NimbleFins' Iwoca Review: The Business Loans for You?

NimbleFins' Iwoca Review: The Business Loans for You?

Iwoca is a popular lender for small businesses with an impressive 4.7 customer rating on Trustpilot. We take a closer look.

Good for

  • 4.8 customer rating on Trustpilot
  • Simple and quick application process
  • Straightforward fee structure
  • No early repayment fees
  • Easy loan top ups
  • Flexible repayment options

Bad for

  • Short term loans for up to 24 months only
  • Personal guarantee may be needed
  • Currently offer limited range of business loans
  • Higher interest rates of at least 2% per month
  • Loans for start ups may be limited to £10,000

Editor's Rating


Iwoca is a popular lender for small businesses with an impressive 4.8 customer rating on Trustpilot. We take a closer look.

Iwoca stands for instant working capital. The company was set up in March 2012 to provide flexible credit for small businesses. Since then, it’s become one of the fastest growing lenders for small business loans and has lent over £500 million to businesses across the UK.

In This Review

Get a small business loan with Iwoca. Apply now.

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  • Borrow from £1,000 to £500,000 for up to 24 months
  • Repay early with no fees
  • Decisions in 1 working day
  • Help from a dedicated account manager

Iwoca Business Loan Overall Review

Iwoca is a lending company designed with small businesses in mind. If you’ve struggled to get finance elsewhere then Iwoca may be right for you. We are impressed by their great customer reviews and easy to use website. Their application process is extremely straightforward and only takes a few minutes. Trustpilot reviewers comment on their excellent customer service and easy application process and rate them 4.8 out of 5 stars. They've helped over 90,000 small businesses get loans since 2012.

Our researcher used their website chat function and received a helpful and detailed response within 30 minutes from their customer service team. Iwoca also offers a dedicated account manager once your loan is accepted.

Iwoca used to only offer loans up to 12 months, but now you can get a loan up to 24 months. We view this as an improvement in their product offering, that will certainly be beneficial to some businesses.

On the downside, interest rates are on the high side, starting at 2% per month for a Flexi-Loan. Start-up companies, who have been trading for less than 12 months, may be limited to a loan of only £10,000, depending on their circumstances. This might not be enough for some growing businesses.

Bottom Line

Iwoca offers short term loans of up to 24 months that are designed for small businesses. The application process is quick and easy and you’ll receive a decision within 24 hours. It could be a great option if you’ve been refused business finance by a traditional bank. However, if you want a longer-term loan, you’ll need to look elsewhere.

Key features of Iwoca Business Loans

  • Borrow £1,000 - £500,000
  • Apply online in 5 minutes
  • Get approved in 24 hours
  • Simple fee structure with no hidden fees
  • Flexible loans that are easy to top up
  • Dedicated account manager

Types of business loan available from Iwoca

Iwoca currently offers one main type of flexible, small business loan. They've stopped offering their revenue based loans. Plus they have IwocaPay, which is a payment solution for B2B businesses who want to help their trade customers to spend more.

Here are some of their loans’ key features.

Loan amountKey featuresSuitable for
Flexi-Loan£1,000 to £500,000
  • Flexible lending and easy top ups
  • Interest starts at 2% per month
  • Borrow for up to 24 months
  • Small businesses that struggle to access traditional lending
  • Customer can pay now or split payment over 3 months
  • Your business receives instant funds
  • You pay 3% interest per month until customer payment due
  • Small businesses where customers may spend more if they split payments into 3 equal monthly payments

Iwoca’s loans in more detail

Flexi-Loan (Working capital loan)

Iwoca’s most popular loan is its Flexi-Loan which is a type of working capital loan. It’s a flexible loan that’s designed to help businesses with short term cash needs.

Businesses can borrow from £1,000 to £500,000 and the application process is quick and easy. Your credit limit is typically around one month’s revenue but may vary. You’ll be limited to a maximum loan term of 24 months.

Iwoca don't charge early repayment fees, only interest for the days you have the funds. If you need more money, applying for a top up is easy and your credit limit will grow with your business.

Specifically, Iwoca used to specify that once you’ve paid back a third of your original credit limit, you’ll be able to apply for a top-up as needed—if your loan has a 12 month term. If it's longer, you only have to pay back 15% of your original loan amount to become eligible to top up. Iwoca will just need updated information about your business and will assess your application for a top up within a few hours. These rules may have changed.

If you own a start up business with no trading history, your loan may be limited to £10,000. For other businesses Iwoca will base your lending limit on your revenue and profit margin. Most businesses can borrow up to 10% of their turnover for the last 12 months.

To apply for a flexi loan you will need to know how much you want to borrow over what period. You will also need basic details of your business and your recent bank statements. You also have the option to link your business bank account to Iwoca through open banking. This means your application process will be quicker as you won’t need to submit bank statements.

Interest costs start at 2% per month and will depend on Iwoca’s assessment of your business—please note, your rate may be higher than this so take note of what they're charging you before you sign up.

Take a look at our detailed article if you want to know more about how working capital loans work.

Quick summary

Flexible loan for up to 24 months with top up loans available. Historically, you could borrow up to 10% of your yearly turnover and interest costs start at 2% per month.

8 reasons to apply for a Iwoca Flexi-Loan

  • Designed for small businesses that struggle to access traditional bank lending.
  • Simple and quick application process. Most applications are approved in under 24 hours.
  • Simple fee structure with no hidden fees. You’ll only pay interest on your existing loan balance.
  • No fees for early repayments
  • Easy loan top-ups once you’ve paid off a third of the original loan.
  • Flexible repayment options
  • Dedicated account manager to help you with any queries.
  • Member of the Consumer Credit Trade Association

5 reasons not to apply for a Iwoca Flexi-Loan

  • Currently only available for businesses based in the UK, Germany or Poland
  • Flexi-Loans require a personal guarantee
  • You’ll need a minimum of 3 months’ trading history
  • No options for loans over 24 months
  • Interest rates may be higher than alternative funding options

Revenue Based Loan (Merchant cash advance)

No longer available.

IwocaPay (Buy now pay later)

IwocaPay helps businesses offer customers Pay Later options on their payments. Customers can choose between Pay Now or Pay Later options and click on a link to pay through IwocaPay.

The Pay Now option is interest free whereas the Pay Later option charges interest. You can choose for customers to pay interest at 3.33% per month or you can pay interest yourself at 3% per month.

If you use Xero accounting software you will be able to link it with IwocaPay. This means your customer payments process will be totally integrated with your accounts process, saving you time and money. Your invoices will automatically include an option so customers can pay using your IwocaPay account.

Quick summary

You can offer customers the option to spread their payments over 3 months. Iwoca will process the payments and charge you 3% interest per month on outstanding balances.

5 reasons to apply for IwocaPay (Buy now pay later)

  • Designed for small businesses that struggle to access traditional bank lending.
  • Simple and quick application process. Most applications are approved in under 24 hours.
  • Helps customers spread their spending so they can afford to shop with you more easily.
  • Fixed rate of interest and no hidden fees.
  • Spend less time on admin as invoices and payments are automatically matched.
  • No penalties if the customer doesn’t pay, Iwoca takes the hit.

3 reasons not to apply for IwocaPay (Buy now pay later)

  • Currently only available for businesses based in the UK, Germany or Poland.
  • Expensive as you’ll be charged 3% per month.
  • Only available for businesses with at least 3 months’ trading history.

How to apply

If you want to apply for an Iwoca business loan then it is a very simple application process that only takes a few minutes. Here is how it works:

  1. Sign up for an account with Iwoca
  2. Provide basic details about your business
  3. Link your business bank account with Iwoca or provide bank statements
  4. Give details of how much you want to borrow and for how long
  5. Wait for Iwoca to assess your application. This is usually within a few hours.
  6. Receive the funds into your bank account

Iwoca business loan Customer Service Reviews and Ratings

Iwoca business loan Ratings & Customer Reviews
Trustpilot customer service rating4.8 out of 5

How do existing customers rate Iwoca business loans? To find out, we've combed through hundreds of online customer reviews to find out how customers rate their experience with Iwoca business loans.

Iwoca business loan Trustpilot

Iwoca has earned a very impressive 4.8 stars out of 5 at Trustpilot for its business loans. 90% of reviewers give Iwoca an "Excellent" 5 star rating and only 3% of the reviewers give Iwoca a “Bad” one-star review. This rating is based on nearly 6,000 reviews.

Many of the positive comments focus on how easy and efficient it is to apply for an Iwoca business loan, and how much support is received. Customers were also impressed by the customer service and help they received with their applications. Here are some of the recent reviews:

"As a flexible financial product for business, it's great. The staff are helpful and always polite and there's no hard sell just facts." June 2024

"Very efficient and helpful advice on the product and very flexible payment schedules. Excellent service and product. Thank you." June 2024

"The process of identity check and verification was quite straightforward and simple." June 2024

"It is so easy to work with IWOCA and they give me and my company just what I need. Excellent service with support and someone to chat to at any time you need. I would highly recommend to all customers." June 2023

"Very helpful, responsible lender that helps small businesses. Requests are dealt with promptly and efficiently. Very consistent with their professional service all through the years. Thank you very much!" June 2023

"The Team at Iwoca, Especially Matthew Wren & Hannah Menzies are, and continue to be so, extremely helpful and supportive during a very serious health issues. They returned call when asked, made time to fit in around my treatment, and were always to this first to ask how I was feeling and my treatment was progressing. I will always recommend the company. 100% first class service." May 2023

"I get sent/come across many offers of funding but they never seem to deliver what they say they are going to. Iwoca proved me wrong and did exactly what they said they were going to do easily and quickly. Very refreshing!." Feb 2022

"Incredibly quick and efficient service overseen by an excellent dedicated manager for the kind of personal touch long forgotten by standard lending organisations. Am really impressed." Feb 2022

"I was in the market for a small business loan. Having searched the market I chose Iwoca mainly because they were prepared to work with me. Once I had completed the online application I received follow-up emails from Kieran Smith who provided me with valuable additional information. I wasn't ready to pull the trigger upon first applying so I requested an extension which was granted to me without fuss. Once I was ready to go, the full application process was very easy to manage, everything facilitated as it was either via the Iwoca website or a third party app for the usual ID verifications. All documentation was signed electronically again saving huge amounts of time and bother. Funds hit my account within seconds of signing the credit and guarantor agreement. Iwoca seems [sic] to have identified a real niche and as such provide fuss-free interactions which is just what small business owners [sic] want. Kieran was flexible and professional from the outset. Great attention to detail and very easy to work with. I would recommend Iwoca to any small business that requires some extra working capital.." Feb 2022

How to contact Iwoca

If you need to contact Iwoca then they have a handy website chat facility. Our researcher asked a question about business loans using the chat facility and a customer service assistant emailed her a detailed answer within 30 minutes.

Contact information for Iwoca business loan

  • General: 0203 778 0274
  • Applications: 0208 106 8821
  • Email: contact (at)
  • Website chat: Click the arrow in the corner of the screen
  • Website support centre

Get Business Funding with Iwoca.

Get started

  • Borrow £1,000 - £750,000
  • Apply online in 5 minutes
  • Get approved in 24 hours
  • Borrow from 1 day to 5 years
Alice Guy

Alice Guy is a Suffolk-based business and personal finance writer. She trained with KPMG in London as a Chartered Accountant before working as a business analyst for Tesco Plc. Alice has personal experience surviving on a tight budget when she took time out to care for her young family. She loves to write about business finance, saving and investing—all the money stuff we were never taught at school.