Basic IOU
Basic IOU (I Owe You)
I. Loan Details
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Date: [Loan Date]
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Lender: [Your Name]
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Borrower: [Borrower's Name]
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Amount Borrowed: $[Loan Amount]
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Interest Rate: [Interest Rate] per annum
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Repayment Date: [Repayment Date]
II. Terms of Agreement
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The Lender agrees to lend the Borrower the sum of $[Loan Amount] under the conditions outlined in this IOU Agreement.
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The Borrower agrees to repay the Lender the full amount borrowed, along with any accrued interest, by the Repayment Date specified above.
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The Borrower acknowledges that failure to repay the loan by the agreed-upon Repayment Date may result in additional penalties and legal action.
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Any changes or amendments to this agreement must be made in writing and signed by both parties.
III. Repayment Plan
The Borrower agrees to repay the loan according to the following schedule:
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[Repayment Schedule 1]: $[Repayment Amount] due on [Repayment Date]
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[Repayment Schedule 2]: $[Repayment Amount] due on [Repayment Date]
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[Repayment Schedule 3]: $[Repayment Amount] due on [Repayment Date]
IV. Interest
Interest on the loan will accrue at a rate of [Interest Rate] per annum, calculated from the date of disbursement until the loan is fully repaid.
V. Security
[Optional: Include any collateral or security provided by the Borrower, if applicable.]
VI. Signatures
In witness to their agreement to the terms and conditions outlined above, the parties affix their signatures below:
[Your Name]
Lender
[Date]
[Borrower's Name]
Borrower
[Date]
