All you have to do is enter the principal, interest rate, and repayment date to complete the clause. The preview on the right is immediately reflected exactly as the actual A4 printout, and can be saved as a PDF or downloaded as a Word file.
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03Save as PDF · WordDownload with the print margins adjusted.
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01lender (creditor)
02borrower (debtor)
03Borrowed money and repayment conditions
If you enter only numbers for the principal amount, commas are added after every three digits. Contracts exceeding the legal maximum interest rate (currently 20% per annum) are void.
04Signature / Seal
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Preview · A4
Page 1 · Actual output ratio
borrowing certificate
LOAN AGREEMENT
borrowed principal
lump sum Expedition (₩ )
Creditor (person who lends money)
name
birth date
address
contact
debtor (person who borrows money)
name
birth date
address
contact
The debtor receives the above amount from the creditor. I confirm that I have borrowed the money and promise to repay it as follows.
Article 1 (Repayment Date) The debtor pays the above borrowed principal amount. Repay creditors until the
Article 2 (Interest) Interest is annual %, and the debtor is paid to If the agreed interest rate exceeds the maximum interest rate set by the Interest Restriction Act, the excess portion shall be invalid.
Article 3 (Method of repayment) The deposit account is and account transfer records are regarded as evidence of repayment.
Article 4 (Delayed Damages) If the debtor delays payment, the period from the date of delay to the date of full payment % delay damages are added to the payment.
Article 5 (Loss of profits within a limited period) If the debtor delays payment of interest or is subject to compulsory execution, provisional seizure, or bankruptcy due to other debts, the benefit of the deadline is lost upon notification by the creditor, and the debtor must immediately repay the entire remaining principal and interest.
Article 6 (Costs and Jurisdiction) The cost of performing this obligation shall be borne by the debtor, and any dispute arising from this instrument shall be governed by the court having jurisdiction over the creditor's address.
Article 7 (Special Provisions)
The agreement is made as above, and to prove it, two copies of this certificate are prepared, signed or sealed by the creditor and the debtor, and each keeps one copy.
creditor
address
name(person)
debtor
address
name(person)
Longer content will have an A4 border and page count. One sheet of writing instructions is added to the Word file.
What kind of document is an IOU?
An IOU is a document that states the fact that money has been borrowed and the conditions for repayment. The official name is Money Consumption Loan Agreement, but in practice, it is more commonly called an IOU. The closer the relationship, the more often people go back and forth without documentation, which is why fights arise more often.
This document does three things: It tells you how much you borrowed, when you will repay it, and what happens if you can't repay it. In particular, the payment due date must be written down because it is the starting point for the statute of limitations.
An IOU alone does not prove that money was actually handed over. If you send it by bank transfer and keep the transfer details, or if you gave it in cash, receiptPlease keep it separate. If the transaction is for business purposes rather than for people service contractIt is better to write a contract that suits your personality.
Formatting
The text is one A4 page. The borrowing principal and information on both parties are placed at the top, followed by seven provisions ranging from the repayment date to special provisions below. At the end, the date of writing and signatures on both sides are entered. If you download it in Word, a page of writing instructions will be attached at the end.
1Amount and Parties
Borrowed principal (Korean, numbers)
Creditor's name, date of birth, address, contact information
Debtor's name, date of birth, address, contact information
Date of borrowing (date of grant)
2Articles and signatures
Article 1 Payment due date Article 2 Interest
Article 3 Repayment method and deposit account
Article 4 Delay Damages Article 5 Loss of Profit by Deadline
Article 6 Costs and jurisdiction Article 7 Special provisions
Creation date · Signature or seal of creditor and debtor
I recommend this to people like this
A person who lends money to an acquaintance
Even if you are close, you want to document the amount and deadline.
borrower
If you want to prevent excessive interest or demands later by making the conditions clear.
When it is necessary to leave out that it is a loan rather than a gift.
Businesses who frequently make small loans
If you are lending money to a business partner or employee and need a standard form.
Things you can easily miss when writing
01Be sure to send the principal by bank transfer and keep the transfer details with your IOU. The flow of documents and money must match.
02Enter the interest rate as an annual percentage rate. If you write down something like “2% per month,” it becomes 24% per year, which is higher than the legal maximum interest rate.
03If repayment is made in installments, please write down the amount and date for each installment in the special agreement.
04If the amount is large, consider notarizing it, and if there is real estate collateral, consider setting up a lien.
Frequently Asked Questions
Does the IOU have legal effect?
there is. If the parties freely wrote it, it is effective as a contract and becomes important evidence in a lawsuit. However, compulsory execution cannot be carried out with just the IOU, and execution is possible only after obtaining a judgment or making a notarized deed.
How much interest can I receive?
It cannot exceed the maximum interest rate (currently 20% per annum) set by the Interest Limitation Act. The excess interest agreement is invalid, and the excess interest already received is deemed to have been applied to the principal. Conversely, if you do not write down the interest agreement at all, it is difficult to claim interest in principle, so if you plan to receive interest, be sure to write it down.
Do I need to write down my resident registration number?
It's not strictly necessary. You can also identify people by name, date of birth, and address. If you write down your entire resident registration number, there is a high risk of losing it, so it is safer to check your ID and keep a separate copy.
Do I need to get it notarized?
It is not mandatory. However, if the amount is large, it is recommended to make a notarized deed. If you include a warrant for compulsory execution in a notarized deed, you can immediately apply for compulsory execution without a lawsuit if you do not pay back.
How long can I claim?
In principle, the statute of limitations expires after 10 years for personal loan claims, and 5 years for claims arising from commercial activities, making it difficult to file a claim. The statute of limitations is calculated from the payment due date, so be sure to write down the due date. If you pay off part of the debt or acknowledge the debt, the statute of limitations starts again.
Do I need to use an IOU even if I borrow money between family members?
It's better to write. If there is no documentation and no record of interest payments, it may be viewed as a gift in a tax audit. It becomes easier to explain the fact that it is a loan if you actually exchange interest and keep a record of it.
What if I don't pay back?
We request repayment with proof of contents and keep a record, and if repayment is still not made, we file a payment order or file a lawsuit to return the loan. If there is a provision for loss of profits due as in Article 5 of this form, you can claim the entire remaining amount at once even if you are repaying in installments.
Is what I write saved on the server?
It is not saved. The information you enter and the uploaded stamp photo are processed only within the browser, and PDF and Word files are also created on the user's device.
This is general information for guidance purposes, and interest caps and statutes of limitations may vary depending on revisions to laws. If the transaction involves a large amount of money or collateral, check with a lawyer or paralegal.
IOU Reviews
These are stories left by people who actually filled out and submitted IOUs. It contains notes on areas where you got stuck while writing or the results after submission, so it is often more helpful than a guide for first-time users.
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