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
other’s account.
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Crypto
Currency Blockchain Coin
10 Million Max Supply Industry
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Note: IOU
Notes is a for profit company and any funds donated are not
tax deductible. We declare any donations as company revenue
and pay the applicable taxes on it.
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