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Who is iwoca for?

iwoca is the fast, flexible source of business finance for all online retailers. That includes businesses selling on eBay, Amazon, their own webstores and other channels, generally with annual revenues ranging from £10,000 to £10 million. We can help you to buy stock, add product lines, hire staff or invest in technology.

What are the criteria to apply?

We look at each business on a case-by-case basis. However, you can take the following criteria as guidance:

  • 4+ months trading history
  • £10,000+ annual sales online
  • UK-based businesses only
  • Applicant must be at least 18 years old
  • Sole trader, partnership or limited company
How are you different from the banks?

Our cutting-edge platform integrates with the leading ecommerce platforms (eBay, Amazon, Magento, PayPal, Sage Pay and more). Linking your accounts with these providers allow us to understand your business by looking at your real-time trading history. That means we can offer funding where the banks can’t (and do it in much less time).

We have also eliminated all of the complex fees, paperwork and commitments associated with old-fashioned business loans. Instead we have one simple product with crystal-clear pricing.

Who are you and how did you get started?

Christoph and James launched iwoca in March 2012. Since then we have grown to a team of twenty, lent millions of pounds to ecommerce businesses across the UK and most importantly have thousands of happy customers (check out our feedback).

Where are you based?

We’re based in London. Soho to be exact. Drop round for a chat if you are in the area.

Can I speak to someone?

Of course. Call one of our business mentors on 020 3397 3375 and they’ll be happy to answer your questions.

Applying to iwoca

How do I apply?

Sign up online and enter some basic business details. Then link your selling accounts to iwoca - this secure process allows us to view your sales history and customer feedback.

We will make an instant assessment of your business, and your account manager will be able to confirm your offer within a few hours. If you are happy to proceed you can withdraw the funds to your bank account, 24/7.

Why do I need to link my online stores?

Linking your eBay, Amazon, webstore and other accounts allow us to view your real-time business performance data. That means we are much faster than traditional lenders and can take account of your sales history (no business plan required).

Are there any application fees?

No, we don’t like fees.

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.

How it works

How much can I borrow?

When you apply we will approve your business up to a credit limit, ranging from £500 to £50,000. You credit limit is usually around one month’s revenue, depending on your business’ performance. As your business grows we are happy to increase this limit.

What is the length of your loans?

Loans are for up to 6 months, but you can make free early repayments at any stage. You only pay interest for the funds that are currently outstanding so this saves you money.

Only want the funds for a week? Only pay interest for a week. Simple.

Can I top up my loan?

Our flexible credit facility allows you to top up, even during the life of your loan. So as long as you continue to have a strong business performance and you have made some on-time repayments on your existing loan. This means you can take advantage of a business opportunity whenever it comes knocking.

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

Of course and it’s even easier the second time round. Your account manager will renew your offer once your loan has ended, assuming your circumstances have not changed. If your business has grown they may even be able to increase your credit limit or reduce your 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.

Pricing and repayments

How much does it cost?

Our monthly interest rate varies from 2% to 6% depending on your business profile. Sign up to receive a tailored offer, with no obligation to proceed. Interest is accrued daily which means you only pay for each day you have the funds. For example a business on a 5% monthly rate would only pay £1.67 per day for every £1,000 they had outstanding.

Are there any other fees or hidden charges?

No. There are no arrangement fees, no origination fees and no early repayment fees. Just one simple interest rate.

Are there any commitments?

No. Signing up is free and you only choose whether to go ahead with your business loan once you have received a clear quote. Even then you are not tied in to your loan - you can repay early at any stage and you will only pay interest up to that date.

When do I repay?

Minimum repayments are scheduled monthly over the course of your six month loan. Each repayment consists of one sixth of the original loan amount and the interest accrued in the previous month. We don’t charge interest on interest.

If you wish to take a loan for less than six months you are free to repay early at any point. We will only charge interest for the time you have the funds.

How do I make repayments?

You can make repayments either by debit card or by bank transfer. If you choose to repay via debit card you can set up automatic minimum repayments so you never forget. Of course you can still choose to repay early at any point.

What happens if I miss repayments?

We do our best to lend responsibly, but we encourage you to ensure that you can afford repayments before you take 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 take account of your circumstances and work with you to get things back on track.

Privacy and security

Can I trust you?

Absolutely - we are a team of twenty based in London with experience in finance and technology. 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. Any questions? Call one our account managers on 020 3397 3375.

Is linking my selling accounts a secure process?

When you link your accounts you give us read-only permission to view your sales history and other business data. Our automated systems analyse this data to make an assessment of your business - we won’t go snooping around your accounts and we are not able to make any changes to your stores.

Will you run credit or identity checks when I apply?

To ensure we are lending responsibly we may credit check you or other loan guarantors when you apply. We are committed to supporting your business’ growth and this involves ensuring that you can afford the repayments. A combination of evaluating your business performance and checking for adverse credit factors allows us to do this.

We will also run identity checks on yourself and company directors or major shareholders for compliance reasons. These will not affect your credit record.