Generate a comprehensive demand promissory note covering principal amount, interest, demand provisions, payment terms, late fees, default interest, acceleration, collateral, usury savings, waivers, governing law, and notary acknowledgment. Live preview with instant download.
I built this demand promissory note generator to help lenders and borrowers create professional, legally comprehensive demand notes without paying expensive attorney fees. A demand promissory note is one of the most flexible lending instruments available because it allows the lender to call in the full balance at any time, giving the holder maximum control over when repayment is required. This generator produces a thorough document that addresses all the essential provisions a demand note should contain.
The generated note covers every critical area: the promise to pay with proper identification of maker and holder, detailed interest provisions with support for fixed-rate, variable-rate, or zero-interest structures, demand and payment terms with configurable notice periods, late payment penalties, default interest rates, acceleration clauses, optional collateral and security interest provisions, a usury savings clause to protect against inadvertent violations of state lending laws, waiver of presentment, governing law selection, attorneys' fees provisions, notices, severability, and amendment procedures.
Every field updates the live preview instantly so you can see exactly how your note will read before downloading. The generator also includes optional sections for co-borrowers, secured collateral descriptions, notary acknowledgment blocks, and prepayment terms. Whether you are making a personal loan to a family member, providing business financing, or structuring an investment arrangement, this tool generates a document that protects both the lender's right to demand payment and the borrower's understanding of their obligations.
Key features include: configurable interest calculation methods (simple, compound monthly, compound daily), flexible demand notice periods, optional late fees as fixed amounts or percentages, default interest rate provisions, collateral description fields for secured notes, a built-in usury savings clause, dual signature blocks with optional co-borrower, and notary acknowledgment for added enforceability.
A demand promissory note is a debt instrument that is payable in full whenever the lender requests payment, rather than on a fixed maturity date. Unlike term notes with predetermined repayment schedules, demand notes give the holder the right to call in the entire balance at any time, making them more flexible for lenders.
The interest rate is subject to your state's usury laws, which set maximum allowable rates. Most states have limits ranging from 6% to 25% per annum. Our generator includes a usury savings clause to protect against inadvertent violations.
No, collateral is not required. A demand note can be either secured or unsecured. Secured notes reduce lender risk because collateral can be seized and sold if the borrower defaults. Common collateral includes real estate, vehicles, equipment, and financial assets.
If the borrower fails to pay after a proper demand, they are in default. The lender can file a lawsuit for the amount owed plus interest and fees, seize collateral if the note is secured, charge default interest rates, and recover attorney's fees if the note includes such provisions.
While not legally required in most states, notarization is strongly recommended. It confirms the signer's identity, creates a presumption of authenticity, may make the note self-authenticating in court, and deters fraud. Our generator includes an optional notary acknowledgment section.
A waiver of presentment is a clause where the borrower waives certain UCC procedural requirements including presentment, notice of dishonor, and protest. This simplifies and accelerates the enforcement process by allowing the lender to pursue collection without following these formal procedures.