Iwoca

Visit Site

Company Information

  • Company Name:
    Iwoca
  • Website Address:
  • FCA IP:
    647963
  • Business address:
    39 - 45 Shaftesbury Avenue London W1D 6LA
  • Phone number:
    0800 205 5535

Iwoca is a lender offering finance to small UK businesses. Not only does Iwoca offer loans to UK businesses, but also to businesses operating all across Europe. Since 2012, Iwoca has been helping businesses get the capital they need so that they can grow and prosper. Thanks to a revolutionary risk model, Iwoca is able to offer loans to small businesses that might face challenges when trying to find financing elsewhere. This business model involves relying on trading data and company industry to determine the company’s future financial health and ability to pay back a loan.

APPLICATION REQUIREMENTS:

Those interested in applying should be aware of Iwoca’s application requirements. It’s important that applying businesses are UK businesses operating as sole-traders, partnerships, or limited companies. Startup companies can apply, but they will usually be limited to funding of £10,000 or under.

LOAN AMOUNT AND CHARGES:

Loan amounts with Iwoca range from between £1,000 and £100,000. Usually, companies are limited to a loan amount by their monthly revenue. The loan amount is typically no greater than one month’s revenue for an applying company. Interest rates vary from between 2 percent and 6 percent depending on a variety of factors. Companies borrowing from Iwoca don’t have to pay any early repayment or arrangement fees.

PROCESS:

The process of applying for a loan from Iwoca involves first signing up and then linking business accounts to Iwoca. Applicants can upload banking statements or VAT returns so that Iwoca can get an idea of a company’s monthly or annual income. After such information is uploaded, Iwoca will quickly make a decision on whether or not the company is granted approval for a loan. The application process itself only takes a few minutes. Once a company is approved, loan funds will be deposited within only a couple of hours.

PAYMENT:

Those who have taken out a loan with Iwoca can make repayments on a monthly basis. One easy way to handle repayment is to have repayments automatically arranged through the business owner’s debit card. Also, companies borrowing from Iwoca can go online and manually make payments using their online Iwoca account. It’s a good idea for companies to pay off their loans early if possible to minimize the amount they’re paying in interest.

107 Reviews of Iwoca have been submitted - read the latest 3 below

Now that my funding has come through I'd like to use this opportunity to say thank you to IWOCA for the business loan that they have recently arranged for me. it isn't always possible to find the time to show one's appreciation for something as important as a business loan but this review page is an excellent way of doing that. When I next need a business loan I'll definitely re-visit the IOWCA website, but for the time being I am very happy with this current loan and hope all goes well with it. I am satisfied with all the terms of this loan so I don't foresee any difficulties.

Review posted by Terence Chataine, Oxted

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Without this brilliant loan from IWOCA our move to new, bigger premises would not be happening. so we'd like to take this opportunity to say a big thank you to IWOCA for arranging this loan with such speed to enable us to commit to the new premises before the deadline ran out. This is quite a big loan for us and we'll be repaying it over a 3 year period but we are hoping that loan period can be shortened and so it's good to know that the option to repay it earlier than agreed is possible without any extra charges. We're really very happy with this first ever loan from IWOCA.

Review posted by Lambourne Office Recruitment

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Great rates, great website that is easy to use and great back up from the staff of IWOCA once my loan was approved by them. I am a busy lady and don't have time to faff around so getting this business loan sorted out in record time without any hassle was brilliant for me and certainly helped with my stress levels which always seem to be teetering on the high level. I have a feeling this first ever business loan from IWOCA is going to make a big difference to the way I run my business and I'm hoping part of that means I'll be far less stressed when I do manage to drag myself away from the office and try to switch off.

Review posted by Jan Reid Designs, Tunbridge Wells

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money