Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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.
Most enterprises have to be generating a solid yearly income and have a presentable business plan to even prequalify for a large loan with decent conditions.
If you’re applying with IOU Financial, you’ll need to prove that your business:
Some of the personal and financial documents that IOU may request or inspect during the application process include but aren’t limited to:
If you’re thinking of visiting them, the IOU Financial head office is located in Montreal, Quebec and is open from 9 am – 5 pm from Monday to Friday. They also have a North American branch in Atlanta, Georgia (United States) and a call centre that’s available during their regular business hours.
However, IOU’s potential clients can apply on their website or over the phone and it only takes 3 minutes to get pre-approved. If your business qualifies for financing, you can expect to receive a loan offer within 24-48 hours. If all goes well, that loan should be deposited directly into your business bank account soon after.
Generally, your approval chances will rely heavily on your business’s annual income. IOU will also use their ‘business risk score’ when you apply to assess the chance that you’ll make or default on your future payments.
It’s always important to research your possible lender so you can be sure that they are a legitimate organization selling the right credit products for your finances.
Luckily, IOU Financial stands out among other business lenders because they:
According to the IOU website, eligible businesses can get approved for loans of $5,000-$100,000 spread across repayment terms of 6-18 months.
As mentioned, businesses that have already qualified and completed over 40% of their first loan repayment plan can potentially get approved for a second loan. Within their FAQs page, they also state that businesses with exceptional annual cash flows can secure loans of $10,000 – $500,000 (US dollars).
Along with these primary business loan costs, IOU may charge:
While IOU’s loan calculator may show you how much loan principal and interest you will pay by the end of your repayment period, the cost you see may not include their origination, guaranty, or service fees. Additionally, your daily or weekly payments will be automatically withdrawn from your bank account upon each due date and a penalty will apply if you have insufficient funds.
Be sure to talk to one of their sales representatives about IOU’s full loan costs so you can factor them into your business budget before you commit to applying.
Another step you should take before applying is to compare all the negative and positive aspects of your potential business loan. In the case of IOU Financial, the benefits and drawbacks are as follows:
Your Canadian enterprise is important to you. Therefore, you should always know the right questions to ask your financial advisor and potential lender. After all, the solution you choose can affect your business’s finances in a positive or negative manner.
Here are a few questions that you shouldn’t forget to ask about IOU Financial:
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Commercial Loan | $5,000 – $100,000 |
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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