IOU Central is a lending platform based in Kennesaw, GA. It was founded in 2009 and offers access to business loans in 50 states (and Washington, DC)
IOU Central offers business loans with APRs ranging from 25% and up to 90%.
Yes, IOU Central charges a loan origination fee starting at 6% of the loan amount. IOU Central deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Some lenders only provide business loans for certain purposes. IOU Central offers considers loan applications for the following reasons:
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. IOU Central provides access to the following business loan types:
Yes, IOU Central charges borrowers with a late payment fee.
Yes, IOU Central charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
Loan amounts start at $5,000 and go up to $300,000.
IOU Central offers business loans with a maximum term of 12 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
Applicants with a credit score of at least 640 can apply for a loan via IOU Central.
IOU Central requires businesses to be in business for at least 2 year in business. Active duty servicemembers and their covered dependents cannot apply for a loan via IOU Central. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.