Borrowing Fees

There are no fees for an online loan application with IOU Central. Fees are only charged if your loan application is funded.

Origination Fee

So your loan has been funded, congratulations! By now you’ve experienced the ease, security and euphoria of borrowing money from IOU Central, and you’re wondering what’s in it for us. Well, the answer is 4.95%.

At the time your loan is funded, a one-time “origination” fee of 4.95% will be subtracted from the total loan amount prior to arriving in your bank account. For example, if you borrow $15,000, a fee of $742.50 would be subtracted from the loan, and $14,257.50 would be deposited in your account.

Guaranty Fee

A loan guaranty fee is a charge accessed on a small business loan relative to the risk associated with it. IOU Central loans are not insured against losses by any government agency. This loan guaranty fee is collected on all loans to offset default costs associated with our small business lending activities.

Non Sufficient Funds (NSF) Fee

At IOU Central all the cards are on the table, and everyone gets a chance to play a fair hand. In that regard, we know that you’ll make good on your loan terms by ensuring your bank account is sufficiently funded when the daily loan payments are processed. If for some reason your daily loan payment fails due to insufficient funds, we’ll charge you a $25 NSF Fee. If you close or change your bank account, be sure to tell us—avoiding pointless fees and penalties is one more reason we’re all here in the first place! There may be a fee assessed to change bank accounts before loan payoff.

Processing Fee

If you happen to fall behind on your daily payments, which we hope never happens... and you opt to make a payment by check, you will be charged a $10 check processing fee.