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Understanding financial instruments is crucial for making informed decisions about your money. Whether you’re considering a loan or drafting a promissory note, having the right knowledge can significantly impact your financial health and future. Our detailed articles will guide you through the complexities and help you make confident financial decisions.

    20M+ Documents Created Since 2015

    Promissory Note

    If you want to facilitate a personal loan between family or friends, you can benefit from a promissory note.

    A promissory note is a written agreement where one party promises to repay a loan amount. This promise-to-pay agreement outlines agreed-upon terms, including repayment schedules, interest rates, and penalties. Both parties review and sign it to accept their obligations.

    20M+ Documents Created Since 2015

    Loan Agreement

    When lending money, use a loan agreement to set clear terms and provide legal protection.

    A loan agreement is a legally binding contract between a borrower and a lender. It defines the repayment terms, interest, and fees, and protects both parties. If the borrower fails to pay the lender back, the document explains the consequences and provides legal recourse.

    20M+ Documents Created Since 2015

    Demand Letter

    A demand letter is a quick way to settle disputes without going to court. It puts your request in writing and shows you're serious.

    A demand letter is a formal document that asks someone to fulfill an obligation, like paying a debt or honoring a contract, before taking further legal action. A good demand letter is clear, calm, and convincing. It lays out the facts, explains what you want, and gives the other party a chance to fix the problem before things escalate.

    20M+ Documents Created Since 2015

    I Owe You (IOU)

    It’s recommended to put your IOU in writing, even for small or personal loans. Written agreements carry more weight than verbal ones.

    An I Owe You (IOU) agreement is a written record of a debt that includes the borrower’s intent to repay it. This document details when and how the borrower will pay the debt and provides recourse for non-payment. Generally, an IOU applies to informal loans between family, friends, or trusted borrowers.

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