or by 366 in a leap calendar year, and does not compound. This note charges no origination fee, late fee, default interest, collection surcharge, or prepayment penalty. No amount above the stated principal is advanced or financed as a fee.
Payments
Borrower will pay $[AMOUNT] first on [__/__/____] (choose a date after the advance from the 1st through the 28th), then on that same day of each following month until the final due date or earlier full payment. Each installment is limited to the unpaid principal and accrued interest then due. All remaining principal and accrued interest are due on [__/__/____] (on or after the first scheduled payment date). Payments apply first to accrued interest and then to principal. Borrower may prepay in whole or part without charge. A partial prepayment does not postpone the next scheduled payment unless the parties sign a change.
Missed payment
If a payment is more than [____] days late, Lender may give Borrower written notice identifying the amount missed. If Borrower does not pay that amount within [____] days after receiving the notice, Lender may declare the remaining principal and accrued interest immediately due. Lender may pursue lawful collection remedies. Default does not increase the agreed rate or create a new fee.
Other terms
This obligation is unsecured. Georgia law governs. Notices may be personally delivered or mailed to the addresses above, or to a replacement address supplied in writing. Changes to this note must be in writing and signed by Borrower and Lender. This note states the entire payment promise for this advance.
Borrower signature: ______________________________ Date: [__/__/____]
Printed name: [________________________________]
Lender acknowledgment of terms and advance: ______________________________ Date: [__/__/____]
Printed name: [________________________________]
Georgia law reference
O.C.G.A. § 7-4-2(a)(1)(A) allows a written simple-interest rate and agreed repayment terms for the principal range used in this form, subject to § 7-4-18. Section 7-4-18(a) prohibits taking interest greater than five percent per month, including interest collected indirectly through fees or devices. This form's narrower 0–16% annual simple rate and no-fee terms are contractual choices.
About this template
- Last updated
- October 1, 2026
- Citations checked
- October 2, 2026
- Jurisdiction
- Georgia
- Category
- Financial & Banking
Legal authority
- O.C.G.A. § 7-4-2(a)(1)(A)
- O.C.G.A. § 7-4-18(a)
Financial and banking documents govern loans, security interests, account agreements, and commercial transactions between lenders, borrowers, and financial institutions. Promissory notes, guaranties, security agreements, and UCC filings have precise legal requirements, and mistakes can leave a lender unsecured or a borrower on the hook for more than they agreed to. Well-drafted finance paperwork protects both sides and keeps the deal enforceable if something goes wrong later.
Not legal advice
This template is provided for informational purposes. We recommend having an attorney review any legal document before signing, especially for high-value or complex matters.
Checked against the law it cites
A reviewer verified this template's legal citations against the official source on October 2, 2026.
O.C.G.A. § 7-4-2(a)(1)(A) (checked October 2, 2026): "Notwithstanding the provisions of other laws to the contrary, except Code Section 7-4-18, the parties may establish by written contract any rate of interest, expressed in simple interest terms as of the date of the evidence of the indebtedness, and charges and any manner of repayment, prepayment, or, subject to the provisions of paragraph (1) of subsection (b) of this Code section, acceleration, where the principal amount involved is more than $3,000.00 but less than $250,000.00 or where the lender or creditor has committed to lend, advance, or forbear with respect to any loan, advance, or forbearance to enforce the collection of more than $3,000.00 but less than $250,000.00."
O.C.G.A. § 7-4-18(a) (checked October 2, 2026): "Any person, company, or corporation who shall reserve, charge, or take for any loan or advance of money, or forbearance to enforce the collection of any sum of money, any rate of interest greater than 5 percent per month, either directly or indirectly, by way of commission for advances, discount, exchange, or the purchase of salary or wages; by notarial or other fees; or by any contract, contrivance, or device whatsoever shall be guilty of a misdemeanor;"
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