iwoca
Mainstream lender for flexi working capital. It suits businesses whose cash need is draw-as-you-go rather than a single lump sum, whose trading time sits between 12 and 24 months, or whose file is too thin for Funding Circle but too clean to need a post-decline specialist. Comfortable with sub-12-month trading where Funding Circle declines outright. One of the fastest mainstream decision times among the lenders we review.
Quick verdict
- Product: Flexi-loan / line of credit.
- Ticket band: £1k to £1m.
- Pricing: From 1.5% per 30 days.
- iwoca says it uses a soft search at quote stage, which other lenders cannot see on your credit file.
At a glance
iwoca, at a glance
- Legal entity
- iwoca Limited
- Companies House
- 07798925
- Founded
- 2011
- Product
- Flexi-loan / line of credit
- Ticket range
- £1k to £1m
- Decision time
- Same day to 24 hours
- Ltd-only
- No, the lender also accepts other structures
Where iwoca is strong
- Same-day decisions for most applicants, which keeps the quote-to-funding window short.
- Flexi-loan structure means the applicant only pays interest on what they draw, useful for cash-flow-gap files.
- iwoca says it only runs soft credit checks when you apply, so applying does not affect your credit score.
- Comfortable with sub-2-year trading and lighter credit profiles where Funding Circle declines.
Watch-outs, and when another lender may suit better
- A per-30-day rate looks low but adds up (iwoca's own example shows 3.33% per 30 days as 49% APR representative), so compare the APR before borrowing.
- Borrowing is capped at up to 20% of turnover, so larger clean files may suit Funding Circle or OakNorth better.
- Personal guarantee required.
- Bad fit for fixed-term project finance where the applicant wants a single lump sum and a fixed schedule; consider Funding Circle or Allica.
Best fit applicants
- Working capital and cash-flow-gap files needing flexible draw-down
- Newer Ltd companies trading 12 to 24 months
- Borrowers who want a lender soft search and a same-day decision
Where iwoca is the wrong fit
- Fixed-term project finance, consider Funding Circle or Allica
- Pre-revenue startups, consider Start Up Loans Company
- £1m+ asset-backed deals, consider OakNorth or Allica
If declined by iwoca
If your application to iwoca is declined, ask the lender for the reason in writing. Some alternatives are named in the watch-outs section above. See also our iwoca decline guide for what to do next, and our side-by-side guide to iwoca alternatives for the closest UK specialty finance providers.
Other lenders we list
- 365 Business Finance, Merchant cash advance (revenue-based finance)
- Aldermore, Asset finance, invoice finance, commercial mortgages
- Allica Bank, SME term loan, asset finance + commercial mortgage
- Bizcap, Specialist post-decline / fast cash
How we rate iwoca
This review is FundBiz's own editorial assessment, scored against a published framework. See our methodology for how we rate each lender.
FAQ
What can I borrow through iwoca?
iwoca offers flexi-loan / line of credit. Ticket range: £1k to £1m. Typical rate: From 1.5% per 30 days.
How long does iwoca take to decide?
Same day to 24 hours iwoca says checking eligibility uses a soft search, so it does not affect your credit score.
Who is iwoca the best fit for?
First on the list: Working capital and cash-flow-gap files needing flexible draw-down. The full list is under Best fit applicants above.
When might another lender suit better than iwoca?
First on the list: Fixed-term project finance, consider Funding Circle or Allica. The other cases are under Where iwoca is the wrong fit above.
Send an enquiry
Tell us what you need in 2 minutes. FundBiz is not a lender and does not run a credit check. We pass your enquiry to a business finance broker, who will contact you about your options. For limited companies, LLPs and partnerships with four or more partners.
Send an enquiry →Official site: iwoca
Last updated: . By Adam Parker. FundBiz is owned and operated by Best Business Loans Ltd, directed by Oliver Mackman.