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.

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.

More FAQS

What is iwoca?
How iwoca loans work and who is eligible?
How to apply?
Privacy and security?

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