How long is the term of the loan?

1. How long is the IOU valid?

1, the general statute of limitations for IOUs is three years. That is, the statute of limitations for IOUs expires within three years after the agreed period of IOUs. If there is no agreed time on the IOU, the IOU shall have a statute of limitations within three years from the date of the deadline for borrowing.

2. Legal basis: Article 188 of the Civil Code of People's Republic of China (PRC).

The limitation period for requesting protection of civil rights from the people's court is three years. Where there are other provisions in the law, those provisions shall prevail. The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it. Where there are other provisions in the law, those provisions shall prevail. However, the people's court shall not protect the rights that have been damaged for more than 20 years. Under special circumstances, the people's court may decide to extend the time according to the application of the obligee.

Second, how to make IOUs legally effective?

The legally binding IOUs are as follows:

1. Legal full names of debtors and creditors;

2, the specific time and reason of arrears;

3. The amount owed, including the amount in words and figures;

4. The specific time and payment method of repayment;

5. Liability for breach of contract for overdue repayment;

6. Finally, the debtor shall sign, seal or fingerprint.

3. What kind of IOUs are invalid?

An iou is invalid under the following circumstances:

1, IOUs written without civil capacity;

2. The IOU is not the debtor's true intention;