Frequently Asked Questions

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Who is iwoca for?

iwoca is the fast, flexible source of business finance for all UK businesses. That includes retailers, restaurants, hotels, service providers and more. Businesses use iwoca for all sorts of different purposes, from bridging short-term cashflow gaps to investing in stock opportunities.

What are the criteria to apply?

We're happy to consider a wide range of businesses ranging from new startups to established companies. However you must have a UK-based business and operate as a limited company or a partnership. Startup businesses are limited to a maximum credit limit of £10,000.

How are you different from the banks?

By linking your online accounts or uploading bank statements, VAT returns or company accounts you give us a detailed understanding of your business. This means we can offer instant funding without the complex paperwork associated with a traditional business loan. We have also eliminated complex fees and offer far more flexibility.


Who are you and how did you get started?

Christoph and James launched iwoca in March 2011. Since then we've grown exponentially, lent millions of pounds to small businesses across the UK and most importantly have thousands of happy customers (check out our feedback).

Where are you based?

We’re based in central London, just along from Tottenham Court Road station. Drop round for a chat if you're in the area.

Can I speak to someone?

Of course. Call one of our account managers on 020 3397 3375 - they will be happy to answer your questions.

Can I trust you?

Absolutely. We are a member of the CCTA and we've been rated excellent by more 6,000 of our customers on Trustpilot. We've also been featured in the national press and won many industry awards.

How it works


How much can I borrow?

We will approve your business for £1,000 to £500,000. Your credit limit is typically around one month’s revenue. As your business grows we are happy to increase this limit.

How long do I have to repay?

Our maximum term is for up to 24 months but you can always repay early if you don't need the funding for that long. We only charge interest for each day you have the funding so making early repayments is a great way to reduce the total amount of interest you will pay.

Are there any commitments?

No. It’s free to sign up and get approved - you only choose whether to go ahead once you have received an offer. Even then you are not tied in to your loan. Repay at any stage and you will have only paid interest up to that date.

Can I top up my loan?

We're happy to offer top ups on our Flexi-Loan, as long as your business performance continues to be strong. If your business loan has a 12 month term, you’ll become eligible to top up once you've paid off one third of your original loan amount. If you your business loan's term is 13 months or more, you only have to pay back 15% of your original loan amount to become eligible to top up. You may need to send us updated bank statements (or just connect your Open Banking!) before you can top up your loan – your account manager will be happy to help. We don't offer top ups on our Revenue Based Loan.

Can I take a new loan once my first loan has finished?

Of course. We will renew your offer once your loan has ended, assuming your circumstances have not changed. If your business has grown we may even be able to increase your credit limit or reduce your interest rate. Then it’s just a matter of logging in to your account to withdraw the funds.

What if I am not eligible yet?

No worries, we’re sure you'll get there soon. Give us a call on 020 3397 3375 if you want us to take another look at your business after a few months and we will see what we can do.

Are loans from iwoca secured?

No. iwoca offers unsecured loans with no asset requirements. For limited companies we do ask for a personal guarantee, typically from a company director.

Do you charge fees?

It depends on which of our products you're using.

If you have a Flexi-Loan and are borrowing for 12 months or less you won’t pay any fees or extra charges. Just interest for the time you have the loan. However, if your loans' duration is over 12 months we'll ask you to pay a fee upfront.

The big thing to know is that we don’t have any hidden fees or charges. And we’ll never charge you for repaying early.

Do you offer a fixed interest rate?

Not exactly: all our loans have a variable interest rate. If you draw down more money with us after your first funding, we might be able to offer you a different interest rate on the next funding. We can’t change your interest rate without your consent, though.

If we offer you a different rate, we’ll make sure to explain the change on your iwoca account or through a call with your account manager. Then you can decide if you want to go ahead with drawing down more funds.

Applying to iwoca


How do I apply?

Sign up online and link your business accounts to iwoca, or upload bank statements, VAT returns or company accounts. We will make an instant assessment of your business and confirm your offer within hours. If you are happy to proceed you can withdraw the funds to your bank account.

What data do you look at?

For most of our applications we check bank statements and VAT returns. This data allows us to get a good understanding of your business without complex paperwork.

You can securely link many of your online accounts to iwoca, and we’re adding more integrations all the time. Right now you can connect to bank accounts from Lloyds, Barclays and HSBC through open banking. We also integrate with accounts from Xero, Amazon, Paypal, Sage Pay and more.

If you would prefer not to link your accounts, you can always upload statements.

How long does it take?

It takes a few minutes to apply. Your account manager will then be able to review your account and put an offer in place within hours. Once you are approved you can withdraw the funds to your bank account, 24/7.

Payments and Repayments


How much does it cost?

Interest rates vary from 2% to 6% per month. Sign up to receive a tailored offer, with no obligation to proceed. Interest accrues daily which means you only pay for each day you have the funds. For example a business on a 3% monthly rate would only pay £1 per day for every £1,000 they had outstanding.

When do I need to make repayments?

Minimum repayments must be made either weekly or monthly, depending on the repayment schedule you agree to when requesting funds. However, if you wish to keep the funds for less than the full 24 month term you can choose to repay early for free.

How do I make repayments?

Minimum repayments are taken automatically via your registered debit card. Just make sure there are sufficient funds available in your bank account on your repayment date. You can also make free early repayments by bank transfer or debit card through your online account.

What happens if I miss repayments?

We do our best to lend responsibly and encourage you to ensure that you can afford repayments before taking a loan. However, if circumstances change and you have difficulty making repayments get in touch with your account manager on 020 3397 3375. They will try to help you get back on track.

Privacy and security


Will you run credit checks when I apply?

To help us lend responsibly we run credit and identity checks when you apply. However we run quotation searches which leave a 'soft-footprint' (meaning they have no impact on your credit score).

Is linking my online accounts secure?

When you link your accounts our automated systems only look at your sales history and other business data. We never see your passwords and treat all of your data with the utmost care.

What happens when I link my Xero account?

Linking a Xero account is an easy way to share your business data with iwoca, including your bank statements and company details. You can also automate your accounting by choosing to have iwoca add a transaction to Xero when you take funds or make a repayment. You can choose to remove our access to your Xero account at any stage through the settings page on your Xero account.