iWoca Business Finance

iWoca provides short term unsecured business finance from £1,000 – £150,000. Their flexible product offers early repayment and top ups so that you can use their loans as a constant source of credit, subject to approval.

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About iWoca

iWoca is a leading business finance specialist, providing flexible and fast business loans to small and medium scale businesses. iWoca offers loans for small & medium scale business ranging from £1,000-£150,000. Their flexible product offers early repayment and top ups so that you can use their loans as a constant source of credit, subject to approval. You simply pay interest for each day you borrow with no other fees and no long-term commitments. Rates starts from 2% per month, based on the business profile. In addition, they boast a lightning fast application process, you can sign up and apply within minutes. Once you are approved you borrow the loan for the full 12 months as a maximum, or use the service as a credit line.

iWoca uses the latest technology to remove the cost and intricacy associated with traditional business finance. That means it offers instant decisions and has no upfront fees, no lengthy forms and no long-term commitments. Most importantly, the technology that they use has allowed to shape a revolutionary risk model that takes into an account any small business based on its trading data. Their consultants examine thousands of data points for each applicant to make fair lending decisions, instantly. While the accounts are managed online, 24/7.

iWoca also offers unsecured loans with no collateral. For limited companies, however, collateral may be required, often from a shareholder or director of the business.

The Core Features of iWoca Loans

    • APR starting from 2% (based on Credit Rating)
    • Acceptance of poor credit, CCJ’s & Defaults
    • Borrowing ranges from £1000 to £150,000
    • Fast application processing
    • No initial application assessment fee
    • Flexible loans repayment terms, from 1 month to 5 years
    • Prompt customer service
    • Latest technology

    How does it work?

    Customers can apply on iWoca’s website by filling the simple application form. The account manager reviews the business’ account and make an offer within a few hours. Usually, the company approves the loan application within an hour, on average. Once a business applies for a loan, iWoca will check its own records, the business’ records at credit agencies, as well as any records related to the business’ “financial associate,” if one exists.

    Upon approval, the business can withdraw funds to a bank account. Instant funding is available without the necessity of complex paperwork associated with other business loans. Once approved, the funds can be received within 4 hours.

    All loans are issued for up to 6 months, but borrowers can pay off their loans at any time with no penalty. However, with interest gathered monthly, costs can accumulate if loans aren’t paid off in a timely manner.

    The Final advice

    Users of iWoca report simplicity and friendliness and with every step of the loan process. Interest and payments are clear and well-understood by all before the loan is issued. Their application process is fast and simple. Many businesses turned away from traditional lenders or banks, have been found to be approved here. Customers who understand B2B loans of this kind would do well to borrow with iWoca over many competitors.

FAQ

iWoca offer loans for small business ranging from £1,000-£150,000. Once you are approved you borrow the loan for the full 12 months as a maximum, or use the service as a credit line. You can top up the loan easily through a simple and fast application process, no fees for early repayments and with flexible repayment options.

iWoca’s approval process is somewhat stricter than some competitors. Applicants must link one of several online accounts (their initial model, and most common technique) or upload bank statements, VAT returns, or company accounts. iWoca tries to gather a detailed understanding of your business in order to give a loan that you are able to handle. All loans are issued for up to 6 months, but borrowers can pay off their loans at any time with no penalty.

Whether you’re operating as a sole trader, partnership, or limited company, you can deal with iWoca as you long as you have £10,000 annual revenues.

iWoca offers unsecured loans with no asset requirements. For limited companies they do ask for a personal guarantee, usually from a director or shareholder. In addition, with interest gathered monthly, the interest costs can accumulate if loans aren’t paid off in a timely manne