Promissory Notes

Demand Promissory Note - Promissory Note Payable on Demand

A Demand Promissory Note is relatively a simple note in the arrangements of interest rates and repayment. This note does not carry a fixed end date, but is due when the lender demands it to be repaid. That is, the borrower doesn’t need to pay back the loan until the lender demands. Generally, the lender gives the borrower a certain period of time until the repayment is due.

A Promissory Note on Demand usually has the following information:

The name of the borrower
The date of the loan
The amount of the loan
The interest rate to be charged