An IOU (I Owe You) is a legal document that sets out the details of a loan made between two people, a borrower, and a lender. The promissory note cannot be legally binding without the lender's and borrower's signature.In terms of complexity, a promissory note is less intricate than a standard loan agreement, yet binding and official, unlike most IOU forms. If interest is charged, the rate should be included with a repayment schedule. Loan Forgiveness Form (PDF, 1 page, 66KB)​​ A borrower should submit this form to apply to repay a loan through loan forgiveness. A personal loan agreement can protect both you and the borrower when you lend money. Use our step-by-step guide for how to write a personal loan agreement. Promissory Note Template. The NC SAFE Act requires licensure or registration for individuals and companies who engage in the mortgage business or process and underwrite mortgage loans. I am an attorney licensed to practice law in the State of North Carolina. 2.