Whether you’re starting a business or need a cash boost to get it to the next level, iwoca could help with a fast and flexible business loan. Repay your loan early with no additional fees or top up (up to your credit limit) all from your online account. It’s quick and straightforward to apply online at the iwoca website.
Let’s take a closer look at iwoca business loans and rates.
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Please note this calculator provides illustrative estimates only.
This tool is designed to help you estimate the monthly and overall costs of borrowing . You can adjust the duration of the loan and the interest rate to get a better idea of what would be affordable. Our calculations assume that any fees involved are bundled in with the loan amount and repaid over the same term, at the same rate. Refer to your loan agreement for exact repayment amounts as they may vary from our calculations.
To make comparing even easier we came up with the Finder Score. Costs, speeds and features across 50+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
To make comparing even easier we came up with the Finder Score. Costs, speeds and features across 50+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Based in London, iwoca is a direct lender (rather than a broker) offering fast and flexible credit to small businesses across Europe. From placing larger stock orders to bridging cash flow gaps, businesses use iwoca’s loans to power growth.
iwoca, which is a contraction of “instant working capital”, was founded in 2011 by Christoph Rieche and James Dear. The lender uses award-winning technology to eliminate the cost and complexity associated with traditional business finance. It uses this tech to understand a small business instantly based on its trading data, not just through a credit score. It looks at thousands of data points to consider each business individually.
Quick overview of iwoca business loans
Minimum trading period
6 months
Loan terms
From 1 to 24 months
Loan amounts
From £1,000 to £1,000,000
Minimum turnover
£25,000
How do iwoca business loans work?
iwoca will offer you a business loan individually tailored to your business. The credit limit and interest rate you are offered will depend on your business’s performance and credit rating. iwoca loans can be used to cover cashflow, investment, expansion and other purposes.
iwoca also provides loans for all types of businesses, including retailers, manufacturers and service providers and can offer loans to new startups, as well as established companies.
Am I eligible for an iwoca business loan?
You should only apply for an iwoca business loan if you’re certain you can meet the repayment terms. You must also:
Be a UK-based business
Be a limited company
You must be aged between 18 and 74 and be under 75 at the end of the loan term
Be aged over 18
Have a good credit rating without a history of county court judgments or bankruptcy
How do I apply?
If you’ve decided that an iwoca business loan is the best option for you, there are six steps to the application process:
It’s free to sign up and there are no commitments until you sign your loan agreement. iwoca just needs some basic details in order to verify your business.
Get approved. Credit limits are based on your business performance – iwoca can typically lend up to one month’s revenue, or up to £10,000 for a startup business.
Take the funds. Withdraw as much as you need, when you’re ready. Most businesses use iwoca to manage cash flow gaps, buy stock or make investments.
Repay or top-up. Keep the funds for 12 months or repay early to save on interest. You can also top-up, up to your credit limit (subject to approval).
iwoca customer reviews and complaints
In our 2025 customer satisfaction survey of business loans providers, 87% of iwoca customers said they would recommend the brand to a friend. Several respondents pointed out how good the customer service they had received was, with one stating: “I love how they handle varying cash flow cycles, ensuring repayments meet the needs of various enterprises”. Another said: “Their web platform is simple and does not overwhelm with extra processes or jargon”.
iwoca is rated “Excellent” on Trustpilot, with a score of 4.8 out of 5 stars based on over 8,000 reviews (updated October 2024). Its customers on Trustpilot lauded the friendliness and helpfulness of the iwoca team, as well as the speed of service. The reviewers who only rated the lender 1 out of 5 stars complained about different issues, including “high interest rates” and the amount of “spam marketing emails” they had received.
There is little mention of iwoca on Reddit, although a few users suggested iwoca as a company to consider when other forum members posted queries about potential business loans providers.
Customer support
For customer support, call iwoca on 020 3778 0274, from Monday to Friday between 9am and 6pm.
Our verdict
If you’re a small business that has struggled to receive a loan from a traditional bank in the past or perhaps you are researching business loans and are drawn in to technology induced services, iwoca offers loans based on your real-time trading data, not just through a credit score.
Using award winning technology to decide your creditworthiness is definitely more out of the box than running your typical credit checks. But if you are looking for longer loan times than 12 months, there might be other options available to you.
Alternative sources of funding
There are several types of business loans out there. The right one for your business will depend on how much you need and how long you want to borrow for:
Government startup loans. If you have a new business, you could borrow up to £25,000 at a low interest rate. You may also be eligible for a government grant.
Bank loans. Banks and building societies can lend you up to £250,000 over a term of 1 to 15 years. These loans are usually unsecured.
Short-term loans. These are offered over a few weeks or months and typically come with a higher interest rate than other types of borrowing. You could get a loan of up to £200,000.
Peer-to-peer loans. This is when your business borrows money from investors instead of from a financial institution. You could get a loan of up to £1 million.
Cash-advance loans. This option allows you to borrow money against your company’s future debit or credit card sales. You will pay a set fee rather than an interest rate.
Yes, iwoca will run credit and identity checks when you apply. However, initially it will run a “quotation” search which will have no impact on your credit score. A full credit search will only be done if you choose to take a loan.
You can either link your online accounts to iwoca (it integrates with eBay, Amazon, PayPal, Sage Pay and more), or upload bank statements, VAT returns or company accounts. This data allows the lender to get a good understanding of your business with no complex paperwork required.
iwoca is generally happy to offer top-ups, 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 – you can contact your account manager at iwoca to advise you on this.
Yes. iwoca can renew your offer once your loan has ended, assuming your circumstances have not changed. If your business has grown you may even be offered an increased credit limit or reduced interest rate. You can then log into your account to withdraw the funds.By linking your online accounts or uploading bank statements, VAT returns or company accounts, you give iwoca a fast and detailed understanding of your business. This means that it can offer instant funding without the complex paperwork associated with a traditional business loan. It also offers more flexibility than many business loans from a bank.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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There are a number of digital lenders out there that focus on offering flexible loans to small businesses that may struggle to get one from a traditional bank. We’ve put together a list.
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