Demand Loans
A Demand Loan is a loan with no specific maturity date, but payable at any time. Only interest is paid until the principal is paid off. The borrower may, however, pay off the loan early, without incurring a prepayment penalty.
Features and Benefits
- Available under special circumstances such as bridge financing or
interim financing for home renovations. - Rates and terms are determined by the application.
- Flexible repayment schedule allows the loan to be paid off early
without penalty. - Life and disability insurance are available on most loans.
