iWoca Business Loans Review [Read Our Experts Opinion]

Jane Wardle

Written by Jane Wardle on February 8, 2018

Updated February 19, 2018

Overall Rated: 5 / 5

Summary

iWoca offer loans for small 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. 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. You can top up the loan easily through a simple and fast application process, no fees for early repayments and with flexible repayment options.

The customer service advisors are knowledgeable and expert. The process of getting the much- needed funds is easy and free of cost. The options for paying back are also well thought out and flexible. The company enjoys a great market reputation. Many bad credit businesses also got unsecured loans from iWoca. In terms of communication, customers can fill out a handy contact form, phone or email the iWoca team, or connect with  them via company’s social media accounts.

Trust & Reputation

Rated 4/5

Primarily targeting small web merchants, iWoca has successfully expanded its lending opportunities to meet the needs of almost all UK businesses, especially small and medium enterprises. Since its inception in 2012, the lender has become a well-established entity in UK’s e-commerce market. IWoca balances security, convenience, and faster gaining ground in a fast growing financial market of UK.

The trust and reputation of the company is established by the fact that the business is supported by the European Union under the Loan Guarantee Facility established under Regulation (EU) No 1287/2013 of the European Parliament and the Council establishing a Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020). The company is the member of the CCTA and is regulated by the Financial Conduct Authority (FCA).

The company has got hundreds of positive reviews on Trustpilot, has been featured in the national press and has won 5 industry awards. IWoca is the winner of the “Open Up Challenge by Nesta” in 2017. With a number of plenty of performance awards, iWoca is indeed a well-reputed and recognized business within the financial industry.

Expertise & knowledge

Rated 5/5

iWoca has successfully being operating in a highly competitive ecommerce industry to target and met the needs of the web merchants. Having since expanded its operations and offerings to all the businesses in UK, the company has always maintained its integrity and quality in terms of business finance expertise and consultation. Whole no other company like iWoca offer cheap business loans, its payment processes are intuitive and transparent.

iWoca is funded by venture capitalists and private investors. IWoca is the fast, flexible source of business finance for all UK businesses having specialized expertise to cater different sectors including retailers, restaurants, hotels, service providers and more. Businesses use iWoca for all sorts of different purposes, from bridging short-term cash flow gaps to investing in stock opportunities.

IWoca considers a wide range of businesses ranging from new start-ups to established companies. However, you must have a UK-based business and operate as a sole-trader, partnership or limited company.

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.

It is also to be noted that 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 manner.

Customer Service

Rated 5/5

Users report friendliness and simplicity with every step of the loan process. Interest and payments are clear and well-understood by all before the loan is issued. The application process is fast and uncomplicated. Many turned away from traditional lenders are approved here. 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.

Sign up online and link your business accounts to iWoca, or upload bank statements, VAT returns or company accounts. We will make an instant assessment of your business and confirm your offer within hours. If you are happy to proceed you can withdraw the funds to your bank account. There are no arrangement fees, no origination fees and no early repayment fees. Just one simple interest rate.

iWoca’s terms are clear and easy to understand. Their website is refreshingly intuitive to navigate. Questions are simple to find answers to. Long term users indicate consistency of service.

In terms of communication, customers can fill out a handy contact form, phone or email the iWoca team. The company also offers a call-back function, at a time that is best suited to the individual. With active social media accounts, such as Facebook, Twitter, and YouTube, consumers can get in contact with the team easily as well as staying up to date with all of the latest news from the company.

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