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  IOU Central Small Business Loans

IOU Central Small Business Loans

in Business Loans from IOU Central

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IOU Central Small Business Loans

Unaffiliated

in Business Loans from IOU Central

Net Recommendation Score -100%

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-100%

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Highlights
Community Rating

Rating not yet determined  

Loan Amount $5,000 - $300,000
APR  (Fixed APR) 60.01% - 98.84%
Loan Term (Months) 6 - 18 months

IOU Central Small Business Loans Review

IOU Central Small Business Loans is a business financing offering by IOU Central, based in Kennesaw, GA. Founded in 2009, IOU Central offers access to business loans in 50 states (and Washington, DC).

IOU Central Small Business Loans FAQ

What are IOU Central Small Business Loans’s rates?

IOU Central Small Business Loans offers a fixed APR business financing product that ranges from 60.01% APR up to 98.84% APR.

Does IOU Central Small Business Loans charge an origination fee?

Yes, IOU Central Small Business Loans charges a loan origination fee of 7.8% to 8.8% of the loan amount. IOU Central Small Business Loans 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 Small Business Loans set on the purpose of the loan?

IOU Central Small Business Loans considers loan applications for business purposes, such as:

  • Business Debt Refinance
  • Equipment Purchase
  • Hiring
  • Inventory
  • Lease Improvement
  • New Location
  • Payroll
  • Product or Service Expansion
  • Technology Investment
  • Working capital

What types of business loans does IOU Central Small Business Loans 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 Small Business Loans provides access to the following business loan types:

  • Unsecured term loans
  • Secured Term Loans

Does IOU Central Small Business Loans charge prepayment fees?

No, IOU Central Small Business Loans 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 Small Business Loans?

Loan amounts start at $5,000 and go up to $300,000.

What is the maximum loan term you can get with IOU Central Small Business Loans?

IOU Central Small Business Loans 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 IOU Central Small Business Loans?

IOU Central Small Business Loans requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $120,000 to be considered.

Applicants with a credit score of at least 640 and up to 850 may be eligible for IOU Central Small Business Loans.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the IOU Central Small Business Loans product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by IOU Central Small Business Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Proof of identity

What is the estimated funding time for a business loan via IOU Central Small Business Loans?

IOU Central Small Business Loans can approve (or deny) a loan application within 1 hour and fund business loans within 1 business day of approval.

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Contact

  • Headquarters
  •   600 TownPark Lane
    Suite 140
    Kennesaw, GA 30144 USA
  •   Visit Site

About IOU Central Small Business Loans

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee  
Origination Fee (%) 7.8% - 8.8%
Credit Score Range 640 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Months in Business 12
Minimum Revenue $120,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
Loan Amount $5,000 - $300,000
APR (Fixed APR) 60.01% - 98.84%
Loan Term 6 - 18 months

IOU Central Small Business Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

-100%

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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