Letters and Forms

What is the difference between a promissory note on installment and a promissory note on demand?


An installment promissory note is used when the repayment of the loan is made on a periodic (usually monthly) basis, while a demand promissory note is used when the loan should be repaid in full upon the lender's demand.? With an installment promissory note, the borrower will be able to spread the payments over a period of time.