Free Promissory Note – On Demand
This Promissory Note is between a borrower and a lender who can demand that principal and interest be paid immediately. This note sets forth the names of the parties, the amount of the note and the interest rate. This Promissory Note on Demand does not contain a prepayment penalty.
Disclaimer:This was not drafted by an attorney & should not be used as a legal document.
Promissory Note on Demand
For value received, I ___________________________ of _________________________ (“Undersigned”) hereby promise to pay to the order of __________________________ (“Lender”), the sum of $________________ (“Principal”), together with interest at the rate of ______ % per annum.
The Principal and the interest shall become immediately due and payable on demand by the Lender.
This Note may be prepaid in whole or in part at any time without premium or penalty. All prepayments shall be applied first to interest, then to principal payments in the order of their maturity.
This note shall be enforced in accordance with the laws of the state of _____________________.
Signed this _________ day of ____________________, ___________.
In the presence of: