A werewolf is a human cursed by bite or bloodright to transform into a monstrous, massive wolf on the night of the full moon every month... Or so tradition holds. Although the basics are correct - werewolves can be made or born, and they do indeed transform into larger-than-life wolves - it isn't just during the full moon. Young wolves tend to transform during the full moon due to an affinity with the lunar cycle, but older wolves can transform whenever they like. Likewise, young wolves tend to have little control or humanity while transformed, while older, more practiced members of their community can control their instincts to a degree. While they live longer than regular humans and have enhanced senses, they are still just people; they're cursed, not demons themselves. Their true curse isn't the transformation; it's dealing with what their animal instincts do to them.
Transformation. The ability to turn into an abnormally large wolf. Younger wolves (born or made) transform only around the full moon and are extremely out of control and savage. Older wolves can transform out of the lunar cycle and, with practice, learn to curb their savage tendencies, or at least guide them to wild animals instead of people.
Enhanced senses. When human, werewolves retain enhanced senses. Although they aren't as good as their wolf forms, they could still potentially track someone by smell and hear or see things most people can't.
Longevity. Werewolves have a longer life than most people, provided they manage to stay out of trouble. They are also hardier than humans, although they can be killed in regular ways while in their human form. In their wolf form, however, most conventional weapons are useless and damage can be minimised by transforming back into a human.
Silver and wolfsbane. As in legend, werewolves are susceptible to silver and wolfsbane, finding it poisonous. Although they can survive, if it's left untreated or is a large quantity, they will die. A silver bullet to the heart or brain will cause instantaneous death, even in wolf form. In human form, they are allergic to both of these items but can usually survive. Silver is a common way for hunters to track down werewolves. In human form, they are susceptible to most conventional weapons, but it takes more to kill them.
Lack of control. Werewolves are notorious for their short tempers in human form, often flying off the handle, particularly around the full moon. In werewolf form, they are savage creatures with little control over their bloodlust in their early years, slowly learning to curb it towards whatever their preferred quarry is.