Lender alternatives
Alternatives to iwoca
4 UK specialty finance alternatives to iwoca, compared on product type, ticket band, rate, decision time and eligibility.
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iwoca vs the 4 alternatives
| Compared on | iwoca | Funding Circle | Capify | Liberis | Allica Bank |
|---|---|---|---|---|---|
| Product | Flexi-loan / line of credit | Term loan | Short-term business loans and supplier invoice payment | Revenue-based finance (merchant cash advance style) and pay-over-time funding for SMEs | SME term loan, asset finance + commercial mortgage |
| Ticket | £1k to £1m (its own figure) | £10k to £750k (its own figure) | £10k to £3m | £1k to £1m (its own figure) | £25,001 to £150,000 (business loans); £25k to £2.5m (asset finance); £150k to £15m (commercial mortgages) (its own figures) |
| Rate | From 1.5% per 30 days | From 6.9% per year | Factor rate set by risk (not published) | One fixed fee, repaid as a percentage of sales (quoted per offer) | Business loans 9.90% to 13.75% interest; other products quoted per deal |
| Decision | Many customers get an instant decision; larger loans within 24 hours (its own figures) | Decision in as little as 5 minutes, funds typically within 48 hours (its own figures) | Decision in minutes; same-day funding on unsecured loans, 24 to 48 hours on secured (its own figures) | Funds in as little as 24 hours (its own figure) | Decision by the next working day (its own aim) |
| Soft search | Yes | Yes | Yes | No | No |
| FundBiz editorial tier | Top tier | Top tier | Strong | Strong | Top tier |
Sources: each lender's own published product pages, as recorded in our lender index: iwoca · Funding Circle · Capify · Liberis · Allica Bank. Figures change; confirm with the lender before you rely on one.
Funding Circle
Decision in as little as 5 minutes, funds typically within 48 hours (its own figures) · From 6.9% per yearMainstream lender for term loans between £10k and £750k. It suits established Ltd companies with a trading record and clean credit that want a fixed-repayment term loan rather than a flexi or MCA.
Capify
Decision in minutes; same-day funding on unsecured loans, 24 to 48 hours on secured (its own figures) · Factor rate set by risk (not published)Short-term business lender that assesses cash flow and trading history rather than relying only on credit scores, which can help post-decline cases where credit history blocks a Funding Circle or iwoca term loan.
Liberis
Funds in as little as 24 hours (its own figure) · One fixed fee, repaid as a percentage of sales (quoted per offer)Embedded-finance specialist that suits businesses with an existing relationship with a partner platform (for example Worldpay, Barclaycard, Klarna, eBay, Dojo or Deliveroo).
Allica Bank
Decision by the next working day (its own aim) · Business loans 9.90% to 13.75% interest; other products quoted per dealChallenger bank for established businesses: business loans of £25,001 to £150,000, asset finance of £25k to £2.5m and commercial mortgages of £150k to £15m (Allica's own ranges).
Frequently asked questions
What are the main alternatives to iwoca?
The closest UK specialty finance alternatives are Funding Circle, Capify, Liberis and Allica Bank. The table above sets them side by side with iwoca.
How does iwoca compare on ticket size and rate?
iwoca offers flexi-loan / line of credit, with tickets of £1k to £1m (its own figure). Its pricing: from 1.5% per 30 days.
How quickly does iwoca make a decision?
Decision time for iwoca: Many customers get an instant decision; larger loans within 24 hours (its own figures). Decision times for the alternatives are listed in the comparison table; faster isn't always cheaper, so weigh speed against rate and ticket fit.
Does iwoca do a soft-search quote?
iwoca runs a soft-search quote, so it says checking eligibility doesn't affect your credit score. Among the alternatives, Funding Circle and Capify offer a soft-search quote.
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Founder & Managing Director, Muswell Rose, FundBiz
Adam is the founder and managing director of Muswell Rose and a founder of Best Business Loans Ltd, the company behind FundBiz. His background runs through commercial finance, mortgages and fintech, including as managing director of an invoice finance business. He oversees FundBiz's guides and lender reviews.
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