Is the undertaking to pay back the money an IOU?

Count. But it's different. Judging from the legal effect, the repayment commitment letter and the IOU have a wider scope of effect. As far as the effect on people is concerned, the legal effect of IOUs is wider, involving both borrowers, while the effect of repayment commitment only binds the promisor, and the other party can not abide by it. Legal basis: Article 667 of the Civil Law of People's Republic of China (PRC) is a loan contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest. Article 668 A loan contract shall be in written form, unless otherwise agreed between natural persons. The contents of a loan contract generally include terms such as loan type, currency, purpose, amount, interest rate, term and repayment method. Article 669 When concluding a loan contract, the borrower shall, at the request of the lender, provide the true information about the business activities and financial status related to the loan.