Results 1 to 16 of 16
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05-15-2013, 10:44 AM #1
- Join Date
- May 2013
- Posts
- 10
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 SBOs on average $1250 per $10,000 borrowed vs. MCAs.
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 NSFs 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
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05-19-2013, 10:03 AM #2
- Join Date
- Jan 2013
- Posts
- 151
IOU Central's Lower Cost ACH Merchant Loan Starting @ 12.99% http://ioucentral.com
Is it true you guys will uw 2nd lien advances ??
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05-20-2013, 09:03 AM #3
- Join Date
- May 2013
- Posts
- 10
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.
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06-10-2013, 02:07 PM #4
- Join Date
- Apr 2013
- Location
- NY
- Posts
- 203
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.
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06-10-2013, 03:53 PM #5
- Join Date
- May 2013
- Posts
- 10
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.
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07-22-2013, 12:15 PM #6
- Join Date
- Jul 2013
- Posts
- 1
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07-22-2013, 01:01 PM #7
- Join Date
- Jun 2013
- Posts
- 351
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09-19-2013, 02:39 AM #8
- Join Date
- Sep 2013
- Posts
- 8
Funding pro, did you get a pm with the answer?
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10-02-2013, 05:34 PM #9
- Join Date
- Sep 2013
- Location
- Sunny Isles, FL
- Posts
- 44
It just doesnt seem plausible to require so many stips just for an approval
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10-03-2013, 06:25 AM #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
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10-11-2013, 10:29 AM #11
- Join Date
- May 2013
- Posts
- 10
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!
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11-20-2013, 08:22 PM #12
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?
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12-04-2013, 09:41 AM #13
- Join Date
- May 2013
- Posts
- 10
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
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12-06-2013, 11:38 AM #14
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
Commissions are low but hopefully the increased sales volume offsets it.
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12-06-2013, 11:24 PM #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
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12-31-2013, 11:29 AM #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.