IOU Financial Review: Here Is The Information You Need
IOU Financial offers working capital to small business owners. According to the company’s website, ioufinancial.com, IOU Financial has been lending to small businesses since 2009 and funded over US$1 billion in loans. The company’s mailing address is 600 TownPark Lane, Suite 100, Kennesaw, GA 30144 and they can be reached at 1-866-217-8564.
IOU Financial Pros and Cons
Unitedcapitalsource.com conducted a review on IOU Financial. According to this review, IOU Financial offers fast funding times, a simple application with same-day approval, and has a low credit score requirement and no prepayment fees. On a negative note, IOU Financial is known to have high interest rates with lots of fees, including an origination fee and only offers short-term financing. IOU Financial requires frequent repayments and businesses cannot directly apply for funding. Information from this review was obtained on September 7, 2023.
IOU Financial Cost
The same review conducted by unitedcapitalsource.com states that IOU Financial has some significant fees associated with their loans. They charge an origination fee that ranges anywhere from 7%-9% of the borrowing amount. IOU Financial also charges a guarantee fee to reduce risk and a loan administration fee of $495. This information was obtained on September 7, 2023.
BBB: IOU Financial Review
The Better Business Bureau is a nonprofit organization that collects and provides free business reviews to consumers and businesses in the US and Canada. You can visit the Better Business Bureau website to view the full IOU Financial review. As of September 7, 2023, IOU Financial received a 1 out of 5 stars for a total of 1 customer review.
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