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.
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 sole-trader, partnership or limited company. Startup business are limited to a maximum credit limit of £10,000.
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.
Christoph and James launched iwoca in March 2012. Since then we have grown exponentially, lent millions of pounds to small businesses across the UK and most importantly have thousands of happy customers (check out our feedback).
We’re based in London. Soho to be exact. Drop round for a chat if you are in the area.
Of course. Call one of our account managers on 020 3397 3375 - they will be happy to answer your questions.
We will approve your business for £1,000 to £100,000. Your credit limit is typically around one month’s revenue. As your business grows we are happy to increase this limit.
Our maximum terms are for up to 12 months, depending on your business. However, you're free to make early repayments at any point to save interest. Interest is charged daily (on the outstanding balance) which means you only pay whilst you have the funds.
We're generally happy to offer topups, provided your business performance continues to be strong and you have paid off at least one third of your original loan. You may need to provide updated bank statements or other documents before you top up your loan – your account manager will be happy to advise.
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.
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.
No. iwoca offers unsecured loans with no asset requirements. For limited companies we do ask for a personal guarantee, typically from a director or shareholder.
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.
iwoca benefits from the support of the European Union under the Loan Guarantee Facility established under Regulation (EU) No 1287/2013 of the European Parliament and the Council establishing a Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020). This allows us to lend to more businesses at lower rates.
No. There are no arrangement fees, no origination fees and no early repayment fees. Just one simple interest rate.
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.
Minimum repayments must be made each month according to the payment schedule you agree to when requesting your loan. If you wish to keep the funds for less than six months you are free to repay early.
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.
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.
Absolutely. We are a member of the CCTA and are regulated by the Financial Conduct Authority. In our short history we have received hundreds of positive reviews on Trustpilot, have been featured in the national press and have won 5 industry awards.
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 upmost care.
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). A full credit search will only be run if you choose to take a loan.