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An IOU note is a financial agreement that documents a promise to pay borrowed money. This kind of contract is generally used when loans are made to friends and family members to assure borrowers realize the money is a loan and not a gift.

Financial lenders use an IOU note with most forms of loans. When banks Wholesale Jerseys China , credit unions, mortgage providers, or credit card companies engage in financing they document the promise to pay with a promissory note.

Irrespective of the title, IOU notes need to record the amount of borrowed funds, rate of interest Wholesale Jerseys , installment amounts and due dates, and date of maturity. When personal loans surpass $1,000 it is smart to incorporate a default clause that explains what happens if borrowers default on payments.

Even though relatives and friends usually feel uneasy about providing an IOU note, it is far better to have payment arrangements in writing to prevent discord. Numerous relationships have been damaged because a person didn't pay back their personal loan.

Promissory notes must be signed by the lender and borrower to be legally binding in a court of law. Depending on the type of financing given, promissory notes may have to be notarized and contain signatures from witnesses that validate they were present when the note was signed.

Individuals can buy preformatted promissory notes through office supply merchants or download forms online. Most word processing software includes IOU note templates. The person lending money only needs to fill in the blanks Cheap Soccer Jerseys China , print the form, and obtain required signatures.

If lending more than $1,000 it is recommended to seek services of a lawyer to draw up loan agreements or promissory notes. Some people prefer to secure the loan using some form of collateral that has value equal to or greater than the amount of borrowed funds.

With personal loans, collateral can be just about anything that is valuable. Personal loans can be safeguarded with jewelry, antiques Cheap Soccer Jerseys , property titles, and any type of personal property owned by the borrower. When banks and credit unions provide real estate loans, the property is used as collateral. The same holds true for motor vehicle loans.

It is smart to acquire legal advice when loaning money for real estate investment property or business startups. The Internal Revenue Service demands personal loans that surpass $13,000 to be safeguarded with a notarized IOU note to validate the loan is not a gift. Without the note, the IRS will assess gift tax against the borrower.

Financial institutions can impose permitted interest rates against lent money. Individuals must comply with state usury laws and are prohibited from charging higher rates than banks. Anyone that charges interest rates that are higher than permitted by law can encounter legal repercussions. A reliable source for identifying usury law limits is .

Although no laws exist that demand private lenders safeguard loans with an IOU note Cheap Jerseys China , this little piece of paper can protect lenders if loan default takes place. It also goes a long way in preventing misunderstandings. Additionally, an IOU note is crucial for providing proof to the court and helps lenders acquire court ordered judgments if borrowers do not abide by settlement conditions.
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