More information about the Promissory Note - On Demand

When should a demand promissory note be used?

A demand promissory note (aka "promissory note on demand") is used when the entire amount of owed money is due upon the lender's demand (often referred to as "call"), and when no prior payments for either the borrowed principal or the accrued interest are required.

What information should a demand promissory note include?

A demand promissory note should include the principal amount of the loan, the interest rate, the borrower's printed name and signature, and the date that the loan is made.