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Overview

Who is iwoca for?

iwoca is the fast, flexible source of business finance for all UK businesses. That includes retailers, restaurants, hotels, service providers and more. Businesses use iwoca for all sorts of different purposes, from bridging short-term cashflow gaps to investing in stock opportunities.

What are the criteria to apply?

We're happy to consider a wide range of businesses ranging from new startups to established companies. However you must have a UK-based business and operate as a sole-trader, partnership or limited company. Startup business are limited to a maximum credit limit of £10,000.

How are you different from the banks?

By linking your online accounts or uploading bank statements, VAT returns or company accounts you give us a detailed understanding of your business. This means we can offer instant funding without the complex paperwork associated with a traditional business loan. We have also eliminated complex fees and offer far more flexibility.

Who are you and how did you get started?

Christoph and James launched iwoca in March 2012. Since then we have grown exponentially, lent millions of pounds to small businesses across the UK and most importantly have thousands of happy customers (check out our feedback).

Where are you based?

We’re based in London, right next to Oxford Circus. Drop round for a chat if you're in the area.

Can I speak to someone?

Of course. Call one of our account managers on 020 3397 3375 - they will be happy to answer your questions.

Applying to iwoca

How do I apply?

Sign up online and link your business accounts to iwoca, or upload bank statements, VAT returns or company accounts. We will make an instant assessment of your business and confirm your offer within hours. If you are happy to proceed you can withdraw the funds to your bank account.

What data do you look at?

You can either link your online accounts to iwoca (we integrate with eBay, Amazon, PayPal, Sage Pay and more), or upload bank statements, VAT returns or company accounts. This data allows us to get a good understanding of your business with no complex paperwork required.

How long does it take?

It takes a few minutes to apply. Your account manager will then be able to review your account and put an offer in place within hours. Once you are approved you can withdraw the funds to your bank account, 24/7.

Are there any application fees?

No, we don’t like fees.

How it works

How much can I borrow?

We will approve your business for £1,000 to £100,000. Your credit limit is typically around one month’s revenue. As your business grows we are happy to increase this limit.

How long do I have to repay?

Our maximum term is for up to 12 months but you can always repay early if you don't need the funding for that long. We only charge interest for each day you have the funding so making early repayments is a great way to reduce the total amount of interest you will pay.

Can I top up my loan?

We're generally happy to offer topups, provided your business performance continues to be strong and you have paid off at least one third of your original loan. You may need to provide updated bank statements or other documents before you top up your loan – your account manager will be happy to advise.

Can I take a new loan once my first loan has finished?

Of course. We will renew your offer once your loan has ended, assuming your circumstances have not changed. If your business has grown we may even be able to increase your credit limit or reduce your interest rate. Then it’s just a matter of logging in to your account to withdraw the funds.

What if I am not eligible yet?

No worries, we’re sure you'll get there soon. Give us a call on 020 3397 3375 if you want us to take another look at your business after a few months and we will see what we can do.

Are loans from iwoca secured?

No. iwoca offers unsecured loans with no asset requirements. For limited companies we do ask for a personal guarantee, typically from a director or shareholder.

Pricing and repayments

How much does it cost?

Interest rates vary from 2% to 6% per month. Sign up to receive a tailored offer, with no obligation to proceed. Interest accrues daily which means you only pay for each day you have the funds. For example a business on a 3% monthly rate would only pay £1 per day for every £1,000 they had outstanding.

What is the EIF scheme?

iwoca benefits from the support of the European Union under the Loan Guarantee Facility established under Regulation (EU) No 1287/2013 of the European Parliament and the Council establishing a Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020). This allows us to lend to more businesses at lower rates.

Are there any other fees or hidden charges?

No. There are no arrangement fees, no origination fees and no early repayment fees. Just one simple interest rate.

Are there any commitments?

No. It’s free to sign up and get approved - you only choose whether to go ahead once you have received an offer. Even then you are not tied in to your loan. Repay at any stage and you will have only paid interest up to that date.

When do I need to make repayments?

Minimum repayments must be made either weekly or monthly, depending on the repayment schedule you agree to when requesting funds. However, if you wish to keep the funds for less than the full 12 month term you can choose to repay early for free.

How do I make repayments?

Minimum repayments are taken automatically via your registered debit card. Just make sure there are sufficient funds available in your bank account on your repayment date. You can also make free early repayments by bank transfer or debit card through your online account.

What happens if I miss 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 on 020 3397 3375. They will try to help you get back on track.

Privacy and security

Can I trust you?

Absolutely. We are a member of the CCTA and are regulated by the Financial Conduct Authority. In our short history we have received hundreds of positive reviews on Trustpilot, have been featured in the national press and have won 5 industry awards.

Will you run credit checks when I apply?

To help us lend responsibly we run credit and identity checks when you apply. However we run quotation searches which leave a 'soft-footprint' (meaning they have no impact on your credit score). A full credit search will only be run if you choose to take a loan.

Is linking my online accounts secure?

When you link your accounts our automated systems only look at your sales history and other business data. We never see your passwords and treat all of your data with the utmost care.

What happens when I link my Xero account?

Linking a Xero account is an easy way to share your business data with iwoca, including your bank statements, VAT returns and company details. You can also automate your accounting by choosing to have iwoca add a transaction to Xero when you take funds or make a repayment. You can choose to remove our access to your Xero account at any stage through the settings page on your Xero account.

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Get approved for up to £100,000 today. No fees, no commitments.

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