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HOW IT WORKS
How it works
Lending money to family or friends can be a touchy subject: You want to help, but you also want to get paid back. A Promissory Note Due on Demand can help you rest assured you will be paid back on your terms. Create a Promissory Note Due on Demand to protect the money you've lent and ensure you are repaid.
A Due on Demand Promissory Note gives you control of when you'll be repaid in full. It's a great way to acquire more control over a loan made to family or friends. The Due on Demand Promissory Note differs from a standard Promissory Note in that it is payable "on demand." In other words, repayment is due immediately on your request. A Promissory Note is also a legal contract that allows you to enforce payment of the loan should the borrower default. Provisions regarding the amount of the loan, the interest rate and the date the loan must be repaid are included in this document. You can also set your own interest rate. Be aware that most states regulate the amount of interest a lender may charge. So, be sure to set fair interest rate terms.
Other names for this document: Note Payable Due on Demand
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