Check if you qualify for a business loan in minutes
We believe in building trust through our unwavering commitment to financial expertise.
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Borrow £1,000-£3,00,000 and more
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24 hours to get a decision
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Repay early with no fees
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Borrow from 1 day to 5 years
How does the iwoca application process work?
Apply in minutes
Funding your business doesn’t have to wait. Apply in minutes and get a decision fast. [Get Funded Today]
Use your funds
Use your funds Fast Business Funding, Based on Performance Approved in Minutes. Funds in Hours. We evaluate your business performance, and once approved, you can transfer exactly what you need straight to your bank account. Interest is only charged for the days you use the funds—no hidden fees. [Get Funded Today]
Repay or top up
Flexible Loans That Grow With Your Business Overpay or repay early—always fee-free. Need more funds? Top-ups are easy. As your business grows, your credit limit can grow too—giving you the flexibility to scale without waiting. [Apply Now]
Business Loan FAQs
The cost of our business loans starts at 1.5% per month. We charge no fees on 12-month loans, but longer term loans may incur a fee.
Unsecured business loans do not require any collateral and are typically quicker to arrange than secured loans, although the lender may require a personal guarentee. iwoca’s business loan is an example of an unsecured loan.
Secured business loans require you to offer business assets (collateral) against the loan which the lender may seize if you default. Although they tend to have lower interest rates and allow you to borrow more compared to unsecured loans, they often take much longer to arrange.
A good credit score varies depending on the rating agency in question, but generally the higher your score, the lower your perceived risk. It’s worth noting, however, that your credit score alone is not enough to determine your eligibility for a business loan.
We consider many other factors, including financial history, business performance and previous debt defaults. We also look to see if you have a solid customer base with predictable revenue.
Securing a business loan with bad credit can be challenging but not impossible. Here’s how you can improve your chances:
- Understand your credit score: Before applying for a loan, understand your credit score and what factors led to it. This insight can help you plan on how to improve it
- Improve your business’s financials: Showing that your business is profitable or even showing an improvement in its financial health can make you a more attractive loan candidate.
- Consider alternative lenders: Alternative lenders like iwoca tend to have more flexible requirements than the banks. We consider multiple factors when assessing a loan application, not just your credit score.
iwoca business loans follow a monthly repayment schedule, with minimum repayments due once per month. Your first repayment will be due 30 days after drawing down the loan.
Absolutely! You don’t even have to wait until the loan has ended, as you’ll also be eligible to apply for a top up once you’ve repaid between 15-33% of your loan, depending on the loan term. We’ll just need some fresh info about your business to make a decision.
Unlike banks, we don’t need to see a business plan or anything like that.
For many customers, we only need to see a few recent bank statements to make a decision. We may also ask for VAT returns and company accounts on larger, more complex applications – but that’s it.