How much interest is allowed?

Korea’s Interest Limitation Act (이자제한법) caps interest at 20 % a year, and anything above is void. This refuses a rate or a default rate above 20 % rather than printing a clause that would not hold.

Why is the amount written in words as well?

A figure on its own can have a digit added to it. Writing the amount out in Korean words and ending it with 정 (금 일천만원정) is how Korean IOUs and receipts close that door.

Is the note enough to get the money back?

It is the key evidence of the loan and its terms, but not enough on its own to enforce it: an unpaid loan still goes through a payment order or a lawsuit. A notarised deed (공정증서) can be enforced without a trial. Where you can, lend by bank transfer so there is a record too.

Is this legal advice?

No. For a large sum or an expected dispute, talk to a Korean lawyer or the Korea Legal Aid Corporation.

Korean IOU (차용증)

A loan between people in Korea, written down the way Korean paperwork expects.

Examples temporarily replace the input and settings. You can restore your previous work.

Amount lent (won)Date lentRepayment dateInterest (% a year; leave empty for none)Interest paid on (day of the month)Default interest (% a year, optional)Account to repay into (bank, number, holder)Lender’s nameLender’s addressLender’s phoneLender’s resident registration no. (optional)Borrower’s nameBorrower’s addressBorrower’s phoneBorrower’s resident registration no. (optional)Joint guarantor’s name (leave empty for none)Guarantor’s addressGuarantor’s phoneGuarantor’s resident registration no. (optional)Special terms (optional)Date signed

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Preview

Your files stay on your device

This tool runs entirely in your browser. Nothing is uploaded, nothing is stored, and you can even turn off your internet connection before you start.

Example

Worked example — Korean IOU (차용증)

Use the following inputs and settings. Keep other settings at the page defaults.

Item	Value
Date lent	2026-11-02
Repayment date	2026-11-02
Date signed	2026-11-02
Output files	1
PDF pages	1
PDF	210 × 297 mm

Expected result — PDF · PDF pages: 1. The image shows the first PDF page.

How it works

Enter the amount, the date it was lent and the repayment date. Type the amount in figures; the Korean words (금 ○○원정) are written for you.
Enter the interest rate and the day it is paid, or leave it empty for an interest-free loan, which puts the clause saying so on the note.
Fill in the lender, the borrower and, if there is one, a joint guarantor; a guarantor adds the joint-guarantee clause and a signature block.
Download the PDF, print one per party, sign or seal each, and keep one each.

Frequently asked questions

How much interest is allowed?: Korea’s Interest Limitation Act (이자제한법) caps interest at 20 % a year, and anything above is void. This refuses a rate or a default rate above 20 % rather than printing a clause that would not hold.
Why is the amount written in words as well?: A figure on its own can have a digit added to it. Writing the amount out in Korean words and ending it with 정 (금 일천만원정) is how Korean IOUs and receipts close that door.
Is the note enough to get the money back?: It is the key evidence of the loan and its terms, but not enough on its own to enforce it: an unpaid loan still goes through a payment order or a lawsuit. A notarised deed (공정증서) can be enforced without a trial. Where you can, lend by bank transfer so there is a record too.
Is this legal advice?: No. For a large sum or an expected dispute, talk to a Korean lawyer or the Korea Legal Aid Corporation.

Your files stay on your device

Example

Worked example — Korean IOU (차용증)

How it works

Frequently asked questions

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