Trustpilot • 4,418 reviews
Applying for a loan takes ten minutes, and if you get stuck, you’ll have your own account manager on hand to help.
If you’re approved, you can transfer as much as you need over to your bank. The money should hit your account in hours.
These loans last twelve months, but if you’re ready to repay earlier, good for you: we’ll never charge a fee for that.
You could be eligible for a CBILS loan with us if you’re a limited company based in the UK, and:
you've been negatively affected by coronavirus (COVID-19)
your 2019 turnover was £200,000 or more and you’re looking to borrow more than £50,000
your turnover is less than £45 million a year
you'll use the money to keep doing business in the UK
you'll only use it for business purposes
more than 50% of your turnover comes from trading (not investments)
Looking for help?
Government-backed loan for businesses struggling because of coronavirus.
Looking to grow?
Our original loan: apply fast and top up whenever you need to.
You'll only pay interest for the days you have your funds. No hidden fees or charges.
When you call, you'll get straight through to someone in our UK team – we don’t believe in hold music.
Applying for a loan with us takes five minutes. Just connect your accounts and get a decision in minutes.
We know your business is more than a credit score, so we look at your overall performance when we make our decisions.
Here are some questions our customers ask. If there’s anything we haven’t covered here, check our FAQ
We’ll be offering loans at a customer APR from 5.9% to 10.2% - we've calculated this based on what you'll pay excluding the interest the government pays for you. The government covers the first 12 months of interest payments. Once you’re approved we’ll break down your repayments by month so you can see how it will look before you take the funds.
Yes, the government has made it clear that CBILS funds can be used to repay debt or refinance existing credit facilities. This is explicitly called out in British Business Bank’s British Business Bank's CBILS FAQs.
The government provides lenders like iwoca a partial guarantee so that small businesses have access to finance despite the economic uncertainty. You are responsible for paying back 100% of your CBILs business loan, just like with any other loan. If you’re unable to pay us back, we must follow our standard collections process before we make a claim against the government guarantee for any shortfall.
We only run soft credit checks which means applying won’t affect your credit score. But if you decide to draw down funds from us, the loan will show up on your credit report.
Even though we offer loans, we’re not a bank. We’re an independent company custom-built for small businesses – and our goal is to provide straightforward access to finance where and when your business needs it.
Gee Ski Ltd
You think you’ve thought of everything, then something else crops up. That’s where iwoca came in, to help us bridge those gaps.
When you’re a small business you need to move fast. Dealing with banks is a long process. Dealing with iwoca was definitely a lot more efficient.
Carl Douglas Racing Shells
iwoca’s funding allowed us to get on with the job, when otherwise we would have run into a brick wall. It’s a friendly relationship. The simplest possible process with the greatest help.
With iwoca, we could keep investing in kit, equipment and a new facility. So we could keep our standards high.
Crate Bars Ltd.
iwoca was definitely the simplest loan I’ve ever taken out in my life. Last year we launched our product in Tescos and needed more working capital. iwoca helped us do that.
What I like about iwoca is the quick turnaround. It gives you a sense of security.
We have a good relationship with our bank, but the bank moves really slowly. That’s why iwoca is so useful. They’re very fast and very responsive.
The process has been easy, uncomplicated and very quick. Their service is excellent with regular contact and support. I highly recommend this company for any business that needs finance.
Nails and Cocktails
With iwoca's reasonable rates and amazing staff, we were able to quickly obtain a loan to purchase equipment before our grand opening. Sophie was very supportive and walked us through the process.
Healthcare Learning Ltd
The speed at which iwoca can respond to us is critically important for us to put on a fantastic program. They understand that you can blend technology with that human interaction.
Olivia and Pearl
iwoca was a breath of fresh air. We got an okay on our loan within a couple of days and they went above and beyond to help me get our project off the ground.
Behind This Wall Ltd
Borrowing for business can be intimidating but iwoca have always been on hand for me to provide flexible options. They take the stress out of cash-flow issues and allow you to focus on what you do best.
Small business loans are all we do, so you'll get straight through to someone who can help, like Lisa – we're not fans of hold music. Call us from Monday to Friday (9am - 6pm). We accept applications over the phone.