Can an IOU stipulate interest What is the legal requirement for interest on an IOU

The interest rate of the IOU can be stipulated, and the interest rate of private loans can be appropriately higher than the interest rate of the bank, but the maximum shall not exceed four times the interest rate of the same type of loan of the bank, and the excess part is not protected by law.

Private lending is a civil act, which is subject to the constraints and protection of civil law and contract law. However, according to Article 211 of the Contract Law, "if the loan contract between natural persons stipulates the payment of interest, the interest rate of the loan shall not violate the relevant provisions of the state on restricting the interest rate of the loan".

At the same time, according to the relevant provisions of the Supreme People's Court's Several Opinions on the Trial of Loan Cases by the People's Courts, "the interest rate of private lending may be appropriately higher than the interest rate of banks, but the maximum shall not exceed four times the interest rate of similar bank loans".

Private loans can be agreed on interest, but "usury" with an interest rate of more than 36% is not protected by law.

The first paragraph of Article 211 of the Contract Law stipulates that if there is no agreement on the payment of interest in the loan contract between natural persons or the agreement is not clear, it shall be deemed that no interest shall be paid. The lender can only require the borrower to pay interest when repaying the principal if the two parties agree in a written or oral agreement in advance that it is an interest-bearing loan; Otherwise, it will be regarded as an interest-free loan, and the lender shall not require the borrower to pay interest.

First of all, it is necessary to distinguish between IOUs and IOUs, the two are not the same, the IOU relationship is to write IOUs, IOUs can agree on interest, and interest exceeding the annual interest rate of 24 is not protected by law. The IOU should be accompanied by proof of receipt, if the bank transfer is finally remarked at the time of transfer, if the cash delivery should be written.

The annual interest rate is less than 24%, which is fully protected by law; Between 24% and 36% per annum, those that have been paid are protected, and those that have not yet been paid are not protected by law; More than 36% of usury, more than partially, illegal. Where the interest rate agreed upon by the borrower and the borrower does not exceed 24% per annum, and the lender requests the borrower to pay interest at the agreed interest rate, the people's court shall support it.

Extended information: An IOU is usually a documentary written when a civil subject owes money or goods to others. The IOU shall contain the information of both parties, the reason for the unpaid funds or goods, the details of the subject matter of the unpaid (such as the amount of funds, the name of the goods, the quantity of the goods, the information with specific directions or identifications, etc.), the method of return, the time of return, etc., and shall be signed or sealed by the issuer of the IOU.

The reason for the formation of an IOU is a specific fact of borrowing; There are many reasons for the formation of IOUs, which can be based on a variety of facts, such as arrears arising from facts such as sales, labor services, and enterprise contracting. The legal consequences are different.

The statute of limitations for IOUs and IOUs with an agreed repayment period is the same, but there is a difference between the statute of limitations for IOUs and IOUs without an agreed repayment period. For IOUs without an agreed repayment period, the lender may request repayment from the borrower at any time, and the statute of limitations shall be calculated from the time when the right holder asserts its rights, and the validity of the IOU shall be up to 20 years; If the IOU does not stipulate the performance period, it is a settlement of the past economic exchanges between the two parties, and the statute of limitations shall be calculated from the date of issuance of the IOU, and the right holder shall claim its rights with the people's court within three years from the date of issuance of the IOU.

Generally, the holder of the IOU only needs to briefly state the facts of the loan to the judge; The holder of the IOU must state to the judge the fact that the IOU was formed, and if the other party denies it, the holder of the IOU must provide further evidence to prove the fact that the IOU was formed.

Interest is the fee for the use of money for a certain period of time, and refers to the remuneration received by the holder of the currency (creditor) from the borrower (debtor) for lending money or monetary capital. This includes interest on deposits, loans, and interest on various bonds. Under capitalism, the source of interest is the surplus value created by wage workers.

The essence of interest is a special form of transformation of surplus value, which is part of the profit.

Interest (interest) in the abstract refers to the amount of value added by the injection and return of monetary funds to the real economic sector. The formula for calculating interest is: interest = principal interest rate deposit term (i.e. time).

The IOU does not explicitly state the interest and is not legally required to pay interest. If interest is stated, it should be paid.

Legal analysis. The debtor of the IOU shall pay interest, but the basis for paying interest is to bear the default liability for late payment, and the standard of interest shall refer to the People's Bank of China.

Published benchmark lending rates for the same period.

There are two prerequisites for discussing whether interest should be calculated on arrears: first, the claims and debts contained in the arrears are legal and valid; Second, the creditor has not been arrested by the statute of limitations.

Loss of right to prevail. The determination of the statute of limitations for IOUs is to a large extent consistent with the above-mentioned time for assuming liability for breach of contract, because if the debtor delays payment, the creditor should naturally know that its rights have been infringed, and if the parties make an extension of the time for repayment of the arrears, the statute of limitations will naturally be interrupted and recalculated, so the default of the debtor of the IOU delaying payment is inevitably related to the creditor's knowledge that its rights have been infringed. An IOU is a voucher written by an individual or unit to a relevant unit or individual when it owes money or goods.

IOUs are also known today as "jujube trembling plum white strips". IOUs are also common in daily life to prove that one party owes the other party property, a kind of voucher application style. Write down the amount of arrears and the reason for arrears, and the debtor can sign and write the year, month and date.

There is no requirement to have a fingerprint, just a signature. At the same time, they need to be adults who can independently carry out legal civil legal acts.

shall have the force of law.

Legal basis. Civil Code of the People's Republic of China.

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

Article 668: The loan contract shall be in written form, unless otherwise agreed upon between natural persons. The content of the loan contract generally includes the type of loan, currency, purpose, amount, interest rate, term and repayment method.

Article 669 When entering into a loan contract, the borrower shall, as required by the lender, provide the true information about the business activities and financial status related to the loan.

Legal analysis: interest can be agreed, but in practice, many creditors misunderstand that private loans cannot be charged with interest, so the interest is only verbally agreed, and not written into the IOU. In fact, the law stipulates that the private borrower and the borrower can agree on an interest rate within four times the interest rate of the loan market.

Legal basis: Article 470 of the Civil Code of the People's Republic of China The content of the contract shall be agreed upon by the parties and generally include the following clauses:

1) The names and addresses of the parties;

b) the subject matter; iii) quantity;

iv) Quality; 5) Price or remuneration;

6) the period, place and method of performance;

7) Liability for breach of contract;

8) Methods of Dispute Resolution.

The parties may conclude a contract with reference to the model texts of various types of contracts.

It cannot exceed 37% of the bank's interest rate for the same period, and the excess part is not protected by law

Legal analysis: It is legal to write interest on the IOU, and the interest rate of private lending can be appropriately higher than the interest rate of the bank, but the maximum shall not exceed four times the interest rate of the same type of loan of the bank, and the excess part is not protected by law.

Legal basis: Article 674 of the Civil Code of the People's Republic of China The borrower shall pay interest within the agreed time limit. Where the term for paying interest is not specified in advance or the agreement is not clear, and it is still uncertain in accordance with the provisions of Article 510 of this Law, and the loan period is less than one year, it shall be paid at the same time when the loan is returned; If the loan period is more than one year, it shall be paid at the end of each year, and if the remaining period is less than one year, it shall be paid at the same time when the loan is returned.