Check if you qualify for a business loan in minutes
- Borrow £1,000 - £1 million
- 24 hours to get a decision
- Repay early with no fees
How to apply for an iwoca business loan
.webp)
Apply in minutes
Apply online in just 5 minutes with our simple application process. You'll need to answer just a few basic questions about you and your business.
Upload documents
We may ask you to upload some documents. We'll typically ask to see your business's bank statements, and may also ask to see company statements and VAT returns.
Unlike some banks, we don't need to see business plans or financial forecasts to make a decision.Get an offer
Most customers receive a decision from us within 24 hours with many receiving instant decisions. If we make you an offer, you'll often have a choice between loan durations, so you can pick the one that best suits you.
Access your funds
You'll have access to your funds straight away after you've picked your offer.
Key information about iwoca business loans
What is the eligibility criteria?
To be eligible for an iwoca loan, you must:
- Be at least 18 years old
- Be based in the UK
- Be a Limited Company or Limited Liability Partnership (LLP)
How much does an iwoca business loan cost?
The cost of our business loans starts at 1.5% per month. We charge no fees on 12-month loans, but longer term loans may incur a fee.
Our representative APR is 49%, or 3.33% interest per 30 days. If you borrowed £10,000 at our rep APR, you'd repay a total of £12,294 over 12 months.
Does iwoca charge fees?
We do not charge a fee on our 12 month loans, but longer-term loans may incur a drawdown fee. We never charge early repayment fees on our business loans.
How long can I borrow for?
We offer loans for terms between one year and five years. But you can repay your loan early at any time without facing any early repayment fees.
Who can I speak to if I need support?
After submitting your online application, you'll have a dedicated Account Manager to walk you through the rest of the process over the phone. Even after you've taken up the loan, you can call your Account Manager anytime to discuss any questions or issues that you might have about your loan.
If you face issues with your online application, or can't get hold of your Account Manager, you can also call our customer support team on 020 3778 0274 anytime between 9am-6pm, Monday to Friday.
Will applying for a business loan affect my credit score?
Applying for a business loan will not affect your credit score, because we only run a soft check on your credit history.
But if you take the loan, it will show up on your credit report. Failure to repay the loan could have a negative impact on your personal credit score.
Business loan calculator
Use our interactive business loan calculator below to learn about the potential cost of your loan.
Our business loan interest rates start at 1.5% a month, with no fees on 12-month loans.
Loans longer than 12 months may incur a 5% or 6% fee.
This loan calculator is only an example, your actual rate and repayment amount for your business loan will vary based on your circumstances. At least 51% of customers who take out a loan of £25,000 or less receive our Representative APR or a lower rate.
Why choose iwoca
Fee-free
overpayments
Repay your
loan early
Pay off your oustanding balance whenever you like, without facing early repayment fees. Avoid paying interest on a loan you no longer need.
Top up
your loan
You can apply for a top-up after paying off 33% of a 12-month loan, or 15% of a longer-term loan. As your business grows, your credit limit could grow too.
How do iwoca business loans work?
How do loan repayments work?
iwoca business loans follow a monthly repayment schedule, with minimum repayments due once per month. Your first repayment will be due 30 days after drawing down the loan.
Can I repay my loan early?
Yes, you can repay your loan at any point, with the choice to overpay part of your loan or repay the loan entirely. We'll never charge you early repayment fees for this.
Are iwoca loans secured or unsecured?
All iwoca loans are unsecured loans, so you'll never need to use business assets as collateral when taking out an iwoca business loan.
As your loan is unsecured we do ask for a personal guarantee, typically from a company director.
Is the interest rate fixed or variable?
The interest rates on our loans are fixed, so you'll have certainty on the size of your repayments over the course of your loan.
Keep in mind that if you apply for subsequent loans from iwoca, the interest rate could be different.
What happens if I'm struggling to make repayments
We do our best to lend responsibly and encourage you to ensure that you can afford repayments before taking a loan.
However, if circumstances change and you have difficulty making repayments, get in touch with your account manager or call the customer service team on 020 3397 3375. They will try to help you get back on track.
Which business loan is right for you?
Flexi-12
Repay your loan across 12 months with the option to repay early anytime. Ideal if you're looking to plug short-term cashflow gaps.
Key advantages:
- No drawdown fee
- Lower total cost (vs Flexi-24 / Flexi-60)
- No early repayment fees
Flexi-24 and Flexi-60
Repay your loan across 24 - 60 months with the option to repay early anytime. Ideal if you're looking to make long-term investments.
Key advantages:
- Lower monthly repayments (vs Flexi-12)
- Supports long-term planning
- No early repayment fees
