Our product: Flexi-Loan
Understanding iwoca's flagship flexible credit facility for small businesses
The iwoca Flexi-Loan is our flagship product – an unsecured, flexible credit facility from £1,000 to £1 million. Customers are approved for a credit limit and draw down funds whenever they need them. They only pay interest on what they use and can repay early without penalty.
Key benefits
Automated decisions are typically returned in under 40 seconds. More complex cases are typically reviewed within 24 hours.
Customers can draw down funds as they need them, up to their approved limit. They don't need to take the full amount at once.
Customers only pay interest on the funds they've drawn, not on their full credit limit. They pay interest only for the time they hold the funds, as interest accrues daily.
Customers can repay ahead of schedule without extra fees.
Once customers have repaid enough of their balance, they can apply for a top-up to increase their available credit.
Each drawdown is repaid in monthly instalments over various terms from 12 to 60 months.
Who's eligible
How it works
- Application – Customers give basic business information – as little as 10 seconds with integrated partners.
- Assessment – Automated decisions in under 40 seconds; complex cases typically reviewed within 24 hours.
- Offer – Customers receive their approved credit limit and terms.
- Verification – Identity, bank account, and loan agreement confirmed digitally.
- Funding – Funds transferred to the business account, typically within 24 hours.