iwoca - Short Term Loans

iwoca - Short Term Loans

What is your product?

We offer up a revolving credit facility of up to £200,000 to small and micro businesses across the UK. To date, we’ve funded over 24,000 small businesses with over £670 million through our website, and our partners, using Open Banking and our Lending API.

How does it work?

Our flexible revolving credit facility is set up without cost and allows a business to draw down funds as and when it needs.

How would a business use your product?

It can be used to bridge cash flow, to make short term investments such as purchasing stock, or to cover the costs incurred when growing the business, like tax or payroll.

What are the approximate costs?

The interest rates vary from 2% to 6% per month with no early repayment fees, and is only charged on the outstanding balance, with representative APR 49%.

How long does it typically take to secure funding?

Funding can be secured within 24 hours, or in some cases instantly, and is unsecured. Once approved, it can take seconds for the funds to enter a business’ account.

What type of security or other requirements do you have?

iwoca asks for a Personal Guarantee against any funds taken and, depending on the amount required may request to see bank statements, VAT or company accounts.

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Find your business

Enter a funding amount between £500 and £50,000,000.
Please indicate what you need the funding for.