SAFE vs convertible note for seed round - which should we use?

Sorry for the wall of text. Raising our seed round ($750K target). Have interest from 3 angels and 1 small fund. Everyone seems flexible on structure.

Our lawyer mentioned both SAFEs and convertible notes as options. I've read the Y Combinator guide on SAFEs but still confused about which makes more sense for us.

What are the actual pros/cons? And how do we think about valuation caps? We're pre-revenue but have a working product and 2K beta users.

Idk but perfect. Going with SAFE, $5.5M cap, no discount. Talked to our investors and they're all good with it. Using the YC post-money SAFE template tbh.

Thanks everyone for the education - this thread was way more helpful than the 10 blog posts I read.