Micro business loans
Starting from £1,000, iwoca's business loan is here to help you get things off the ground.
- Apply in minutes
- Get the money on the same day
- Repay early without a fee
Loved by over 90,000+ small businesses since 2012
What is a micro loan?
If you run a new small business and are trying to get things off the ground then you might consider a micro loan. Not all lenders offer them, but they can be incredibly useful for an injection of cash when you need it. So if you’re in the market for a new shop till or just need a little extra to cover staff wages this month, read on to see if a micro business loan is right for you.
With micro loans you’ll usually be looking at taking between £1,000 and £50,000, so if you’re trying to invest in something that requires more upfront capital then an alternative business funding might be more appropriate.
Typically, with a fast application process and lower cost, you could have the money you need quickly without paying through the nose for it. You’ll usually only be able to hold the money for a year or less, which is also part of what makes them a cheaper alternative to traditional business loans – there’s less time to accrue interest.
How to get a micro business loan with iwoca?
Apply in minutes
We can say approve your application without needing any paperwork, it takes minutes to find out how much you could borrow.
Your funds on your terms
We'll approve you based on your business performance. Choose how much you need, and then we’ll pay the money into your account (our record is 2 minutes and 37 seconds).
Repay your way
Micro business loans make early repayments easy. No fees for withdrawing your funds or repaying early.
Fund your future with a micro 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.
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.
Benefits of micro loans
On top of what’s already mentioned, flexibility, cost effectiveness and a fast application process are all benefits of micro business loans, although you should always check the specific terms that your lender is offering. Micro loans can be excellent for when you need a quick top up on your finances and, because of their smaller size, may require little or no collateral.
How can I use a micro loan?
Some lenders will require you to specify what you’ll use your micro loan for – so if you have a specific purpose in mind, such as investing in stock or, this is likely to suit you well. However, if you’re just looking to use your micro loan more generally to cover cash flow gaps then you’ll either need to find a lender that’s more flexible or consider an alternative form of business finance.
How to apply for a micro loan?
If you think a micro loan might be the right solution to grow your business or keep cash flowing smoothly, then why not consider applying for an iwoca Flexi-Loan?
To be eligible, you’ll need to run a UK-based business that operates as a partnership or limited company.
Applying is easy – just tell us how much you’d like to borrow and how long for – up to 24 months. You’ll also need to submit some basic business information so that we can evaluate your business’s performance and make sure that a micro business loan is suitable for you. If you’re approved, you’ll be able to take the money and should have it in your account within a few hours.
With iwoca's micro business loan you can:
- Borrow from £1,000 to £500,000
- Get a decision in 1 working day
- Repay over 24 months or less
The iwoca story
Over the past eleven years iwoca has grown from an ambitious fintech start-up to one of the fastest-growing and biggest business lenders in Europe. Now we're a team of around 400 in London, Leeds and Frankfurt working towards the goal of funding one million small businesses.
Questions? We're here to help
Call us at 020 3397 3375 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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