I.O.U

I.O.U

This contract serves to identify a monetary transaction between {Borrower’s Name}, hereafter referred to as “Borrower,” and {Lender’s Name}, hereafter referred to as “Lender,” and to outline the requirements for reimbursement between the two parties.

On {date}, the Lender loaned the Borrower ${amount} for the purpose of {purpose of loan.}

Terms (Check all that apply):

□ The Borrower agrees to leave {his/her} {car, title, etc.} at the Lender’s residence as collateral until the debt has been repaid.

□ The Borrower will repay the entire debt in one lump sum on or before {date}. If Borrower does repay the entire amount by {date}, the following consequences will apply: {List consequences here.}

□ The Borrower will pay off the debt in {weekly, monthly, etc.} installments in the amount of ${amount} every {period of time} until {date}.

□ The Lender will receive an additional {percentage, interest, fee, etc.} in the amount of ${amount}.

Violations

Both parties agree to abide by the specifications outlined in this contract.

If either party violates the terms of this contract, the following consequences will apply: {List consequences here}.

(Borrower’s Signature)		(Date)
(Lender’s Signature)		(Date)
(Witness’ Signature)		(Date)