IOU Financial Inc is based in Montreal, Canada. Phil Marleau is the founder and Chief Executive Officer of this company. It is a lender that provides small business customers, throughout Canada and the US, with access to the capital which they require. The company’s center for North American operations is situated in Atlanta, Georgia, and it operates an online lending platform. It has been lending money to small business customers since the year 2009. Usual customers comprise retail and grocery stores, dental and medical practices, gas stations, salons, restaurants, and auto repair shops.
Companies like this cater to those who are often underserved or denied by traditional banks. They serve as an alternative in that area, with an automated system of loan application and approval which assesses the financial realities of the applicant, holding focus on everyday cash flow trends. In 2016, it used to make out loans of up to 150,000 dollars to qualified applicants in the United States of America. That figure could have changed by now.
From the inception of this lending company up to 2016, it has originated more than 415 million dollars in loans to small businesses in the US market. In the past, the company has also made changes to the lending policies it stuck to.