In this episode of
Money Creation Explained, we are going to cover What is IOU
Credit?
IOU Notes is a peer-to-peer credit and loan platform that is
not based on a person's traditional credit score (FICO), but
rather on their IOU Credit Report and their ability to pay
back others. Every user on the IOU Notes platform can decide
who to give credit and/or lend to, how much and the terms
(1- 24 months) and (0% - 5% interest rate).
The IOU Credit feature allows businesses to extend credit to
other individuals and businesses. A business sets the credit
limit for a user and then that user can receive credit to
purchase goods and/or other services from that business.
Payment is made at a later time to that business through
user’s IOU Notes Platform account prior to the agreed due
date at the interest rate set by the parties. For
illustration purposes, User A (John Doe) requests from User
B (ABC Restaurant) an IOU Credit Request in the account by
locating user (in this example User B - ABC Restaurant) that
they want to request credit from and clicking on IOU Credit
button. The IOU Notes platform next gets this request and
sends an email to User (in this example User B - ABC
Restaurant) and also notification gets placed into their IOU
Notes platform account. The user will then be given access
to view the other user’s account profile, and IOU Credit
report where they can decide if they should give that user
(individual or business) credit and how much. The business
can also set in their account for everyone or a case by case
basis other parameters such if there is an interest rate and
that rate and credit length term for each purchase.
With IOU Notes, small business are able to extend their own
internal credit to other businesses and individuals with a
central platform that not only records the transactions,
what they are for, etc. but can also facilitate the moving
of credit and repayments between the parties that can
accessed through any Internet enabled device (cell phone,
tablet, desktop computer, or laptop).
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