Our assessment: where the product may fit
iwoca may be worth comparing for a business with a clear short-term cash requirement and a credible route to early repayment. Its stated absence of an early repayment fee can matter where a customer receipt will clear the borrowing sooner than a standard term.
The pricing still needs a full schedule. The product page states that borrowing beyond 12 months may incur an additional fee, typically 5% for 13–24 months and 6% for longer. Ask whether that applies to the actual offer and how settlement affects the total cost.
Do not apply the displayed 49% representative APR to every amount in its range. The page qualifies that representative statement by reference to loans of £25,000 or less. Its much larger calculator illustration is not proof that the same representative APR applies to a £250,000 loan.
iwoca: product amounts and repayment structure
Product reviewed: Flexi-Loan. Published amount or limit: £1,000–£1 million
Term or repayment structure: 1 day–5 years; no early repayment fee. Security and guarantees: Unsecured: no asset security. A personal guarantee is required; for a limited company, from a director.
Published eligibility and what is not specified
Turnover or revenue: Assessed against business performance; no fixed turnover floor stated on the cited product page. Trading history: No fixed minimum stated on the cited Flexi-Loan page. Lender assessment required.
Published criteria are an initial product-fit check, not a credit decision. Where a minimum is not stated in the cited material, that means it is not publicly specified there—not that the provider has no requirement. Expect assessment of current trading, existing commitments, ownership and the proposed use of funds.
Pricing, fees and an example with clear limits
Personalised pricing; interest charged for days borrowed. The calculator shows 3.33% per 30 days and 49% representative APR, with the representative-APR statement applying to loans of £25,000 or less. Borrowing beyond 12 months may incur an additional fee, typically 5% for 13–24 months and 6% for longer.
Provider calculator illustration: Published example: £250,000 over 12 months, £57,354 interest and £0 fees, giving £307,354 total repayable. Displayed monthly payments are rounded.
This calculator illustration is not a quote. The provider’s separate 49% representative-APR statement for loans of £25,000 or less should not be treated as a representative APR for this £250,000 example.
The current product page also states that borrowing over 12 months may incur an additional fee, typically 5% for 13–24 months and 6% for longer. Confirm the actual charge and settlement terms in the offer.
Decision and funding are different stages
Published decision timing: Within 24 hours, according to the provider. Published funding or access timing: Typically in hours after approval and requesting the transfer.
Advertised timings are not guarantees. A decision can be conditional on documents or further checks, and accepting an offer is separate from receiving cleared funds or card access. Do not commit to a supplier deadline solely on a marketing time estimate.
Features worth comparing
These points describe the cited product rather than a recommendation for every business. Compare them with the actual offer and the needs of your company.
- Published borrowing range from £1,000 to £1 million.
- No early repayment fee is stated for the cited product.
- Interest is described in relation to actual time borrowed rather than a single advance fee.
Important limitations and questions
Ask for written clarification of anything that affects net cash received, repayments or personal exposure before accepting.
- Personal guarantees are required for the cited unsecured product.
- Longer borrowing periods may carry an additional fee.
- The representative APR statement has a loan-size qualification.
How to compare the alternatives
Compare Funding Circle for a scheduled term-loan offer, including its completion fee and guarantee. If the cash requirement repeats, ask how redraws or top-ups are assessed rather than assuming an old approval creates unrestricted ongoing credit.
For stock tied to predictable ecommerce sales, compare a revenue-based agreement’s total fee and collection dates. For eligible business invoices, invoice finance could address the underlying receipt delay. These are different structures, not directly comparable headline rates.
How this review was prepared
This is a desk-based review of published UK product information checked on 20 October 2026. We have not submitted a test application, obtained a live API quote or tested this provider’s underwriting for this review. Sources are linked below. Provider examples and Shareholder assumptions are labelled separately.
A provider featured in editorial content is not necessarily a Shareholder referral partner. Shareholder’s general finance form does not submit an application to every provider reviewed here. Commercial relationships and how Shareholder is paid are disclosed on this page; they do not establish product eligibility.
A few things worth knowing
Common questions
Does iwoca require asset security?
Its cited UK business-loan page says no asset security is taken, but a personal guarantee is required; for a limited company it should be from a director.
Does iwoca charge fees on longer terms?
The cited page says borrowing over 12 months may incur an additional fee, typically 5% for 13–24 months and 6% for longer. Check the actual offer.
Can I use the displayed 49% APR for every iwoca loan?
No. The provider’s representative APR wording refers to loans of £25,000 or less. Individual offers and larger loans need their own pricing assessment.