Sample Note

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All About Writing Notes & Sample Notes

Demand Promissory Note

A demand note is a type of promissory note or loan note without any specified time for the repayment of the loan and is held by the lender that he can use it any time and call the borrower for the repayment of a loan.  These notes are provided by the lender in a flexible manner and usually based on a long term in which the lender never asks for the repayment of the loan to borrower unless he needs his money. When the demand notes are created by the loan parties, there is no kind of payment terms and conditions and the note does not contain a due date like other loan notes. In the note it is clearly stated that the borrower is bound to repay the amount of loan along with the applied rate of interest whenever the lender demand it. The interest rate of the demand note is determined on the organization of the loan. It is also known as call loan. If the borrower fails to repay the loan amount within an appropriate period of time, the lender can take any action against the borrower.

For a borrower, it is important to specify a period within which a lender cannot ask or demand for the repayment. It can be long term and short term and can charge high interest rate or a moderate interest rate. If the interest rate is high, the borrower should try to pay off the loan amount collectively. Demand notes if used for a mortgage loan, then there is no need to ask the borrower for making payment. Demand notes can be transfer to another person and a new holder of the demand note can any time call for the repayment of the loan.

A Sample Demand Note

Amount $__________

Date ______________

I  (Borrower)              promise to pay on demand the undersigned, for the value received in the order of  (Lender)__________ the sum of ______$ write amount  along with the interest rate from the date of receiving loan to the date of payment at the rate of ______% per annum.

In case if the note is not paid within 10 days of the demand, the undersigned will then pay all attorney’s fees and reasonable amount of all the costs of collection.

Executed at _______ on ________ 20____

Signature of the promissory _____________

Permanent address ____________________

Signature of the lender ________________

Permanent address ____________________

Tips to create a Demand Note

  • Write the date and the principal amount of the loan in dollars at the right top of the sheet.
  • Then write a promissory note including the name of the borrower, the name of the lender, the unpaid amount of the loan together with the interest rate per annum.
  • Include terms and conditions of the demand note like payment method, due date after demand note, and the penalties if the borrower fails to pay off the loan amount.
  • At the end of the promissory note, write the name of the borrower and lender, their signatures and permanent address.

Related Notes

  • Payment Promissory Note
    Payment notes are also known as notes payable are a type of contract or agreement that comes into existence between two parties when one party receive a loan from another party for a specific period of time with a due date and with a specific amount of interest rate charged on it annually. Payment notes that are based on a period of one year or less are known as short payment notes while those having a period greater than one year are considered long term payment notes. Payment notes can be on p...
  • Simple Promissory Note
    A simple promissory note is a loan document that shows an agreement between two parties and bounding the lender and the borrower legally. A simple promissory note is based on a number of details of the loan such as the amount of the loan, the names of both the parties, contact information of the parties, applied interest rate and a specific date or due date on which the borrower has to pay back the loan amount to the lender. The purpose of adding a list of information in a simple promissory note...
  • Unsecured Promissory Note
    As the name implies an unsecured promissory note is a promissory note in which a borrower doesn't have to put something that is equal to the value of the loan amount as collateral such as car, house or any other type of property. An unsecured promissory note has also a legal value and one party can sue the other party in court in case of violation of the terms.  Unsecured promissory notes, like simple and personal promissory notes are common for loans in which the parties, the lender and the bor...
  • Payable Note (Promissory)
    A payable note is a note in which a promise is made by a borrower to pay the debt on a specific date and is used as a liability on the balance sheet of the borrowing company. It is a pure accounting term and is widely used in the business sector. Payable note involves a written promissory note that is based on the loan amount, company information and date of return. A payable note is free from any kind of interest and the borrower have to pay back the principal amount to the lender. As the borro...
  • Secured Promissory Note
    This type of note is a written document that is backed by a property as a collateral or security for the loan amount. In a secured promissory note, it is stated that if the borrower is failing to repay the loan amount on the due date, the lender will then take your property. There are many lenders who never pay the loan amount without any security and is usually used in commercial or real estate loans. Secured promissory a bit stressing on the part of the borrower because if due to any reason th...

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