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What are IOU Loans?


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In this episode of Money Creation Explained, we are going to cover What are IOU Loans?

IOU Notes is a peer-to-peer credit and loan platform that is not based on a person's traditional credit score (FICO), but rather on their IOU Credit Report. Every user on the IOU Notes platform can decide who to give credit and/or lend to, how much and the terms (1- 24 months) and (0% - 5% interest rate).

The IOU Loans feature allows users to conduct loan transactions between themselves safely, and securely. In the IOU Loans section of your account, select to either make an IOU Loan Request (request from other user a loan for needed help) or Offer (offer to other user a loan for needed help). Next enter the amount of the loan total requested or offered. Then select the loan reason from a long list of choices generated and stored in the platform (user can save their own custom entered choices also for future use). If other reason was selected, a text box would appear for customization.

Next set the terms, including loan length (1-24 months) and interest charged (0% - 5%). Then set the funding method, which includes either default method of transferring funds from IOU Notes account or offline method Cash or Check. If user selects either Cash or Check, the IOU Notes platform will still have all the transaction details but since the Cash or Check transfer will not take place on platform it is up to both users to verify that loans funds were given or received. Next, if user wants to include a receipt, invoice, or other item to include in the loan transaction record there is an upload file icon where user can attach a photo or file from their device. After all IOU Loan details are entered, the user submits the request by clicking on the submit button.

The platform would next receive the request from User A and send request to User B by email and also as a notification in their IOU Notes account. Once User B accepts loan request or offer, transaction details (date, user info, loan amount, reason, length, terms, funding method, etc.) gets recorded in both User A and User B accounts. The user that received the loan will have the amount recorded as a liability and the user that gave the loan will have the amount as a future receivable. In the event that one user does not accept or declines the request, or offer, then the transaction does not take place and does not get recorded and posted to each otherís account.

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