Prior to the financial crisis of 2008, if you needed more money than you had available, you went to a bank and you got a loan. Whether you were an
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- IOU Introduces the “Cash Back” Concept to the Small Business Loan Market August 4, 2021Immediately following news of a management shakeup, small business lending company IOU Financial introduced a first-of-its kind offering to eligible customers, cash back. “Available only to qualified new clients,” as the announcement says, the IOU Cash Back Loan enables borrowers to benefit from perfect payment history by receiving 3% of the original loan back in […]
- Shopify Capital Originated $363M in MCAs and Business Loans in Q2 August 4, 2021Shopify Capital originated $363M between merchant cash advance and business loans in Q2, bringing the first half total to $671.6M. “Not only does Shopify Capital help fuel our merchants’ growth,” said Shopify President Harley Finkelstein in the quarterly earnings call, “our data tells us that merchants that accept Capital stay with Shopify longer as they […]
- Square Loans (Formerly Square Capital) Originated $627M in Small Business Loans in Q2 August 4, 2021Square Loans, the lending arm of the fintech bank Square, originated $627M of its Flex Loans in Q2, according to the company’s latest announcement. That brings the year-to-date total to $1.02B across 167,000 loans. The numbers produce a rough average of only $6,000 per loan. “After pausing flex loan offers from early March to late […]
- Wave of Management Changes Come to IOU Financial As it Ramps Up For the Future August 4, 2021Small business lender IOU Financial is undergoing one of the largest management shakeups of 2021. The company announced a slew of new hires and new roles for existing team members early this morning. Joining the company are: Carl Brabander, EVP of Strategy Jason Stevens, VP of Loss Mitigation Sam Abolgar, VP of Finance (US) New […]
- Merchant Cash Advance Contract Terms Explained August 3, 2021A Merchant Cash Advances is a sale of future receivables, not a loan. To learn the difference, watch this. Below are three terms that are important to understand: Purchase Price Purchased Amount Specified Percentage