Iwoca Alternatives

This guide lists five UK focused alternatives to Iwoca, so buyers can compare speed, eligibility, products, and pricing before applying. Data was generated on 2023-10-23T10:00:00Z; always confirm current terms with the provider.

Quick compare

1. Kriya

Kriya offers flexible B2B financing solutions including buy now pay later, invoice finance, and working capital loans. It caters to UK businesses seeking quick access to funding options or comparison with other panels. The focus is on speed, flexibility, and unsecured or secured options, with a broad range of financing options for various needs.

Loan and pricing details

• Min amount: £5,000
• Max amount: £20,000,000
• APR min: 5.49%
• APR max: 8.49%
• Loan durations: Varies

Funding range note: 5,000 to 20,000,000

Speed: Typically swift approval upon application

Interest rate notes: Rates between 5.49% and 8.49% for business loans.

Eligibility

• Min trading months: Unknown
• Min monthly turnover: Unknown
• Credit flexibility: flexible based on business needs

Personal guarantee: Not typically required.

Homeowner advantage: Not needed.

Services and sectors

• Products: buy_now_pay_later, invoice_finance, working_capital_loans
• Industries: B2B, retail, services

Best for

• flexible financing needs
• B2B transactions
• improving cash flow

Pros

• Flexible options
• Wide range of products

Cons

• Potentially high fees for late payments

Sources: https://www.kriya.co/ https://www.kriya.co/blog/get-a-loan-for-your-business

2. Klarna

Klarna provides financing solutions primarily for consumer purchases but has expanded to offer options for businesses as well. It focuses on quick approvals and flexible payment options that suit retail and consumer-facing sectors. The service is known for its speed, broad acceptance, and options for buy now pay later or financing, often with security or collateral considerations.

Loan and pricing details

• Min amount: £1,200
• Max amount: Unknown
• APR min: 21.9%
• APR max: 21.9%
• Loan durations: Up to 36 months

Funding range note: From 1,200 typically

Speed: Quick approval for eligible businesses

Interest rate notes: 21.9% APR representative for financing products.

Eligibility

• Min trading months: 6
• Min monthly turnover: £5,000
• Credit flexibility: options available based on consumer base

Personal guarantee: Not typically required for small amounts.

Homeowner advantage: Not relevant.

Services and sectors

• Products: buy_now_pay_later, financing
• Industries: consumer_goods, retail

Best for

• businesses looking for buy now pay later options
• consumer-facing businesses

Pros

• Established brand
• Wide consumer acceptance

Cons

• High fixed APR

Sources: https://www.klarna.com/uk/payments/ https://www.klarna.com/international/enterprise/payment-solutions/financing/

3. Wayflyer

Wayflyer provides cash flow solutions to e-commerce companies with a unique model that emphasises quick access and predictable costs. It offers financing options with no interest rates and fixed fees, ideal for online businesses seeking flexible and straightforward funding. The focus is on speed, simplicity, and supporting rapid growth without interest payments.

Loan and pricing details

• Min amount: £5,000
• Max amount: £20,000,000
• APR min: Unknown
• APR max: Unknown
• Loan durations: Variable

Funding range note: 5,000 to 20,000,000

Speed: Quick funding with simple application processes

Interest rate notes: No interest; fixed fee model applied.

Eligibility

• Min trading months: 3
• Min monthly turnover: £10,000
• Credit flexibility: Flexible based on business performance

Personal guarantee: Not required.

Homeowner advantage: Irrelevant.

Services and sectors

• Products: working_capital, cash_advance
• Industries: e-commerce, retail, B2B

Best for

• high growth e-commerce businesses
• B2B suppliers needing cash flow support

Pros

• No interest rates
• Supports fast-growing industries

Cons

• Fixed fees can be costly over time

Sources: https://wayflyer.com/en/how-our-financing-offers-work https://www.heyfuturenexus.com/wayflyers-5b-bet-on-small-business-lending/

4. LendingCrowd

LendingCrowd specialises in peer-to-peer business loans. Its focus is on providing flexible loan options for a variety of purposes in diverse sectors. The platform offers quick decisions and competitive rates, suitable for UK businesses seeking alternative or faster funding routes.

Loan and pricing details

• Min amount: £75,000
• Max amount: £500,000
• APR min: 5.95%
• APR max: 12.25%
• Loan durations: 6 to 60 months

Funding range note: 75,000 to 500,000

Speed: Typically within a few days after approval

Interest rate notes: Rates range from 5.95% to 12.25% flat rate, credit-risk based.

Eligibility

• Min trading months: 24
• Min monthly turnover: Unknown
• Credit flexibility: Based on credit risk

Personal guarantee: Often required depending on business size.

Homeowner advantage: Could be beneficial for securing better terms.

Services and sectors

• Products: business_loans, recovery_loans
• Industries: various

Best for

• established businesses
• those seeking flexible lending terms

Pros

• Peer-to-peer benefits
• Flexible terms

Cons

• Need longer trading history

Sources: https://www.lendingcrowd.com/business-loans https://www.alternativebusinessfunding.co.uk/funders/lendingcrowd/

5. Nucleus Commercial Finance

Nucleus Commercial Finance specialises in providing a variety of funding options for SMEs. Its offerings include unsecured business loans and cash flow finance, with a focus on speed and flexibility. The service supports different business needs, often requiring security or collateral considerations.

Loan and pricing details

• Min amount: £3,000
• Max amount: £2,000,000
• APR min: Unknown
• APR max: Unknown
• Loan durations: Varies

Funding range note: 3,000 to 2,000,000

Speed: Rapid decision, typically within days.

Interest rate notes: Rates not disclosed; tailored to specific business needs.

Eligibility

• Min trading months: Unknown
• Min monthly turnover: Unknown
• Credit flexibility: Standard credit checks apply

Personal guarantee: Generally required.

Homeowner advantage: Helps with unsecured loans.

Services and sectors

• Products: business_loans, invoice_finance, cash_flow_finance
• Industries: various

Best for

• small to medium enterprises
• businesses with high funding needs

Pros

• Flexible terms
• Wide range of finance options

Cons

• Personal guarantees often required

Sources: https://nucleuscommercialfinance.com/types-of-funding/business-loans/ https://nucleuscommercialfinance.com/types-of-funding/nucleus-business-loans/

Final notes

When comparing providers, match loan size, timeline, and sector fit first, then confirm current rates and fees with the finance provider. If one option declines your application, a broker or multi lender panel may still place the deal.

The best approach is to match the provider type to your specific use case. Bank lenders often offer larger loans with longer terms but require more detailed applications. Brokers provide access to multiple lenders and tailored options. Specialist providers focus on niche solutions for particular industries or secured loans. For detailed support, consult a trusted Funding Agent at Funding Agent.

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