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When an IOU may not help you get your money back
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The law will not sanction an illegal moneylending contract.
PHOTO: PIXABAY
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If you plan to lend someone money, don’t count on just getting the borrower to sign an IOU note, because this does not work as well as it does in the movies.
For one thing, if the borrower cries foul and accuses you of being a loan shark, you could end up in jail for illegal moneylending.
