Where does IOU Central do business?

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)

What are IOU Central’s rates?

IOU Central offers business loans with APRs ranging from 25% and up to 90%.

Does IOU Central charge an origination fee?

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. 

What limitations does IOU Central set on the purpose of the loan?

Some lenders only provide business loans for certain purposes. IOU Central offers considers loan applications for the following reasons:

  • Equipment purchase
  • New location
  • Product or service expansion
  • Working capital
  • Business debt refinance

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 a late fee?

Yes, IOU Central charges borrowers with a late payment fee.

Does IOU Central charge prepayment fees?

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.

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 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.

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 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.

  • Credit Score Range
    640 - 850
  • Minimum Revenue
  • Minimum Years in Business
  • Origination Fee
    Starting at 6%
  • Business Loan Type
    • Unsecured Term Loan
    • Secured Term Loan
  • Intended Use of Funds
    • Business Debt Refinance
    • Equipment Purchase
    • Lease Improvements
    • New Location
    • Product or Service Expansion
    • Working Capital
  • Approval Speed (Hours)
  • Loan Amount
    $5000 - $300000
  • Loan Term Range (Months)
    Up to 12
  • APR
    25% - 90%
  • Max Loan Term (Months)
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