Head to head
Allica Bank vs iwoca: Which UK Business Finance Provider in 2026?
Side by side: what each lender offers UK limited companies and LLPs, and what each one publishes.
Free · 2 mins
Start here · What do you need?
What Allica Bank offers: SME term loan, asset finance + commercial mortgage. Ticket range: £25,001 to £150,000 (business loans); £25k to £2.5m (asset finance); £150k to £15m (commercial mortgages) (its own figures). Rate: business loans 9.90% to 13.75% interest; other products quoted per deal. What iwoca offers: flexi-loan / line of credit. Ticket range: £1k to £1m (its own figure). Rate: from 1.5% per 30 days. Allica Bank suits established Ltd companies with three or more years of filed accounts. iwoca suits working capital and cash-flow-gap files needing flexible draw-down. The table below compares ticket range, typical rate and decision time.
Source: FundBiz methodology. Editorial by Best Business Loans Ltd (16833937).
Allica Bank, at a glance
- Product
- SME term loan, asset finance + commercial mortgage
- FundBiz editorial view
- Best for established Ltd companies with three or more years of filed accounts
iwoca, at a glance
- Product
- Flexi-loan / line of credit
- FundBiz editorial view
- Best for working capital and cash-flow-gap files needing flexible draw-down
Side-by-side
Full profiles: Allica Bank · iwoca
| Compared on | Allica Bank | iwoca |
|---|---|---|
| Product type | SME term loan, asset finance + commercial mortgage | Flexi-loan / line of credit |
| Ticket range | £25,001 to £150,000 (business loans); £25k to £2.5m (asset finance); £150k to £15m (commercial mortgages) (its own figures) | £1k to £1m (its own figure) |
| Typical rate | Business loans 9.90% to 13.75% interest; other products quoted per deal | From 1.5% per 30 days |
| Decision time | Decision by the next working day (its own aim) | Decision within 24 hours in almost all cases (its own figure) |
| Lender's own soft search at quote | Not published | Yes, says the lender |
| Lender lends to limited companies only | Yes | Not stated |
Sources: Allica Bank's own site · iwoca's own site. Figures change; confirm with the lender before you rely on one.
FundBiz enquiries are for limited companies, LLPs and partnerships with four or more partners. Some lenders on this page also accept other business types; we do not arrange those and do not recommend a lender on that basis.
When Allica Bank may fit
- A PRA-authorised bank, with FSCS protection on eligible deposit accounts.
- Publishes its business loan interest range (9.90% to 13.75%), so you can see the likely cost before applying.
- For larger needs, asset finance runs to £2.5m and commercial mortgages to £15m (Allica's own ranges); business loans stop at £150,000.
Best for
Established Ltd companies with three or more years of filed accounts, Asset-backed and commercial-mortgage applicants wanting real bank underwriting, Larger facilities where the applicant can wait for relationship-led underwriting.
Watch outs
- Slower than fintech alternatives, so time-critical borrowers may need another lender.
- Hard credit search at full application stage, so it is worth applying only once you're committed.
- Business loans need at least three years of filed accounts, so younger companies may look at Funding Circle or iwoca.
Lender figures and criteria: Allica Bank's own site; full notes in our Allica Bank review.
When iwoca may fit
- iwoca says almost all applicants get a decision within 24 hours.
- 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.
- Lends to businesses trading under a year, up to £10,000, per iwoca.
Best for
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 decision within 24 hours.
Watch outs
- 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.
- iwoca says you can borrow up to 20% of turnover, so a larger loan may need a different lender.
- Personal guarantee required.
Lender figures and criteria: iwoca's own site; full notes in our iwoca review.
FAQ
Allica Bank or iwoca: which is the better UK business finance provider in 2026?
Neither is better for every business. The 'When Allica Bank may fit' and 'When iwoca may fit' sections above say who each one suits, and the side-by-side table shows what each lender publishes. Check each lender's own criteria before you apply.
Which is weakest for what?
Allica Bank is a poor fit for business loans under £25,001, consider Funding Circle or iwoca. iwoca is a poor fit for fixed-term project finance, consider Funding Circle or Allica. If either of those describes your business, look at the side-by-side table for the alternative, or read our other lender reviews.
Can FundBiz help with Allica Bank or iwoca?
FundBiz is not a lender and is independent of both. This comparison and our lender reviews are editorial research to help you decide which to approach. FundBiz doesn't pass your enquiry to either lender. If you send an enquiry through FundBiz, we pass it to one of the finance partners we work with, who will contact you about your options.
Who can send an enquiry through FundBiz?
The FundBiz enquiry form is for limited companies, LLPs and partnerships with four or more partners. Eligibility for Allica Bank and iwoca is set by each lender, and trading history requirements vary, so check each lender's own criteria.
How we ranked these lenders
Every lender is scored on the same four FundBiz criteria: pricing transparency, eligibility clarity, decision speed and treatment of declined applicants. Scores are our own desk-research assessment built from the FCA Register, Companies House filings and each lender's published product sheets, not customer reviews and not hands-on product testing. Each comparison shows the date it was last updated. Inclusion is never paid for, and FundBiz receives no commission from lenders. FundBiz is paid a fixed fee by one of the finance partners we work with for each enquiry we pass on. See our full methodology.
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Send an enquiry →FundBiz is owned and operated by Best Business Loans Ltd, directed by Oliver Mackman. Last updated: . Editorial by Best Business Loans Ltd (16833937).