Does an iou have legal effect without a guarantor?

Legal analysis: A privately signed IOU is valid without a guarantor. Small loans between private individuals do not need a guarantor, and such IOUs also have legal effect. If the amount is huge, it is best to need a guarantor to protect everyone's legitimate rights and interests.

Legal basis: Civil Code of People's Republic of China (PRC).

Article 667 A loan contract is a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.

Article 668 A loan contract shall be in written form, unless otherwise agreed between natural persons.

The contents of a loan contract generally include terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.

Article 669 When concluding a loan contract, the borrower shall, at the request of the lender, provide the true information about the business activities and financial status related to the loan.

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