Get funded today
Borrow between £1,000 and £1 million. Once approved, you can access your money right away.
- Apply online in minutes
- Instant decisions on smaller applications
- Decisions in 24 hours for 90% of all applications
- Minimal documents required
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Loved by over 100,000+ small businesses since 2012
What are instant business loans?
Quick application process
Same day business loans are precisely what they sound like – loans that can be obtained quickly, without the hassle of long applications. In most cases, we can approve your instant business loan in just one working day.
Borrow £1,000 - £1,000,000
You choose the amount that’s best for you. The funds can be used for business growth, cash flow management, purchasing assets, or something else.
Flexible repayments
You won’t be charged an early repayment fee if you decide to pay your balance early and interest is only charged for the days that you have the money. Plus, you can apply for a top-up if you need additional funding.
Fund your future with an instant business loan
No early repayment fees
If you want to repay early that’s great. We’ll never charge a fee for that. In fact, more than 20% of our customers repay ahead of schedule in their first six months.
Easy application
We’ve designed our application process to be as slick as possible: link your bank account and get going in minutes.
No hanging around
Once you’re approved, we’ll ping the money straight to your account. And if you need more later, you can apply for a top-up.
Frequently asked questions
What are the advantages of instant business loans?
Instant business loans offer several advantages for business owners, including:
- Fast financing to help your business grow
- Can be used for short-term debt consolidation or long-term growth
- No application fees or early repayment penalties
- Funds can be in your account within 1 working day (subject to approval)
- Flexible repayment terms aligned with your cash flow
What is the difference between an instant business loan and a traditional loan?
Instant business loans are usually short-term loans, which are repaid within two years (although with iwoca, you can borrow money for up to 5 years). Less information is required compared to the amount of documentation traditional banks and lenders ask for before approving your application.
Digital lenders like iwoca understand the urgency of small business needs, leveraging automation and integrations to speed up approvals and focusing on factors other than financial track records and credit scores. Plus, our business loans are unsecured loans, meaning you don’t need to use business assets as collateral.
You can apply for an instant business loan online in just a few minutes with iwoca.
How long does it take to get approved?
In most cases, instant business loans can be approved on the same day after you’ve submitted your application. This makes them ideal if you need money quickly, as you can get the cash within a short period, for pressing financial needs.
What’s the fastest business loan approval?
While various UK digital lenders offer faster access to business finance than traditional lenders, not many can offer same-day approvals. Iwoca’s record is 2 minutes 37 seconds. This is the time taken to make funds available to businesses we approve.
How quickly we can approve your loan application varies, depending on the complexity of your needs and information provided, but we can almost always make funding decisions within 24 hours.
How quickly can I receive the funds?
Once you’ve submitted your loan application online, you can expect a funding decision on the same day, so you could be approved in a matter of hours (or even minutes), meaning funds are available to draw down almost instantly.
Do I need to have good credit to get an instant business loan?
Most instant loan providers will look at your personal and business credit score when considering your application for an instant business loan. Having good credit is important, but not always necessary to get approved. You can still be approved for a loan even if you don't meet all the requirements, and your credit score won’t be impacted when you apply for a loan with iwoca.
Can I apply if I’ve been trading for less than a year?
Some business loan providers want to see a significant financial track record, often requiring a minimum trading history in their eligibility requirements, such as 6 months, a year or even longer. With iwoca’s instant business loans, we support a wide range of companies, including start-ups and new businesses. However, for those trading for fewer than 6 months, the maximum initial credit limit we can offer is £10,000.
What are the repayment options?
Typical repayment options for instant business loans are fairly straightforward, with capital being provided as a lump sum to be repaid monthly, including interest, across periods of several months to a few years. However, some loan providers will allow interest-only payments followed by the full amount at the end of the term.
Iwoca Flexi-Loans are a little different in that you can use the lending facility like a line of credit, drawing funds as and when required, only paying interest on what you use, with the option to repay early free of charge. Plus, you can apply to top up your limit.
What are the interest rates for instant business loans?
Business loan interest rates can vary depending on your provider and how long it takes to repay your loan. Some providers offer fixed-rate loans, which won't increase over time. Others may charge variable APRs depending on the market conditions. At iwoca, we only charge interest for the days you’re borrowing funds.
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With an instant business loan you can:
- Borrow £1,000 to £1,000,000
- Get a decision in 1 working day
- Face no fees for repaying early
Read our in-depth guides about the world of business finance, designed to help you achieve more.
Questions? We're here to help
Call us at 020 3778 0274 from Monday to Friday (9am - 6pm). We can take your business loan application over the phone, or answer your questions about applying online.
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£3 billion+
approved small business loans
100,000+
businesses funded
