Ready to accelerate your business?
We succeed when your business succeeds. Contact us to get started.
Frequently asked questions
Find quick answers by category.
We have organized the most common questions into helpful categories so you can quickly find what you are looking for. And if something is not here yet, we are always glad to point you in the right direction.
Frequently asked questions
Quick Answers: Your Finance Questions Solved
Real answers from real people who want the best for your business.
General Support
IOU Financial operates an internet-based lending platform aimed at owner-operated businesses with daily sales. IOU Financial’s platform accepts applications from businesses to apply for 6, 9, 12, 15, or 18 month loans that range between $15,000 and $1,500,000 and that are repaid daily, weekly, or bi-weekly over the term of the loan directly out of the business’ bank account.
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 Financial is licensed and/or registered with all states in which we conduct business.
IOU Financial reserves the right to service all business loans originated through its lending platform or send them to an outside agency.
No. IOU Financial is not a merchant cash advance company. Our loans are true business loans with fixed terms and payments.
From 2008 to June 2015 IOU Financial operated as IOU Central in the United States. As of 6/1/2015 the U.S. subsidiary took the name of its Canadian parent, IOU Financial. IOU Financial is now headquartered in Atlanta, GA.
Billing Questions
Log into the client portal, click on “Open Details” then “Loan payments Borrower”.
Email clientservices@ioufinancial.com or call 866-217-8564.
Email renewals@ioufinancial.com.
Click “Forgot my Password” on the client portal.
Email clientservices@ioufinancial.com or call 866-217-8564.
Log into the client portal, click on “Open Details” and look for the “Legal Agreements” tab.
Email clientservices@ioufinancial.com or call 866-217-8564.
Log into the client portal, click on “Open Details” then “Loan payments Borrower”.
Loan Questions
IOU Financial charges an origination fee (a percentage of the loan amount) to borrowers. A portion of the origination fee may be netted from the loan amount the borrower receives.
IOU Financial offers fixed interest loans. IOU Financial determines the amount of interest and adds it to the net loan amount. Each payment amount is exactly the same for the duration of the term with the exception of the last payment, which in most cases is slightly less than all other payments.
For a breakdown of the fees associated with IOU Financial’s Administrative and Servicing costs, please refer to this list:
Post Servicing Fees
- Loan administration fee: $695.00
- Legal fee: 15% of the principal and any interest then owed, plus costs of court.
- Collections fee: 25% of the principal and any interest then owed.
- Extension fee: Up to 30% of the loan’s unpaid balance
- Late charge: 5% of the unpaid Payment Amount; or at Lender’s election, an amount up to the maximum amount permitted by applicable law.
- Insufficient funds fee: To the extent not prohibited by law, Borrower agrees to pay a fee for each payment that Borrower has authorized, but which cannot be completed because the ACH debit is rejected by Borrower’s bank.
- UCC filing fee: $250.00
- Stack penalty fee: $2,500.00
- Site visit fee: $150.00
Personal Guarantees are required on every loan. We are not backed by the FDIC, and this provides protection for IOU Financial.
Yes, if you pay off the first half of your loan.
Email clientservices@ioufinancial.com or call 866-217-8564
IOU Financial may file a UCC-1 financing statement in certain situations. Upon full repayment of your loan, you may submit a written request for the UCC to be released via email to clientservices@ioufinancial.com.
Privacy & Security Questions
| IOU Financial does not sell, rent or trade your personal information to third parties or marketing firms for their promotional purposes. We do send communications periodically to inform you of the status of transactions or events related to your use of the IOU Financial web site. |
More information as it pertains to personal information we collect and the use of personal information is defined in our Privacy Policy.
IOU Financial goes through great lengths to make sure your information is secure. Here’s how:
|
SMS Verification: For extra security – you can enter your mobile number in the “Account Profile” Security section – for a text mobile PIN verification each time you log in – Text rates apply and IOU Financial is not responsible for your Texting charges.
We verify and validate identity by matching a multitude of database information including but not limited to: Credit rating agency databases, SOS databases, Banking institution databases, social media databases and the U.S. Department of Treasury OFAC lists. Prior to closing, we record a closing call and walk the owner through an out-of-wallet identification validation process.
If IOU Financial suspects that there is a loan with a borrower who has committed identity theft, we will work with law enforcement authorities to track down and prosecute these identity thieves. We have worked with State Postal Inspectors, Local Police and the White-Collar Crime Division of the FBI to help prosecute fraudsters and identify thieves.
Contact us
Still need help? Contact our team.
Whether you’re exploring funding or managing an existing loan, sometimes you simply want a human to help you understand what comes next. Reach out and we’ll guide you toward the support that fits your needs.
Business Lending. Simplified.
Ready to accelerate your business?
Start your financing journey with a simple, transparent application process. We succeed when your business succeeds, which is why doing right by small business owners will always come first.