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Cover Image for IOUs: What They Are and How to Make Them Legitimate

IOUs: What They Are and How to Make Them Legitimate

An IOU, also known as an "I Owe You" note, is a document that acknowledges a debt or financial obligation between two parties. It is a writt…

Cover Image for Consequences of Defaulting on a Loan: What Financial Institutions Can Do

Consequences of Defaulting on a Loan: What Financial Institutions Can Do

Defaulting on a loan can have severe consequences, not only for your credit score but also for your financial well-being. When you fail to r…