diff --git a/src/pages/iou/request/step/IOURequestStepDestination.tsx b/src/pages/iou/request/step/IOURequestStepDestination.tsx
index fd3166239918..bc167b2852f1 100644
--- a/src/pages/iou/request/step/IOURequestStepDestination.tsx
+++ b/src/pages/iou/request/step/IOURequestStepDestination.tsx
@@ -73,8 +73,8 @@ function IOURequestStepDestination({
     const shouldShowNotFoundPage = isEmptyObject(policy);
 
     const {isOffline} = useNetwork();
-    const isLoading = !isOffline && isLoadingOnyxValue(policyMetadata);
-    const shouldShowEmptyState = isEmptyObject(customUnit?.rates) && !isOffline;
+    const isLoading = !isOffline && (!customUnit?.rates || isLoadingOnyxValue(policyMetadata));
+    const shouldShowEmptyState = isEmptyObject(customUnit?.rates) && !isOffline && !isLoading;
     const shouldShowOfflineView = isEmptyObject(customUnit?.rates) && isOffline;
 
     const navigateBack = () => {