Just provide the basics about your business and how much you’d like to borrow.
If you’re approved for a business loan, you can transfer as much as you need over to your bank. The money should hit your account within hours.
Your repayment schedule will depend on your circumstance, but you can always repay earlier in part or in full free of charge.
Any limited company or limited partnership (no matter the age or industry) that is based in the UK and has a director with a UK address.
Even though iwoca offer business loans, they’re not a bank. They’re an independent company custom-built for small businesses – and their goal is to provide straightforward access to finance where and when your business needs it.
iwoca only runs soft credit checks which means applying won’t affect your credit score. But if you decide to draw down funds, the business loan will show up on your credit report.
It takes 5 minutes to apply and in almost all cases you'll get a decision in 24 hours.
You’ll only be charged interest on your outstanding balance for the days you’re using your business loan – no hidden fees, no long-term commitments. Rates start at 1.5% a month, depending on your business.
Yep, some businesses repay early to save on interest. If you want to make extra repayments or pay off your business loan early you won't be charged any fees.
