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  1. #1

    IOU Central's Lower Cost ACH Merchant Loan Starting @ 12.99% http://ioucentral.com

    • Non-Collateralized simple interest Business loans up to $100k
    • 14.99% simple interest rate on 12 month loans. 12.99% on 6 month loans.
    • Ability to lower total cost with early repayment.
    o Upon early loan repayment, future interest is not paid.
    • Online credit approval, submission, closing & funding process
    • No re-underwriting or changing of loan terms after disclosed by UW.
    • Borrowers in repayment programs of tax liens are ok.
    • Save SBO’s on average $1250 per $10,000 borrowed vs. MCA’s.
    • Lower cost of repayment at longer terms vs non-bank business lenders
    OTHER KEY ADVANTAGES
    • OK to have other business loans.
    • Loan funds can be used for ANY business purpose.
    • No to minimal prior-to-closing verifications. (VOR – Vendor)
    • We qualify off total business cash flow, not just credit card receivables.
    o Larger loan amounts available.
    • Do not have to change out Credit Card processor.
    • Technology platform to manage sales team pipeline easier.
    • Business loans are tax deductible. (consult your accounting professional)
    • No fee to apply or qualify.
    • Very fast approval process – Within 48hrs.
    • Limited Documentation.
    o Only 6 mos bank statements & a voided check from the reviewed account
    o 2 yrs business tax returns
    • Use loan to help build business credit.
    • Apply for new/renewal loan when initial loan paid down 50%.
    Key Requirements
    • Businesses with Daily or Constant sales preferred – Retail / Cash & Carry
    • Must be in business >2yrs or more
    • BK discharged >2yrs
    • Clean Bank Statements with limited NSF’s and Negative Ending Days
    • Min $3000 average daily balance
    • 15+ deposits per month
    • Minimum >$10,000 deposited per month
    • 80% of ownership must sign and guarantee our loans



    Colt McDaniel
    Account Executive


    IOU Central
    600 TownPark Lane, Suite 140
    Kennesaw, Ga. 30144
    678-894-1773 (Direct)
    866-217-8564 X419 (phone)
    colt@ioucentral.com

  2. #2
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    IOU Central's Lower Cost ACH Merchant Loan Starting @ 12.99% http://ioucentral.com

    Is it true you guys will uw 2nd lien advances ??

  3. #3
    Yes. If a merchant has an existing advance or a loan we can still fund them as long as the advance is three month old.

  4. #4
    Senior Member Reputation points: 2218
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    You should point out that you also charge a 5% fee, so effective rate for 12 month loan is 1.20 Which is still a very good rate.

  5. #5
    You are looking at the 14.99% rate as a factor and not simple interest. There is a calc of our website that you can use that will show you a complete breakdown of the costs at www.ioucentral.com. The merchant can reduce their cost if they pay off early, and there is no "double dipping" the merchant on renewals. PM me is you would like to setup a call to go over the benefits of being a partner with IOU.

  6. #6

    "Double Dippng"

    Quote Originally Posted by Colt McDaniel View Post
    You are looking at the 14.99% rate as a factor and not simple interest. There is a calc of our website that you can use that will show you a complete breakdown of the costs at www.ioucentral.com. The merchant can reduce their cost if they pay off early, and there is no "double dipping" the merchant on renewals. PM me is you would like to setup a call to go over the benefits of being a partner with IOU.
    Can you tell me what you mean by no double dipping on renewals?

    Thanks,
    James

  7. #7
    Senior Member Reputation points: 12452
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    Quote Originally Posted by Colt McDaniel View Post
    Yes. If a merchant has an existing advance or a loan we can still fund them as long as the advance is three month old.
    What precautions are taken to make sure that:

    A) the business can handle the repayment of the previous obligation along side your new financing?
    B) you are not enabling/allowing the merchant to breach their contract with the previous funding company?

  8. #8
    Funding pro, did you get a pm with the answer?

  9. #9
    It just doesnt seem plausible to require so many stips just for an approval

  10. #10

    IOU Central's Lower Cost ACH Merchant Loan Starting @ 12.99% http://ioucentral.com

    Agreed...way too many stips just for a PRE approval

  11. #11
    The only docs required for full underwriting is 6 month of business bank statements and a credit pass. Once numbers are sent out the deal has already been underwritten (48 hours) and the merchant is APPROVED!

    Our Technology based system allows for fast underwriting, fast approvals, and fast funding, with the average time from submission to funding being 3-4 days, i would say that a whole lot better than 7-10 days. Not to mention we are ONLY wholesale, and are not going behind you to fund the merchant. We are one of the lowest cost 12 loans in the industry, and the ONLY lender offering to give the merchant a discount on their cost by renewing or paying off early, as we are a simple interest loan. We provide better end credit for a better end merchant!

  12. #12
    Senior Member Reputation points: 30475 Zach's Avatar
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    So we can sell them on a 14.99 simple rate loan with a 4.9% origination fee for 12 months?

    Far cry from the 1.42 new logic loans I sell every day

    What kind of commissions can we put in that?

  13. #13
    Zach - Give me a call @ 678-894-1773 and we can discuss what kind of partner relationship you are looking for and go over the commissions

  14. #14
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    Commissions are low but hopefully the increased sales volume offsets it.

  15. #15

    IOU Central's Lower Cost ACH Merchant Loan Starting @ 12.99% http://ioucentral.com

    @colt if the merchant has a balance of 80k can you cover the balance he is looking to refinance that loan... you can email

  16. #16
    Seems like A paper is required, terms capped at 12 months. An origination and guaranty fee are added in addition to the rates advertised making the true cost of borrowing higher and the funding is conservative compared to larger loan providers based on annual gross.



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