IOU Form

Whether you're borrowing money or providing a loan to someone else, an IOU Form is a great way to establish a record of the transaction and make sure that repayment terms, for example, are clear and fair. With an IOU Form, you can outline all of the terms and conditions of the loan, so be sure to get it done before money changes hands.

Use the IOU Form document if:

• You plan to loan money to another person or business, and would like to formalize the agreement.
• You're looking to borrow money from a private party or a business, and you'd like to get all the terms in writing.
• You're involved in a loan that includes interest, and you wish to prepare an amortization table for both parties.
• You need a written record determining the amount of a monthly loan payment.
• You've been asked to create a Promissory Note on behalf of a lender and borrower to outline the terms of a loan.