iwoca is a UK online lender offering a Flexi-Loan of £1,000 to £1,000,000 to limited companies and LLPs, with interest from 1.5% per 30 days charged only on what you draw. It suits businesses that want fast, flexible working capital and can repay within months. It does not lend to sole traders and asks for a personal guarantee.
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- Borrow £1,000 to £1,000,000 - the Flexi-Loan is capped at 20% of your annual turnover, over terms from 1 day to 5 years
- Interest from 1.5% per 30 days - charged only on the drawn balance; iwoca’s own example is 3.33% per 30 days, or 49% APR representative
- 0 early repayment fees - but borrowing for more than 12 months can add a 5% to 6% fee
- Limited companies and LLPs only - iwoca does not lend to sole traders and requires a personal guarantee
- 4.7 out of 5 on Trustpilot - from 13,225 reviews checked in October 2026, with 90% rating it five stars
What Is iwoca?
iwoca is a London-based online lender that says it has funded over 100,000 businesses in fourteen years. Its main product is the Flexi-Loan, a drawdown facility for limited companies and LLPs that charges interest only on the money you actually use, with no fee for repaying early.
Alongside the Flexi-Loan, iwoca offers a business credit card (a Visa issued by Enfuce UK Limited, which is FCA authorised), the iwocaPay payment service and a free business credit score tool. iwoca Ltd is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 for its payment services. The company employs around 500 people across London, Leeds, Frankfurt and Berlin.
How the iwoca Flexi-Loan Works
The Flexi-Loan gives you an approved limit of £1,000 to £1,000,000, sized at up to 20% of your annual turnover. You draw what you need, pay interest only on the outstanding balance, and can top up or repay at any point. Terms run from 1 day to 5 years.
That structure makes it closer to a revolving facility than a fixed term loan. A business covering a two-month gap before a large customer pays can draw, repay and stop paying interest as soon as the money comes in. iwoca says the application takes five minutes and that funds typically arrive in hours. For a wider view of this kind of borrowing, see our guide to unsecured business loans.
iwoca Rates and Fees
iwoca’s interest rates start at 1.5% per 30 days on the drawn balance. Its own representative example is 3.33% per 30 days, which equals 49% APR, so the rate you are offered depends on your business. There is no fee for repaying early, but borrowing for longer than 12 months can add a one-off fee.
The longer-term fee matters if you plan to spread repayments. iwoca says borrowing for 13 to 24 months typically adds a 5% fee, and longer terms 6%. A per-30-day rate also adds up quickly on a balance you carry for a year, so compare the total repayable against a fixed-term loan before committing. Our guide to UK business loan costs shows typical rates across lender types.
Who Can Borrow From iwoca?
iwoca lends to UK limited companies and LLPs. It states plainly that it does not lend to sole traders, in line with other unsecured lenders. Your limit is set at up to 20% of annual turnover, and iwoca does not publish a minimum trading period.
iwoca also requires a personal guarantee, which makes a director personally responsible for the debt if the company cannot repay. Read the guarantee terms before you sign. If you are a sole trader, look at the government-backed Start Up Loans scheme or specialist lenders in our guide to bad credit business loans, which covers lenders with different eligibility rules.
iwoca Pros and Cons
iwoca’s strengths are speed, flexibility and the absence of early repayment fees. Its weaknesses are cost on longer balances, the personal guarantee, and the fact that sole traders cannot apply at all.
What Customers Say About iwoca
iwoca holds a 4.7 out of 5 rating on Trustpilot from 13,225 reviews, checked in October 2026. Around 90% of reviewers give it five stars and about 3% give it one star. That is a large, consistent sample for a lender, though Trustpilot scores reflect the experience of people who chose to leave a review.
iwoca vs Other UK Business Lenders
iwoca sits between high-street bank loans and revenue-based finance. Funding Circle can be cheaper for established businesses with strong accounts, while revenue-based lenders such as Liberis suit card-taking businesses that want repayments tied to sales.
| Lender | Amounts | Cost | Best for |
|---|---|---|---|
| iwoca | £1,000 to £1,000,000 | From 1.5% per 30 days | Flexible short-term working capital |
| Funding Circle | £10,000 to £750,000 | From 6.9% a year plus completion fee | Established businesses wanting a fixed term |
| Liberis | £1,000 to £1,000,000 | One fixed fee, no interest | Card-taking businesses |
| Capify | £10,000 to £3M | Rate not published | Larger amounts |
Read our Funding Circle review, Liberis review and Capify review for detail on each, or compare the wider field in our guide to the best UK business loans.
Who Should Use iwoca?
Choose iwoca if you run a limited company, need money within days, and expect to repay within a few months. Look elsewhere if you are a sole trader, want the lowest cost over several years, or cannot give a personal guarantee.
- Good fit: a limited company bridging a short cash flow gap, buying stock ahead of a busy season, or covering a late customer payment
- Weaker fit: a long-term investment better suited to a fixed-rate business loan repaid over several years
- Not eligible: sole traders, who need a different lender or the Start Up Loans scheme
Our Verdict
iwoca earns 7.2 out of 10: a fast, flexible and well-reviewed lender for limited companies, held back by a high cost on longer balances, the personal guarantee and the exclusion of sole traders.
A fast, flexible and well-reviewed lender for limited companies, held back by a high cost on longer balances, the personal guarantee and the exclusion of sole traders.
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Compare Business Loan Quotes from Trusted Suppliers
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If you are comparing iwoca with a fixed-term loan, set the total repayable side by side for the same amount and period. For a short draw that you clear within weeks, iwoca’s per-30-day pricing and free early repayment usually work in your favour.
