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Making a Promissory Note Due on Demand
Lending money to family or friends can be a touchy subject: You want to help, but you also want to get paid back. Using a Promissory Note Due on Demand can help to ensure that you will be paid back on your terms. The document differs from a standard Promissory Note because it is payable "on demand." In other words, repayment is due immediately on your request. Create a Promissory Note Due on Demand to protect the money you've lent and ensure you are repaid.
Use the Rocket Lawyer document builder to create a customized Promissory Note Due on Demand. You will answer key questions about yourself, the borrower, the amount of the loan, any interest you plan to charge, the terms of payment, and additional details. Your answers will be included in your customized document.
You can use the Promissory Note Due on Demand if:
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.
Payment terms are specific to each Promissory Note. With Rocket Lawyer, you will be able to define terms concerning early payment, interest rates, and due dates. Please be aware that most states regulate the amount of interest a lender may charge, so you may want to ask a lawyer about the laws regarding interest rates where you live.
The major difference between a secured and unsecured Promissory Note is collateral. A secured promissory note, as the name partially implies, is secured by some form of property (i.e. collateral), while an unsecured promissory note does not involve collateral. If the borrower defaults on a secured Promissory Note, the lender gets to keep the collateral (the property that was used to secure the loan).