iwoca is a large online business finance company that claims to offer faster finance than traditional banks with no paperwork. Based in London and Frankfurt with a team of 300, iwoca focuses on short term agreements up to 12 months and long term loans of several years. £1,000 to £200,000 is available to British small businesses trying to improve their working capital or invest in their business.
iwoca Business Loans & Finance
Your business can raise £1,000 to £200,000 at 49% representative APR to improve cash flow, invest in growth, or buy stock and equipment. Repayments are due monthly and paid over 1 – 12 months.
There’s a longer term business loan available too. Businesses can raise £25,000 to £250,00 for up to 5 years at 18.6% representative APR.
Everything is done online and your business will receive a decision within 24 hours.
iwoca Reviews and Ratings
iwoca has over 4000 reviews on Trustpilot – 90% are ‘Excellent’. Reviews on Google and Smart Money People are also very positive and current customers are happy with the fast, friendly service. There are a few critics commenting on a problem with junk mail, emails, and phone calls from iwoca and other business finance companies.
In March 2020, iwoca launched a new OpenLending platform for banks and fintech businesses to offer iwoca’s lending products through their own online platforms. This was funded by a £10 million grant from RBS.
- Short and long term finance available for lots of different business purposes.
- Excellent reviews across three review sites – customers are clearly pleased.
- Fixed monthly repayments could lack flexibility for some businesses.
- Some customers say iwoca spam them with calls and emails.
Website: iwoca Business Finance