Iwoca - Flexi-Loan
Iwoca - Flexi-Loan
What is your product?
iwoca specialise in short term, flexible finance tailored to the needs of small businesses. Our Flexi-Loan is an unsecured credit facility from £1000 - £200,000 that can be used for up to 12 months and there are no hidden fees, no lengthy forms, and no long-term commitments.
How does it work?
Our Flexi-Loan has no fees whatsoever. The only charge is the daily interest on your outstanding balance and you can repay early - this means you’ll only be charged interest on what you use. So if you only need funds for two weeks, that’s all you pay for.
How would a business use your product?
We serve a range of small businesses and the Flexi-Loan is great for short term uses such as: investing in stock, managing cash flow gaps, bridging invoice payments, or any other short term needs.
What are the approximate costs?
Our interest rates vary from 2% to 6% per month, with no early repayment fees, and are only charged on the outstanding principle. Representative APR 49%.
How long does it typically take to secure funding?
We’ll likely come back to you with a decision within 24 hours and in some cases you’ll receive a decision instantly. Once approved, funding can be secured with a few simple steps on the same day.
What type of security or other requirements do you have?
Our loans are unsecured, meaning we ask for a personal guarantee on any funds taken. We may also ask for recent bank statements, VAT, or company accounts to support your application depending on the amount you’re requesting.