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.



hand with money



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.
For additional legal guidelines and links to the above free legal templates, please refer to our main Promissory page.

pay the sum of

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.

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.






Copyright Notice



Demand Promissory Note

The parties to this loan agreement are identified as:

Borrower 1

Full Names ________________________________

Address___________________________________

Borrower 2

Full Names ________________________________

Address___________________________________

Lender

Full Names ________________________________

Address___________________________________

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.

Default
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.

Transfer of Note
The Lender may transfer this Note to another holder without notice to the Borrower and the Borrower agrees to remain bound to any subsequent holder of this Note under the terms of this Note, which shall accrue to the benefit of any holder and his/her legal representatives, successors and assigns.

Replacement of Note
The Borrower agrees to execute a new Note with the same terms and conditions and remaining value in the event that this Note is lost, stolen or mutilated. The Lender shall release the Borrower of all obligations under the lost, stolen or mutilated Note in lieu of a replacement new Note.

Joint and Several Liability
All Borrowers or Co-signors identified in this Note shall be jointly and severally liable for the repayment of the debt described in this Note and the terms of this Note shall be equally binding upon all successors, legal representatives and assigns. Where appropriate words signifying one gender shall include the others and words signifying the singular shall include the plural and vice versa.

Amendments
No amendment to any terms of this Note shall be binding unless in writing and signed by all parties.

Jurisdiction
This Note shall be construed, interpreted and governed in accordance with the laws of the State of _______________ and should any provision of this Note be judged by an appropriate court of law as invalid, it shall not affect any of the remaining provisions whatsoever.

Signed on this ________day of ________________________20____ at the following location ___________________________.

(1) Borrower Name _____________________________

Signature ________________________________

(2) Borrower Name _____________________________

Signature ________________________________

Lender Signature __________________________

Signed in the presence of:

(1) Witness Name _____________________________

Signature __________________________________

(2) Witness Name _____________________________

Signature __________________________________

***

Please note that all our free promissory note forms are provided for informational purposes only and you use them at your own risk.









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