What is the difference between a SAFE and a convertible note?

Both are ways to raise early money that converts into equity later, usually at a future priced round. The main differences:

• A convertible note is debt: it typically has an interest rate and a maturity date when it could become repayable.
• A SAFE is not debt: it generally has no interest or maturity date.

Both often include a valuation cap and/or discount. Pay close attention to how multiple instruments will dilute founders when they convert.

This is general information, not legal advice — speak to a licensed lawyer about your situation.