signing up
How does your application process work?
It’s a simple process taking only a couple of minutes. Get an instant estimate by filling in your eBay ID and email address on the homepage.
If you sell on Amazon just click "sign up" at the top of the page.
Then you can fill in a simple profile so we can verify your identity and credit history. No worries if your credit history isn’t perfect – your business performance is the most important factor to us but we need to make sure we are lending responsibly.
After you have completed your profile a member of our customer service team will give you a quick call to talk about your business. And if after a final few checks we find you meet the eligibility criteria, you get approved!
What criteria do you use to assess eligibility?
We assess eligibility based on a seller's trading history and customer feedback scores. Generally we look for at least a year of trading history, sales over £10,000 and a feedback score of 99% or higher.
However, we can be flexible if required and if your sales have shown great traction over a shorter period we will consider the application.
How long does it take to process my application?
You can have the funds in your account the same day you apply. We will give you an initial estimate in seconds (if you sell on eBay) and filling in your profile only takes a couple of minutes.
If you need funds urgently, just let us know and we’ll call you as soon as you sign up. The quickest approval we have done took only 11 minutes from sign up – we can be very quick when required.
If approved, you can withdraw your funds immediately and with the Faster Payments Service the funds will be in your account only a few hours later…
What if I am not eligible now?
No worries, we’re sure you'll get there soon. Feel free to reapply in a couple of months’ time if your sales grow. We’re happy to consider your business on a case by case basis.
What if I need more funds, do I need to reapply?
Once you have paid back your original loan, it only takes a few seconds to request new funds. Log in to your iwoca account and click "Next" to request your loan.
We'll a quick look to make sure everything looks okay and give you a call once we're good to go. If you're looking to increase the amount you are eligible for give us a call on 0203 397 3375
pricing
What is your interest rate?
Our interest rate varies based on your risk profile, but typically rates are 3% to 7% per month.
You can reduce the cost by repaying us early – you only pay interest on the currently outstanding amount. No extra fees, exactly how it should be.
Do you reward returning customers?
We love returning customers! As we see your business grow and grow we will hopefully be able to lend you more at lower rates.
Can I pay back before the due date?
Absolutely, that’s even better for you as iwoca doesn’t charge early repayment fees and you will save on interest. If you pay back early, you pay down the interest that‘s accrued up until that day and then the principal amount.
Are there any hidden charges?
There aren’t any hidden charges. We’re completely upfront. No arrangement fees or early repayment fees.
Sign up for free. If you decide to take out a loan you only pay back the original amount and any accrued interest.
Other
Where are you located?
We’re based in the UK. London to be exact.
What type of online sellers is this service for?
We cater to different groups of sellers and whatever your needs iwoca can help your business.
You could be:
A deal grabber who wants to take advantage of a great trade deal.
A small business grower who wants to invest in new products and technology or expand into a different market.
An enterprise seller who is experiencing cash flow issues and needs extra capital to smooth things out.
How do I pay back my loan?
Go to the iwoca homepage and click “sign in”. You’ll find directions about how to repay there. We currently do not accept PayPal payments, but don’t despair - we’re working on this!
