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Create a free Promissory Note (also known as an IOU) to document your loan.
However, it is less formal than a loan contract.
This type of note carries less risk to the Lender and usually allows the Borrower to pay a lesser interest rate. I am going to share with you several promissory note samples to help you write one most suitable for your needs. A Promissory Note, also referred to as an IOU, is a contract documenting a financial promise between two parties.
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