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 businesses are limited to a maximum credit limit of £10,000.
How much can I borrow?
We will approve your business for £1,000 to £200,000. 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.
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.
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 company director.
Do you charge fees?
It depends on which of our products you're using.
If you have a Flexi-Loan (so are borrowing for 12 months or less) you won’t pay any fees or extra charges. Just interest for the time you have the loan. Apply
If you have a Business Loan with iwoca (so are borrowing for 3 or 5 years) we charge a 6% funding fee. You don't have to pay this fee upfront, though, we spread the cost of this into your first few repayments. Apply for a business loan.
The big thing to know is that we don’t have any hidden fees or charges. And we’ll never charge you for repaying early.
Do you offer a fixed interest rate?
Not exactly: all our loans have a variable interest rate. If you draw down more money with us after your first funding, we might be able to offer you a different interest rate on the next funding. We can’t change your interest rate without your consent, though.
If we offer you a different rate, we’ll make sure to explain the change on your iwoca account or through a call with your account manager. Then you can decide if you want to go ahead with drawing down more funds.