- Fast funding
- Quick application process
- Small business loans
The company specializes in small business loans and primarily helps businesses with a healthy cash flow. Their typical clients include medical and dental practices, grocery and retail stores, restaurants, hotel franchises, and e-commerce companies. Customers can qualify for up to $150,000, and get funded within just 24 hours.
Quick Application Process
While the qualification process could take weeks with some big banks, IOU Financial clients can prequalify in seconds and receive an offer for a loan in 24 hours. The company uses RiskLogic Score methods and has a pre-approval rate of 85 percent.
The small business loan process is fully automated and IOU Financial notifies clients if their credit qualifies in minutes, with just a soft credit pull; the pull does not impact client credit.
From there, the application is free, simple, and can be completed in three minutes. People also have the option to call a small business loan consultant, who can fill out the application for clients over the phone.
Small Business Loans
IOU Financial can provide funding within one day, and is geared toward businesses that are small retail or merchant-driven. Funding ranges from $5,000 to $150,000, and clients can choose a 6-, 9-, 12-, 15-, or 18-month repayment-term. Customers looking for more than the maximum $150,000 can renew their loan once it is 40 percent paid down. The loans work with a fixed daily payment, and payments are taken directly out of the client's bank account. The company works with true small business loans, and not with cash advances.
There are no prepayment fees, and IOU Financial was endorsed for honesty, value, and direct approach by Kevin O'Leary from ABC's Shark Tank. IOU Financial complies with federal, state, and local regulations, and is licensed in the states it does business with.
Not only is IOU Financial transparent, the company offers a variety of convenient features, including a live chat feature and a loan calculator. The live chat feature allows customers to receive immediate answers to questions, and the loan calculator estimates how much one's business can borrow with IOU Financial.