1. Set out below are the terms of our customer referral scheme (the “Scheme”). These are the terms under which iwoca Ltd (“We”, “Our” or “Us”) will make a payment (a “Referral Bonus”) to a person (“You” or “Your”) who refers a new customer to Us (a “Referral”). 

Eligibility criteria

  1. To be an Introducer, you must meet the following criteria: 

  2. You are not making the Referral in the course of your normal business, trade or profession;

  3. If You are an employee of Ours, You are not involved, in any way, in the on-boarding on the Referred Customer or in Our decision to offer them credit; 

  4. You have not entered into a commercial agreement with Us, under which we have agreed to compensate You for referring customers to Us; and

  5. You do not state, imply or suggest to the Referred Customer that You are acting as agent of Ours in making the Referral, or in any similar capacity. 

  6. A Referred Customer is a business which:

  7. is either a limited company or limited liability partnership which you are not connected to (including, but not limited to, as a director, partner, officer, member, employee, volunteer or contractor); 

  8. has never started an application to enter or previously entered into any credit agreement with us;

  9. enters into a credit agreement with Us as borrower; 

  10. informs Us, either prior to, or within 1 week of, entering into the credit agreement, that they have been referred to Us by You; and 

  11. submits their application for credit directly through Our website, and not via any other channel (including Our Sales agents, Brokers or Partnerships channel). 

Referral Bonus

  1. If You are an Introducer and we are informed by a Referred Customer that You have referred them to Us, we will pay you a Referral Bonus.

  2. The Referral Bonus will be calculated as 2% (or 1%, if You are an employee of Ours) of the amount of the first drawdown under the credit agreement between Us and the Referred Customer. 

  3. For the avoidance of doubt, you will only be entitled to a Referral Bonus only on the first drawdown under the first credit agreement entered into between Us and the Referred Customer and not on any subsequent credit agreements entered into between Us and the Referred Customer. 

  4. We will pay You the Referral Bonus 30 days after the first drawdown by the Referred Customer. 

  5. We will not pay You a Referral Bonus if the first drawdown is repaid in full within 30 days of being drawn down. 

  6. When a Referral Bonus is due to be paid to You, We will notify You by email. 

  7. We may decide, at our sole discretion, that the payment of any Referral Bonus will be subject to confirmation of Your identity in accordance with our internal procedures and/or that the bank account that we are paying the Referral Bonus into is in your name and held by you. 

  8. We will not pay You a Referral Bonus if You have failed to comply, in any respect, with these terms and conditions.

  9. We will only pay the Referral Bonus into a UK bank account. 

General terms

  1. A Referral Bonus will only be paid once in respect of each Referred Customer. 

  2. We reserve the right to cancel or amend the terms of the Scheme without notice and We may do so by amending this page from time to time. 

  3. If iwoca is unable to provide the Referral Bonus for any reason, We have sole discretion to provide an alternative of similar value.

  4. You agree to refund on demand to Us the Referral Bonus where you are found to be in breach of these terms and conditions.

  5. The Referral Bonus is strictly non-transferable to another person.

  6. Acceptance by You of these terms and conditions is a condition of the Scheme. 

  7. These terms and conditions are governed by English law and You agree to submit to the exclusive jurisdiction of English courts regarding any claims, disputes or obligations (including any non-contractual obligations arising out of or in connection with it).


The information contained herein is not prepared for the needs of any specific recipient. We make no representation, either express or implied, on the completeness, or reliability of the information contained herein. The information should not be regarded as a substitute for using your own judgement.  We reserve the right to change the information contained herein and such change may be without notice.  We are under no obligation to update the information.

We cannot be held liable for any IT system failure or delays or loss of entries. In addition, We will not be responsible nor liable for any loss, expense or damages suffered or sustained (whether or not arising from any person’s negligence) arising out of or in connection with the Scheme, including but not limited to, direct or indirect loss, consequential losses, loss of business profits, revenue or savings (whether or not such loss was foreseeable, arising from the normal course of business or where you have advised Us of the possibility of such loss or potential loss), force majeure (including but not limited to any Act of God, terrorism, war, political events, insurrection, riot, civil unrest, act of civil or military authority, uprising, earthquake, flood) or any director or indirect, consequential and incidental damages), or any event beyond the control of iwoca.

The above exclusions and limitations apply to the extent permitted by law.  

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