iwoca was founded to expand possibilities for small businesses.
Iwoca are a London based short term business finance lender with over 200 staff. Since March 2011 when the founders Chris and James started the business, Iwoca has made funding available to over 50,000 UK businesses.
Iwoca offers unsecured business loans between £1000 and £200,000. 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.
An iwoca business loan is a fast and flexible source of business finance suitable for many types of small business. The loans 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 who 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 around one month’s revenue. As your business grows they are happy to increase this limit.
The maximum loan term is up to twelve months but you can always repay early if you don't need the funding for your agreed lending period. They only charge interest on each day that you have the funding, so if you make repayments early, then you can reduce the total amount of interest you pay overall.
As well as their business loans, Iwoca also offers something called Iwoca Pay. This is a way to get paid upfront for your 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 £15,000.
Iwoca will send your customer an offer and as soon as they accept, you get the invoice paid with just a 3% charge attached. 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.
Whatever your industry sector, circumstances or credit rating, we've helped many businesses across England, Wales, Scotland and Northern Ireland secure the finance they need to grow.