If you are loaning money to someone, make sure you get paid back by having them sign this Demand Promissory Note.
- A demand promissory note is a note that must be repaid in full (including all interest) when the lender demands repayment.
- Interest on the principal amount accrues at a fixed rate and is calculated monthly.
- The principal can be prepaid by the borrower at any time without a penalty or premium being charged.
- The promissory note is a legal contract. When the borrower signs it, they are making a promise to repay the loan. If they don't pay it on time, you can take legal action.
- This is a generic legal form which is not country-specific.
Download a free copy of the Demand Promissory Note and keep it handy for the next time you make a loan to anyone.
Last Updated: 14-April-2016