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Free Promissory Note

The free promissory note on this page is a demand promissory note which typically calls for a single repayment of the total amount borrowed at a future time as determined by the lender.

We make provision for more than one borrower to be identified and specify both shall be held jointly and severally liable for the repayment of the loan. You can edit it to a single person if you wish.

We also provide other free blank promissory notes with different repayment options which may be better suited for your requirements such as:

  • Installment Note with equal payment amounts over a specified time;
  • Installment Note with perhaps smaller payments but with a final balloon payment;
  • Employee loan agreement;
  • Security agreement;
  • Note Guaranty etc.
Note: For additional legal guidelines and links to the above free legal templates, please refer to our main Promissory page.

Note: Our sample free promissory note provided below makes provision for interest. If no interest is charged, insert ZERO in the interest fields. Be sure to refer to the legal guidelines on interest charges.

Demand Promissory Note

Full Names ________________________________


Full Names ________________________________


Full Names ________________________________


The Borrower hereby unconditionally promises to

pay to the Lender the total sum of ______________________ ($________) together with interest calculated at the rate of __________percent (______%) per year on any unpaid balance.

Payable on Demand

The entire outstanding amount shall become immediately payable upon demand by the Lender or holder of this Note, but demand shall not be made before the _______day of _____________________20____.

Notwithstanding the above, the Borrower may prepay this Note in full or in part at any time prior to such demand without premium or penalty. All prepayments shall first be applied to accrued interest and thereafter to the principal loan amount.

Place and Method of Payment

Payment shall be made in cash or by bank guaranteed check which shall be handed to the Lender at a location mutually agreed upon by both parties.

At the time of payment the Lender may direct the Borrower to make an electronic transfer of funds or to deposit the cash or bank guaranteed check into the account of Lender as specified in writing.

Payment shall be made in the same currency as the original loan.

Should the Borrower not make full payment within _________days of demand, this Note may be turned over for collection and the Borrower shall pay any further amounts to cover the legal fees and expenses of collection, in addition to other amounts due.

Category: Bank

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