Large Business Loans: Borrow up to £1 million

A large business loan is a type of financing designed for established businesses that need more than a few thousand pounds. It's typically used to fund growth, buy equipment, manage cash flow, or cover a significant one-off cost.

With iwoca, you can borrow up to £1,000,000 for up to 5 years. We take monthly repayments, but how much you repay on top of your minimum - and when - is completely up to you. You could pay everything back in a single day if you wanted to. If you did, you'd only pay one day's worth of interest.

That flexibility is what sets our large business loans apart. You always have the flexibility to overpay part of your loan, or repay the loan entirely, without ever being charged an early repayment fee.

With a large business loan from iwoca, you can use the funds for any business purpose — from short-term cash flow needs to longer-term investment. Here are some of the most common uses we see:

Business expansion

Opening a second location, entering a new market, or scaling up operations all take significant upfront investment. A large loan lets you move quickly without draining your working capital. We've helped businesses borrow to fund everything from new premises to international expansion.

Equipment and asset purchases

New machinery, vehicles, software, or fit-outs can transform what your business is capable of. A large business loan lets you buy what you need now and spread the cost over up to 5 years, rather than waiting until you've saved up.

Hiring and recruitment

Bringing on new staff is one of the biggest investments a business can make — salaries, training, onboarding. A large loan gives you the runway to hire ahead of demand, so your new team is ready when the work picks up.

Cash flow and working capital

Late-paying customers, seasonal dips, or unexpected costs can put real pressure on your cash flow. A large business loan gives you a buffer to cover the gaps and keep your business running smoothly — without having to turn away work or delay payments to suppliers.

We base our decisions on how your business is performing, not just your credit history. That's an important difference — it means fast-growing businesses with strong revenue can qualify even if they haven't been around for decades. Our simple eligibility criteria and document requirements make large business loans accessible to many businesses like yours.

Who can apply?

To apply for our business loans, you must meet our 3 eligibility criteria:

• Your business is registered in the UK
• Your business is a LTD Company or Limited Liability Partnership (LLP)
• You are at least 18 years old

What documents do I need?

Many applicants don't need to provide any documents to get a decision. But we do commonly ask for bank statements (typically 3–6 months), and for larger, more complex applications, we may also ask for VAT returns and company accounts.

The fastest way to share bank statements is to link your business bank account via Open Banking. It's secure, and it means we can assess your business in minutes rather than waiting for documents.

With iwoca, you can borrow from £1,000 to £1,000,000. The exact amount depends on a number of factors, including your business's performance, revenue, and your credit score. We can typically offer up to 10% of your annual turnover.

You don't have to draw down the full amount. Take only what you need, and you'll only pay interest on what you actually use. If your needs change, you can apply for a top-up after repaying 15% or 33% of your loan, depending on loan term.

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How much does a large business loan cost?

We know cost is one of the first questions you'll have, so here's a clear breakdown of how pricing works at iwoca. No hidden fees, no surprises.

Interest rates

iwoca's interest rates start from 1.5% per month. Your rate is tailored to your business based on factors like revenue, trading history, and the amount you borrow. Apply now to see your personalised offer - there's no obligation to proceed.

Interest accrues daily. That means you only pay for each day you actually have the funds. For example, a business on a 3% monthly rate would pay roughly £1 per day for every £1,000 outstanding. Repay sooner and you pay less — it's that simple.

Fees

There are no early repayment fees, ever. If you clear your balance ahead of schedule, you save on interest. We won't charge you a penalty for it.

iwoca charges no setup fee on 12-month loans. Longer-term loans may incur a setup fee. This is the only fee - there are no hidden fees or charges with iwoca.

Repayment terms

iwoca's loan terms run for up to 5 years. Minimum repayments are taken monthly. But you're always free to repay more, or pay off the full balance early, at no extra cost.

The key thing: you only ever pay interest for the days you hold the funds. So if you borrow for 10 days, you pay 10 days of interest — not a month's worth.

Large business loan calculator

Want to see what your repayments might look like? Use our business loan calculator to get an estimate based on the amount you need and your preferred repayment term. It takes about 30 seconds.