IOU Financial Reviews and Ratings

IOU Financial

IOU Financial’s main goal is to make business financing simple. Unlike banks, IOU Financial doesn’t take weeks to approve their business loans because they understand that Canadian business owners don’t always have that kind of time. In business since 2008, IOU Financial is able to pre-approve 85% of its applicants and fund them with as little as 24 to 48 hours. If you own any of the following business, IOU Financial could be the right lender for you:

  • Medical practice
  • Dental practice
  • Grocery stores or markets
  • Retail stores
  • Restaurants

Business Hours
Monday-Friday: 8:30am to 5:30pm (EST)

Support Offered
Help Center/Blog Email Support Web Chat

Services Offered

Conditions & Rates


  • Interest rate:
    Starting at 15%
  • Amount:
    $5,000 – $100,000
  • Term:
    12 – 18 Months

Eligibility & Documents


  • Who is eligible:
    The business must be 1 year old
    Show 10 deposits per months, of at least $10,000
    Incur no more than 3 negative days and/or 5 NSF in any given month
    Show an average ledger balance of at least $3,000
    Owners must be Canadian citizens or have legal resident status
  • What you need to provide:
    3 months of bank statements
    Driver’s License
    Void cheque

Repayment & Issuance


  • How fast can you get the money
    24 hours
  • Funding method
    Direct deposit
  • How does repayment work
    Regular repayments from bank account

Reviews & Ratings


Review this lender
Note:

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.

Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.