Business Finance

Direct Lender

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Business finance. Simplified.

iwoca is a fintech start-up, offering a new type of finance designed for small businesses. An iwoca credit facility allows a business to borrow up to £100,000 on demand. It’s free to apply and there are no long-term commitments, no hidden fees and no complex forms.

- iwoca

iwoca Product Video

p About iwoca

What is iwoca?

iwoca (short for instant working capital) started in London in 2012. Since their inception, they have lent millions of pounds to thousands of businesses across the UK and Europe. They are exceptionally highly rated with a Trustpilot score of 9.6/10 from 1139 reviews.

iwoca are different from your traditional lender thanks to their revolutionary risk model. They use your trading data to get insights about your overall business health to get you approved in just a few hours. They are somewhere you can turn to for funding when you might not qualify through traditional routes.

iwoca website homepage

How do you apply for a loan?

The application process is done online in just a few minutes. The data they require can be provided by uploading your bank statements, or integrating your Xero, Sage or Paypal account. If you sell via eBay or Amazon, you can link those accounts too. Their award winning technology interprets this data, along with data about your industry and comes to a quick lending decision, which can be as little as just a few hours.

Each application is assessed by an account manager, who becomes your point of contact for the duration of the loan. The customer service provided by iwoca has been one of their most raved-about features. It means you have an actual person you can turn to if you should meet any difficulties or have any questions.

Who is suitable for an iwoca loan?

iwoca are happy to consider a wide range of businesses from startups to established companies. The loans are unsecured with no asset requirements. For limited companies they do like to ask for a personal guarantee from a director or shareholder (it is important to understand exactly what your personal liability is before committing to be a guarantor).

How much can you borrow and what are the terms?

Businesses can borrow up to £100,000 although if you are a start up, the limit is usually £10,000. The maximum term is 12 months but you can pay your loan back early without a penalty. You are only charged interest on the funds you have in your possession on any given day, as interest is calculated daily. The typical interest rate is 3% per month but this does range from 2%-4% depending on the applicant.

Repayments are made either weekly or monthly depending on the terms of your loan. This is done via your debit card or online through your iwoca account.

iwoca lend responsibly, so they will usually lend you the equivalent of one month’s revenue. If you wish to take out a further loan, you need to have paid back at least one third of the original loan before you can apply for a top up.

How trustworthy is iwoca?

In addition to their excellent Trustpilot score, iwoca have won 5 industry awards, they are members of the CCTA (Consumer Credit Trade Association) and are regulated by the FCA (Financial Conduct Authority).

Start your iwoca loan application now

b Features & Options of iwoca

Eligibility Criteria:

  • Wide range of businesses ranging from new startups to established companies.
  • Must have a UK-based business and operate as a sole-trader, partnership or limited company.
  • Startup businesses are limited to a maximum credit limit of £10,000.

Process & Features:

  • Online application – link business accounts, or upload bank statements, VAT returns or company accounts.
  • No complex paperwork and no application or other fees.
  • Assessment and offer made within hours of application, with funds available for drawdown into bank account.
  • Repayments taken automatically by debit card.
  • Maximum repayment terms 12 months, with interest saved for early repayment.
  • Interest charged daily on outstanding balance.

iwoca Pricing

Loan Amounts: Startups – £10,000, business loans – £100,000.

Interest Rates*: 2%-6% per month.

Fees: No application fees.

Repayment Terms: Up to 12 months.

* Note that interest rates may vary depending on market conditions – always confirm current rates with the lender before committing to a loan.

Ratings Summary

(4.8/5 from 962 reviews)

Rating score is a weighted average from the following respected sources:

  • Trustpilot: 9.6/10 from 939 user reviews
  • Facebook: 4.5/5 from 23 user reviews