iwoca review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

iwoca suits UK limited companies and LLPs that need a business loan, credit line or guarantor facility fast. It is a direct lender authorised by the Financial Conduct Authority, funding £1,000 to £1,000,000 over 12 to 60. The catch is cost: 49% representative and an arrangement fee that rises with term length.

Key facts

Best for
UK limited companies and LLPs wanting a flexible business loan or credit line drawn at speed.
APR
49% (Source, checked September 26, 2026)
Loan amount
£1,000 to £1,000,000 (Source, checked September 26, 2026)
Term
12 to 60 months (Source, checked September 26, 2026)
Arrangement fee
No fee on 12-month loans; typically 5% for 13 to 24 months and 6% for longer terms (Source, checked September 26, 2026)
Credit check
Hard (Source, checked September 26, 2026)
Funding time
Funds can be drawn down as soon as the offer is accepted; money hits the account within hours (Source, checked September 26, 2026)
Representative example
Business Flexi-Loan of GBP 10,000 over 12 months, repay GBP 12,294 in total at 49% APR representative (3.33% per 30 days) (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Free early repayment
Yes (Source, checked September 26, 2026)
Eligibility
UK-based limited company or LLP, applicant aged 18 or over, one year of bank statements (Source, checked September 26, 2026)
Origination fee (%)
5% to 6% (Source, checked September 26, 2026)
Loan types
Business, Credit-line, Guarantor (Source, checked September 26, 2026)
Credit needed
Poor (Source, checked September 26, 2026)
Legal entity
iwoca Limited (Source, checked September 26, 2026)
Headquarters
United Kingdom (Source, checked September 26, 2026)
Founded
2011 (Source, checked September 26, 2026)
Support channels
Phone, Email, Help-centre (Source, checked September 26, 2026)
Features
Same-day funding, Credit line
Official website
iwoca.co.uk

Apps and profiles

Elsewhere
WikidataWikipediaXTrustpilotLinkedIng.page

Pros and cons

Pros

  • Borrowings of £1,000 to £1,000,000 over terms of 12 to 60, with business, credit line and guarantor loans available.
  • Drawn down as soon as an offer is accepted, with money reaching the account within hours.
  • Free early repayment, so settling early costs nothing extra.
  • Works with poor credit, since the hard credit check is matched to the business rather than personal credit history.

Cons

  • 49% representative, far above the 12% site median.
  • An arrangement fee applies on longer loans, running 5% to 6%.
  • A hard credit check sits behind every application, recorded as a hard search.
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Who it suits

  • UK-based limited companies and LLPs with a trading history in bank statements.
  • Businesses wanting a credit line they can draw on repeatedly rather than a single lump sum.
  • Firms with poor credit that need a lender used to judging business performance.

Who should look elsewhere

  • Sole traders and freelancers, as eligibility is limited to UK companies and LLPs.
  • Anyone wanting cheap borrowing, since 49% is well above the 12% site median.
  • Borrowers who want a soft check, as the credit search here is hard.

How your money is protected

iwoca lends as a direct lender rather than a broker, so the facility is its own and no third party sits between the business and the money. It is authorised and regulated by the Financial Conduct Authority under 791804. The published example is for a business loan over a short fixed term, repaid with interest charged across the life of the loan.

How iwoca compares

Where iwoca is available

Available
Germany, United Kingdom
Licence in United Kingdom
Financial Conduct Authority (791804), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

How much can iwoca lend?+

Borrowings run from £1,000 to £1,000,000 over terms of 12 to 60. The range covers a small working capital injection as well as a larger facility, and the credit line can be drawn and repaid repeatedly rather than taken as a single fixed loan.

What does iwoca cost?+

The representative APR is 49%. On top of that, the arrangement fee is free on the shortest loans but runs 5% to 6% on longer terms, so a longer repayment period adds to the cost of setting the loan up.

How fast does iwoca pay out?+

Speed is the main selling point. Money can be released the moment an offer is accepted and it reaches the business account within hours. Same-day funding and a credit line both sit among the standard features rather than extras to negotiate.

Who can apply to iwoca?+

Applicants need to be a UK-based limited company or LLP at a minimum age, with a trading history in bank statements behind them. Sole traders and freelancers sit outside that, so the company structure is worth checking before an application goes in.

Does iwoca lend to businesses with bad credit?+

Yes. The lender works with poor credit, and the hard credit check looks at the business rather than the applicant's personal credit history. That is why a shorter trading record can still be considered, though poor is the stated credit requirement.

Can I repay an iwoca loan early?+

Early repayment is free, so there is no charge for settling the balance ahead of schedule. On a facility running 12 to 60, interest builds over the term, and clearing the balance sooner reduces the total paid back.

Is iwoca a broker or a lender?+

It is a direct lender, so the decision and the facility sit with iwoca itself rather than a third party being introduced. It is authorised and regulated by the Financial Conduct Authority under 791804.

What types of finance does iwoca offer?+

iwoca covers business loans, a revolving credit line and guarantor loans, which matches the business, credit line and guarantor range. A credit line is drawn and repaid as needed, while a guarantor loan leans on a personal guarantee, so the two suit different businesses.

How do I get help from iwoca?+

Support runs on phone, email and help centre, which covers phone, email and a help centre. Phone suits anything urgent around a drawdown or an offer, while the help centre handles the everyday account and repayment questions without waiting on a call.

Can iwoca lend outside the UK?+

No. Lending is limited to UK-based limited companies and LLPs, and iwoca Limited is registered in the United Kingdom under the Financial Conduct Authority. Businesses trading only in another market need a lender operating there.

Sources

  • en.wikipedia.org/wiki/Iwoca checked September 26, 2026

    Backs: Founded

    “iwoca was founded by Christoph Rieche and James Dear in October 2011 and began trading in the UK in March 2012”

  • iwoca.co.uk checked September 26, 2026

    Backs: Funding time, Headquarters, Legal entity, Origination fee (%), Support channels, Licences

    “you can transfer as much as you need to your bank account. The money should hit your account within hours.”

  • iwoca.co.uk/about-us checked September 26, 2026

    Backs: Lender type

    “iwoca has grown from a small start-up to one of the fastest-growing business lenders in Europe”

  • iwoca.co.uk/business-loans checked September 26, 2026

    Backs: Loan amount, APR, Credit check, Credit needed, Eligibility, Features, Free early repayment, Loan types, Arrangement fee, Representative example, Term

    “Borrow £1,000 to £1 million”

Compiled from 4 source pages, checked September 26, 2026. We did not open an account.

iwoca

iwoca

UK limited companies and LLPs wanting a flexible business loan or credit line drawn at speed.

8.9/10See alternatives

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