1. Legal full names of borrowers and lenders;
2. The loan amount, including the amount in words and figures;
3 loan term, including the start and end date of the loan and a clear loan term;
4. Specific repayment date;
5. The loan interest should have a clear annual interest rate or monthly interest rate, and the final total loan interest payable (including the amount expressed in words and figures);
6. The date, month, day, time and payment method of debt service;
7. Personal signature, handprint or handwritten signature of the borrower.
Article 197 of the Contract Law
A loan contract shall be in written form, unless otherwise agreed between natural persons. The contents of the loan contract include the loan type, currency, purpose, amount, interest rate, term and repayment method.
Article 15 of the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases.
The plaintiff brings a private lending lawsuit based on the creditor's rights certificates such as IOUs, receipts and IOUs, and the defendant raises a defense or counterclaim based on the basic legal relationship, and provides evidence to prove that the creditor's rights dispute is not caused by private lending. The people's court shall try the case according to the basic legal relationship on the basis of finding out the facts of the case.
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Precautions:
1. The IOU is actually the settlement of past economic exchanges between the two parties. It only represents the pure creditor-debtor relationship, not the loan contract relationship. So when you borrow money, avoid writing IOUs.
2. In practice, lenders and borrowers are often closely related, not related. Once the borrower fails to repay the loan within the time limit, the lender will often be rejected by the court because of unclear creditor's rights and debts.