Is DebtTracker really free?

Yes. You can track up to 3 people completely free, with no credit card required. Premium is $9.99 per year and gives you unlimited tracking.

How do I track who owes me money?

Sign up, tap "Add Debt", enter the person's name and amount. As they pay you back, log each payment and the remaining balance updates automatically.

Can I send a payment reminder to someone?

Yes. Every debt has a "Send Reminder" button that generates a shareable link. The recipient sees a page showing what they owe and can pay via PayPal or Venmo.

Is my financial data private?

Completely. Your data is only visible to you. Passwords are hashed with bcrypt, sessions are signed with JWT, and every query is scoped to your account.

Can I track debts for a business or freelance work?

Yes. The Projects feature lets you group debts and expenses by client or project, making it easy to track outstanding balances across multiple jobs.

Is a handwritten IOU legally binding?

In most U.S. states, a handwritten IOU can be legally binding if it contains the essential elements: names of both parties, the amount owed, a date, and signatures. For amounts under $5,000, a well-written IOU is usually sufficient for small claims court.

What's the difference between an IOU and a promissory note?

An IOU is an informal acknowledgment that money is owed. A promissory note is a formal legal instrument with specific repayment terms, interest rates, and default consequences. For casual loans between friends, an IOU is usually enough.

Do I need a witness for an IOU between friends?

A witness isn't legally required for an IOU to be valid, but having one strengthens it significantly. A digital record like a debt tracker entry serves a similar purpose.

Can I use an IOU template for amounts over $10,000?

You can, but you probably shouldn't rely on just an IOU for large amounts. Above $5,000-$10,000, consider a formal promissory note drafted or reviewed by an attorney.

What if the borrower refuses to sign an IOU?

If someone won't sign a simple acknowledgment of what they owe, that's a red flag. At minimum, document the loan via text message and save their response.

Template

Free IOU Template: Download & How to Use It

An IOU doesn't need to be complicated. Below you'll find a simple, copy-ready template for personal loans between friends, family, or anyone else -- plus the legal basics that make it worth the paper it's written on.

Why Bother With an IOU?

When you lend money to someone you trust, writing up an IOU feels unnecessary. But memory is unreliable. Three months from now, neither of you will remember the exact amount or timeline.

Simple IOU Template (Copy & Use)

IOU -- Personal Loan Agreement

Date: ___ | Borrower: ___ | Lender: ___

I, [Borrower], acknowledge that I have received $____ from [Lender] on the date listed above. I agree to repay this amount in full by ____ (date or "upon request").

Borrower's signature: ___ | Lender's signature: ___ | Witness (optional): ___

What Makes an IOU Legally Valid

An IOU needs five things: clear identification of both parties, a specific dollar amount, a date, repayment terms, and signatures. For personal loans under $5,000, this is usually sufficient for small claims court.

The Digital Alternative: Track IOUs Without Paper

Paper IOUs get lost. A digital IOU tracker keeps a permanent, timestamped record. DebtTracker logs every IOU and tracks partial payments automatically.