An IOU is a lot like a promissory note as well as a loan agreement. They are all agreements that are used to pay back money that is owed. This is not, however, a negotiable i… See more

You should use an IOU when you want to record an amount of money that was loaned to someone. … See more

Writing a simple IOU is very straightforward. You are mostly documenting the agreement between you and another party with regard to borrowed money. Yo… See more

No IOU document is actually legally binding. You cannot use an IOU in court, and you cannot point to it to compel someone to pay you back. This is why you need to be … See more

When you don’t have an IOU agreement in place, you will be creating a verbal agreement. This is never a great idea unless you are very sure that you can trust the person … See more