Iwoca Ltd is a UK-based fintech lender established in 2012, offering short-term working-capital facilities and B2B payment solutions to small businesses. Operating under the Financial Conduct Authority (FCA) with reference number 723378, iwoca uses an automated lending model that connects with bank feeds, accounting software, and online marketplaces. Its services may suit SMEs looking for digital-first, rapid access to funds rather than the lowest-cost secured loans. More information can be found in the alternative finance loans overview and lenders directory.
Key Features of iwoca Ltd
Iwoca offers practical features designed to streamline funding for UK small businesses via digital processes and integrations.
- 100% online application with real-time control over drawdown and repayments.
- Integrates bank and accounting system data for seamless underwriting; see finance tools.
- Offers personalised credit limits that increase with repayment; related information in loan eligibility requirements.
Funding Eligibility
You may qualify with iwoca if your business has been trading for a minimum period depending on the product, and meets revenue and registration criteria. Understand eligibility and personal guarantee expectations before applying.
- At least 3 months’ trading for the core Flexi-Loan; at least 2 years for the government-backed Recovery Loan Scheme (RLS). Details in business loan qualification requirements.
- UK-registered businesses with a UK business bank account are required. See bank loans vs alternative lenders.
- Personal guarantee is typically needed for limited companies and larger loans; explained in personal guarantees in business loans.
Loan Options Available
Iwoca provides a range of loans suited to short-term finance and working capital needs, including flexible credit limits and government-backed schemes.
- Flexi-Loan (Revolving Credit Facility): £1,000 to £500,000, 1 to 24 months term, typical representative APR 49%. Features include no arrangement or early repayment fees. See more about revolving credit loans.
- Recovery Loan Scheme Term Loan: £25,001 to £2,000,000, 3 months to 6 years term, capped interest at 14.99% per annum. Government-backed scheme with no early repayment fees. Read about term loans and the bad credit business loan context.
- iwocaPay (B2B Buy Now Pay Later): Invoice-based financing £150 to £15,000 per invoice; interest-free up to 30 days or spread over monthly instalments. More on invoice financing and related Pay4Later reviews.
How to Apply
The application process is online, fast, and requires typical business documents and identity verification, factoring in bank and accounting data.
- Submit an online application via iwoca’s portal or authorised partners; see online funding request forms.
- Provide recent bank statements or connect open-banking feeds, business and director identification, and financial accounts as needed; refer to application document requirements.
- Decisions are often instant or within hours for Flexi-Loans; Recovery Loan Scheme decisions may take 24-48 hours after document submission.
- Funds can reach your account on the same day for quicker loans; verify in same day funding options.
Funding Agent’s View on iwoca Ltd
Iwoca suits UK SMEs needing quick, flexible, digital-enabled working capital finance rather than long-term, low-cost secured lending. Its automated approach integrates data for speed, though personal guarantees and higher rates apply. Businesses with a short but stable trading history and UK registration may find suitability here. Prospective borrowers can compare iwoca with alternatives by using eligibility checkers and finance comparison tools for a rounded choice.
