To take out an iwoca loan, a director of the business needs to sign a personal guarantee, which makes them personally responsible for repaying the loan.
iwoca mandates personal guarantees as they act as a safety net for unsecured loans. If the company is unable to repay its obligations, the director assumes responsibility for repayment through a structured plan, reinforcing the non-negotiable nature of the guarantee.
We ask for this commitment because we offer unsecured loans, which means they’re not backed by any assets, and our Flexi-Loan means you can repay the full amount at any point with no penalty. A personal guarantee gives us reassurance that the loan will be repaid.
Additionally, iwoca provides transparency in the loans process by ensuring that the guarantee terms are clearly documented. Borrowers can request a copy of the signed personal guarantee and the master loan agreement for verification.
Can I get a loan without signing a personal guarantee?
We can’t give you a loan until you’ve signed a personal guarantee, but we can review your application. Once you’ve received an offer, you can decide whether to go ahead with the loan and sign the personal guarantee.
Borrowers are provided with clear documentation during the loan offer process, highlighting the conditions of the guarantee. If needed, iwoca can supply a copy of the signed guarantee or the master loan agreement to address any potential borrower concerns.
Applying is completely free and doesn’t commit you to anything. Once you’ve applied, we’ll come back to you with a decision within 24 business hours. Go to our homepage to start the application process.
Once you have completed the loan repayment, you may apply for a new loan under different guarantor terms, following standard application procedures.
If you have any questions, send us a message by clicking the icon in the bottom right of your screen.
If you need clarification about your personal guarantee or wish to retrieve a copy of the signed agreement, feel free to contact us. Our support team is here to assist you with your queries.