Iou installment plan form

What is an IOU Form?

I Owe You(s)' or IOUs are often thought of as informal loan agreements, but both the lender and the borrower can benefit from having a written and signed agreement. Sometimes IOU Forms are called Debt Acknowledgment Forms, but they perform the same function.

A signed IOU Form shows the lender that the borrower is, in good faith, planning on paying back the loan. And if they don't, they have a legal document that can be used to recover what is owed to them.

When to use an IOU Form:

• You are loaning a person money and want a record of the agreement.
• You are accepting a loan from someone and want the terms in writing.
• The loan includes interests and payment information that needs to be outlined.

Sample IOU Form

The terms in your document will update based on the information you provide

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