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General Questions
What is IOU Central?
IOU Central operates an internet-based lending platform aimed at owner-operated businesses with daily sales. IOU Central allows owner-operated businesses with daily sales (cafes, restaurants, retail stores, dry cleaners, medical offices, franchisees, etc.) to apply for 6 or 12 month loans that range between US$5,000 and US$100,000 and that are repaid daily over the term of the loan directly out of the business’ bank account.
Is IOU Central Regulated?
Our lending activities are subject to federal, state and local regulation. We must comply with applicable state laws, including state lending laws and licensing and disclosure requirements. IOU Central is licensed and/or registered with all states in which we conduct business.
Does IOU Central service the loans?
Yes, IOU Central services all business loans originated through its lending platform. In certain cases, the account is sent to an outside collection agency.
What is the Origination Fee?
IOU Central charges an Origination Fee to borrowers. The origination fee is 4.95% and will be deducted from the loan proceeds prior to depositing the loan in your bank account. For example, if you receive a $20,000 loan with a 4.95% origination fee of $990.00, you will receive net proceeds of $19,010.
Is IOU Central a Merchant Cash Advance Company?
No, IOU Central is not a merchant cash advance company. Our loans are true business loans with fixed terms and payments.
How much capital can I borrow?
IOU Central offers loans from $5,000 to $100,000 depending on the monthly cash flow of your business.
What is a Loan Guaranty Fee?
Simply put 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.