Strongly not recommended
Would you recommend IOU Central to your friends?
Thanks for your vote!
You voted: May or may not recommend
Where does IOU Central do business?
IOU Central is a direct lender based in Kennesaw, GA. It was founded in 2009 and offers access to business loans in 50 states (and Washington, DC).
What are IOU Central’s rates?
IOU Central offers business loans with fixed APRs starting from 60.01% to 98.84%.
Does IOU Central charge an origination fee?
Yes, IOU Central charges a loan origination fee of 7.8% to 8.8% of the loan amount. IOU Central deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does IOU Central set on the purpose of the loan?
IOU Central considers loan applications for business purposes, such as:
What types of business loans does IOU Central offer?
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:
- Unsecured term loans
- Secured Term Loans
Does IOU Central charge prepayment fees?
No, IOU Central does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow from IOU Central?Loan amounts start at $5,000 and go up to $300,000.
What is the maximum loan term you can get with IOU Central?
IOU Central offers business loans with terms ranging from 6 to 18 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.
What do you need to qualify for a loan with IOU Central?
Applicants with a credit score of at least 640 can apply for a loan via IOU Central. IOU Central requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $120,000.
Only U.S. citizens and permanent residents can apply for a loan. To qualify, applicants may need to provide the following documentation:
- Proof of Identity
- Proof of Income
What is the estimated funding time for a business loan via IOU Central?
IOU Central can approve (or deny) a loan application within 1 hour and fund business loans within 1 business day of approval.
600 TownPark Lane
Kennesaw, GA 30144 USA
- Visit Site
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|Origination Fee||7.8% - 8.8%|
|Credit Score Range||
640 - 850
850 300 640
|Immigration Status Considered||
|Minimum Months in Business||12|
|Verification Documents Required||
|Loan Amount||$5K - $300K|
|Loan Term (Months)||6 - 18|
|APR (Fixed APR)||60.01% - 98.84%|