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How is IOU Notes different
from Payday Loans?


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In this episode of Money Creation Explained, we are going to cover How is IOU Notes different from Payday Loans?

A payday loan is a short term loan that is offered to individuals to cover short term immediate cash needs until that individual gets their next paycheck. These small dollar (ranges from $50 to $1,000), high cost loans can charge up to triple digit annual percentage rates (APRs), and payments are typically due within 14 days. If the loan is not paid back in full in that 14 day period, then late fees are assessed and many of these type of loans rollover and renew themselves. This means any partial payments that were paid are mostly applied towards the interest and late fees and not the principal amount that was borrowed.

Payday loans function differently than personal and other consumer loans. Most companies that offer this type of loan are either through a physical branch with a payday lender or online. Many payday lenders have few requirements for approval. Most do not run any credit check on their customers or even verify that the borrower can repay the loan. All that is needed is typically a form of identification, a bank account, and a steady paycheck. According to many studies, payday loan APRs can total 400% or more when you factor in all the fees and interest. Many people that resort to payday loans, have poor credit or do not have other financing options.

IOU Notes works differently from payday loans in that users (individuals and business) are borrowing directly from other users on the platform. Since they are working directly with these other users they can easily, safely, and securely set the terms (1 - 24 months) and (0% - 5% interest rate).

IOU Notes is a peer-to-peer credit and loan platform.

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