Legal analysis: 1. An IOU with a stated repayment period has the same effect as an IOU. 2. IOUs that do not specify the repayment period can be converted through negotiation. For IOUs with no repayment period, the statute of limitations will expire within 3 years. When the lender discovers a typographical error, it can negotiate with the other party to convert it into an IOU. 3. IOUs that do not specify the repayment period must be converted after reminders.

Legal basis: "The People's Republic of China and the Civil Code"

Article 679 A loan contract between natural persons is established when the lender provides the loan.

Article 680: Usury lending is prohibited, and the interest rate for borrowing must not violate relevant state regulations.

If the loan contract does not stipulate the payment of interest, it will be deemed that there is no interest.

If the loan contract does not clearly stipulate the payment of interest, and the parties cannot reach a supplementary agreement, the interest shall be determined according to the local or parties' transaction methods, transaction habits, market interest rates and other factors; if the loan is between natural persons, it shall be deemed that there is no Interest.