iwoca business loans calculator and review

If you run a small business, or are a sole-trader or a partnership, you could borrow £1,000 to £500,000 from iwoca.

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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.

See how much it'll cost you to take out a iwoca loan

iwoca business loan calculator
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iwoca business loans comparison

iwoca business loans

Name Product UKFBL Finder Score Loan type Loan amounts Loan terms Minimum turnover/trading criteria Key benefit
iwoca Flexi-Loan
3.8
★★★★★
Variable rate Unsecured loan
£1,000 to £500,000
1 to 24 months
£25,000 annual turnover,
6 months trading
Your business loan rate varies based on your circumstances. Interest applies only to your outstanding balance on days you use the loan – there are no early repayment fees. Limited companies only.
Representative example: Borrow £10,000 over 12 months at a rate of 40% p.a. (variable). Representative APR 49% and total payable £12,294.
iwoca
3.8
★★★★★
Variable rate Unsecured loan
£1,000 to £1,000,000
1 to 24 months
No specified minimum turnover or time trading
Your business loan rate varies based on your circumstances. Interest applies only to your outstanding balance on days you use the loan – there are no early repayment fees. Limited companies only.
Representative example: Borrow £10,000 over 12 months at a rate of 40% p.a. (variable). Representative APR 49% and total payable £12,294.
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Other popular business loans

Table: promoted deals first

Name Product UKFBL Finder Score Loan type Loan amounts Loan terms Minimum turnover/trading criteria Key benefit
Portman Finance Business Loan
3.9
★★★★★
Fixed or variable rate Asset finance loan
£10,000 to £2,000,000
3 to 72 months
£100,000 annual turnover,
1 year trading
Representative example: Borrow £30,000 over 3 years at a rate of 7.26% p.a. (fixed). Total payable £36,537.84 in 36 monthly repayments of £1014.94.
iwoca Flexi-Loan
3.8
★★★★★
Variable rate Unsecured loan
£1,000 to £500,000
1 to 24 months
£25,000 annual turnover,
6 months trading
Your business loan rate varies based on your circumstances. Interest applies only to your outstanding balance on days you use the loan – there are no early repayment fees. Limited companies only.
Representative example: Borrow £10,000 over 12 months at a rate of 40% p.a. (variable). Representative APR 49% and total payable £12,294.
iwoca
3.8
★★★★★
Variable rate Unsecured loan
£1,000 to £1,000,000
1 to 24 months
No specified minimum turnover or time trading
Your business loan rate varies based on your circumstances. Interest applies only to your outstanding balance on days you use the loan – there are no early repayment fees. Limited companies only.
Representative example: Borrow £10,000 over 12 months at a rate of 40% p.a. (variable). Representative APR 49% and total payable £12,294.
Nest Unsecured Business Loan
4.0
★★★★★
Fixed rate Unsecured loan
£10,000 to £5,000,000
No specified loan terms
£200,000 annual turnover,
12 months trading
Funding Circle Unsecured Business Loan
4.2
★★★★★
Fixed rate Unsecured Line of credit loan
£10,000 to £500,000
6 to 72 months
No specified minimum turnover,
2 years trading
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What is iwoca?

iwoca business loans overview

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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

iwoca ranked the lowest in our 2024 customer satisfaction survey of business loans providers, with 82% of its customers saying they would recommend the brand to a friend. However, several respondents did point out how good the customer service they had received was, citing the company’s “reliability” and high levels of “customer care”.

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.

Looking for alternative lenders to iwoca?

Frequently asked questions

Business loans ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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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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Chris has written 615 Finder guides across topics including:
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