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How to create an IOU for a loan or purchase? What Is an IOU? Do you need a IOU Template? Download this professional IOU.doc template now!

An IOU is a phonetic acronym of the words "I owe you", which is a letter or document that acknowledges the existence of a debt between the lender and the borrower. An IOU is often viewed as an informal written agreement rather than a legally binding commitment. If you are lending money or planning to borrow money from someone else, you may want to use an IOU form to keep track of the loan agreement. This form is an essential document and not only keeps a written record of the loan transaction but also protects you and your interests. You may also hear IOU forms being referred to as “I owe you” forms or “debt acknowledgment” forms.

What is an IOU form?

Although IOU's are not always formal documents, they are designed to clearly and explicitly set out the details and terms of a loan transaction. Both the borrower and the lender should retain a copy of the document so that both parties have a written record of the loan terms.

When to use an IOU?

There are many different circumstances in which an IOU would be the ideal document. If you are planning on loaning money to a business or an individual borrower, an IOU form is a great way to formalize and record the loan agreement. If you are the borrower, this form is essential for you as it provides the terms of repayment in writing thereby avoiding any potential confusion or questions about when and in what manner to make the repayments.

Why you should use an IOU?

An IOU is designed to protect the interests of all the parties involved in a lending and borrowing transaction. By documenting the exact amount of the loan and the repayment details, the lender is protected should there be any dispute at a later date. By stating the terms and schedule of repayment, the borrower should be protected from any abuses related to the repayment of the loan. When an iou is created, both parties should carefully review the document before the loan is finalized so that each party is able to confirm that there is no misunderstanding as to any of the terms.

What is included in an IOU?

In order to make sure that your IOU is comprehensive and complete, you should confirm the document includes certain information and details about the transaction. In most cases, you should include the names and contact information of both the borrower and the lender (clearly stating which party is which), the date that the loan will be made, the amount that is being loaned, the method of repayment including amount and frequency and the details of any interest.

This ready-made IOU template is well suited for any kind of personalized business matter. Communicating in a professional way between lender and borrower makes the understanding clear. Using our ready to use IOU and easy to modify brings you an extra motivation and inspiration, and gives you more time to focus on important subjects in your personalized file.

This way, you avoid later possible misunderstandings. The following is covered in this IOU:

Borrower
Lender
Principal sum of ${{Amount}}
Terms
Payment
Repayment schedule
Interest
Security
Prepayment
Costs and Fees
Waiver
Successors and Assigns
Joint and Several Liability
Amendment
Severability
Notifications
Governing Law

This agreement, (the “Note”), shall be due and payable, including the principal and any accrued interest, in one of the following ways:

Once per week beginning on and to continue every seven (7) days until the balance is paid.
Once per month beginning on and payment is due on the of every month until the balance is paid.
Other: All payments made by the Borrower are to be applied first (1st) to any accrued interest and then to the principal balance. The total amount of the loan shall be due and payable on the day of ...

Keep things organized and tidy with this IOU document template. This IOU will help you keep track of payments and prevent any misunderstandings. Keep your finances in check and avoid disputes with our IOU template. This is the perfect way to keep things neat and tidy.

IOU

FOR VALUE RECEIVED, the undersigned, (the Borrower ), located at address, hereby promises to pay to the order of (the Lender ), located at , address, the principal sum of together with interest on the principal balance, and in accordance with the terms set forth below.. In the event that any of the provisions of this Note are held to be invalid or unenforceable in whole or in part, the remaining provisions shall not be affected and shall continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Note..

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Download this I Owe You document template now to make arrangements for your loan or purchase!

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How to create an IOU for a loan or purchase? What Is an IOU? Do you need a IOU Template? Download this professional IOU.doc template now!

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