iwoca

Who are iwoca?

iwoca is a London-based lender specialising in short-term, flexible business loans tailored to the needs of small businesses. Since 2012, iwoca has issued over £3 billion in loans to businesses across the UK and Germany. iwoca loans reviews are overwhelmingly positive, with customers praising the speed and flexibility of their service, earning the company a 5-star rating on Trustpilot.

What type of funding does iwoca offer?

iwoca offers unsecured business loans between £1000 and £1 million to UK SMEs. The funding is made available to you, and you choose how much to transfer over to your business bank account. The funding can be made available in just a few hours, and interest is only applied on the days you have the money. There is no iwoca secured business loan product, as they provide only unsecured business loans with no collateral required.

iwoca Flexi-Loan

iwoca business loans are a fast and flexible source of business finance suitable for many types of small businesses. An iwoca loan can be used for a wide array of business purposes. From bridging short-term cash flow gaps to investing in stock, purchasing assets, and business general growth.

Iwoca will consider business applications that are at various stages. From relatively young startups to SME’s and established companies.

You must, however, be 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.

The credit limit is typically based on one month’s revenue. As your business grows, they are happy to increase this limit.

The maximum loan term is up to 24 months, but you can always repay early if you don't need the funding for your agreed lending period. With no fees, the only charge is the daily interest on your outstanding balance - this means you’ll only pay for the number of days you’re using the money, and you can pay back early at no cost.

iwoca Pay

As well as their business loans, Iwoca also offers something called iwoca Pay. This is a way to get paid upfront for your B2B invoices, so your business is never out of pocket.

Chasing invoices can be time-consuming and frustrating, but it can also cause a huge issue with business cash flow. That’s where Iwoca Pay comes in.

iwoca Pay helps in three simple steps. First, you add a payment link on your invoices, your customer then chooses how they will pay, and finally, you get paid upfront by Iwoca. Iwoca Pay can fund invoices between £150 and £30,000.

iwoca will send your customer an offer, and as soon as they accept, you get the invoice paid. This is a win-win situation because you get paid upfront, and your customer gets extra time to pay. Customers will often get up to 90 days to pay, with 30 days interest-free.

To find the right business loan for you, whether from iwoca or from our other trusted lenders, compare your business funding options here.

iwoca Reviews

iwoca has a 4.80 Trustpilot rating based on 11227 reviews.