Personal Loan IOU (I Owe You)
I. Preamble
This IOU acknowledges that [YOUR NAME], henceforth referred to as the Borrower, residing at 789 Pine Lane, Springfield, IL 62704, and reachable via email at [YOUR EMAIL] or contact number 222 555 7777, owes a sum of money to the Lender identified below. The details provided confirm the Borrower's intent to fully repay the loan according to the terms herein.
II. Lender Information
Lender's Full Name: Jane Smith
Address: 321 Elm Street, Springfield, IL 62704
Email Address: janesmith@email.fict
Contact Number: 222 888 1111
III. Loan Details
Principal Amount: $15,000
Loan Issue Date: January 1, 2050
Expected Repayment Date: January 1, 2055
Interest Rate (Annual): 4%
Additional Terms: The Borrower agrees to provide quarterly updates on the usage of the loan funds.
IV. Repayment Terms
Total Due (Principal + Interest): The Borrower shall repay a total of $18,000, inclusive of both the principal loan amount and accrued interest, as outlined in this agreement.
Payment Method: The Borrower shall make payments via bank transfer to an account designated by the Lender. Alternative payment methods, such as certified check or cash, may be used if mutually agreed upon.
Repayment Frequency: The Borrower shall make monthly payments of $300. Payments are due on the first of each month, beginning February 1, 2050, until the total due amount is repaid.
V. Governing Law
This IOU Agreement shall be governed by and construed in accordance with the laws of the State of Illinois. Any disputes arising from this agreement will be resolved under the jurisdiction of the Circuit Court of Sangamon County, Illinois.
VI. Signatures
By signing below, both parties agree to the terms and conditions outlined in this Personal Loan IOU Agreement.
Jane Smith
Lender
January 1, 2050
[YOUR NAME]
Borrower
January 1, 2050
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