Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk Loanski is an authorised credit broker not a lender

    IWOCA Loans Alternative

    Loans from £100 to £10,000

    • 3 months to 5 years
    • 100% online application
    • All credit scores welcome to apply
    • Paid in as fast as 10 minutes^

     

    Secure SSL connection

    Your application is sent over a secure encrypted network

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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    Rates from 45.3% APR to 1575% APR Minimum Loan Term is 3 months - Maximum Loan Term is 60 months. Representative Example: Borrow £1000 for 24 months. Annual interest rate 70% (fixed). 24 equal instalments of £77.48. Total amount to repay £1,859.52. Representative 97% APR (variable).
    *Subject to application being approved by the lender. Not all lenders are able to provide up to £10,000

    Choose Loan Amount

    Credit score not affected*

    Loading

    Rates from 45.3% APR to 1575% APR Minimum Loan Term is 3 months - Maximum Loan Term is 60 months. Representative Example: Borrow £1000 for 24 months. Annual interest rate 70% (fixed). 24 equal instalments of £77.48. Total amount to repay £1,859.52. Representative 97% APR (variable).
    *Subject to application being approved by the lender. Not all lenders are able to provide up to £10,000

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

    Loans from £100 to £10,000

    • 3 months to 5 years
    • 100% online application
    • All credit scores welcome to apply
    • Paid out in as fast as 10 minutes^

     

    Secure SSL connection

    Your application is sent over a secure encrypted network

    REPRESENTATIVE 97% APR

    Loanski offers competitive interest rates compared to some lenders across the market.

    Installment Options

    Customize your loan term from 1 month to 60 months putting you in control of your payment plan.

    Fast Payouts

    You can expect fast payouts sometimes within 10 minutes^

    Company Number: 

    07798925

    Company Name:

    IWOCA Limited

    Date firm started up business:

    5 October 2011

    Loan value range:

    1000 pounds to 200,000 pounds

     

     

    Loan term length:

    1 month to 12 months for the credit facility, if you have a business loan then the loan term is 3 to 5 years.

    Head Office Address: 10 Queen Street Place, London, The United Kingdom, EC4R 1AG

    FCA Status: Authorised

    Payout Time:

    Payout will normally be the same working day.

    Meaning of the name IWOCA:

     

    IWOCA actually stands for International Workshop on Combinatorial Algorithms.

    They are an online FinTech company based in London but offer credit to small business throughout the United Kingdom, Germany and Poland via their lending platform.

    IWOCA Review:

    IWOCA was founded in October 2011 to help small UK businesses and started trading in 2012.  It isn’t always fast or easy for new or small business in the United Kingdom to access credit and when you are a business wanting to drive forward, you don’t always have time to wait around.

    Chris and James – the founders of IWOCA recognised this and so created a solution. They look at each application individually and offer what is best to suit their business needs.

    They originally started offering loans exclusively to e-commerce businesses but in 2014 expanded to offer loans to other small business throughout the United Kingdom.

    Since they started up in 2012, they have helped over 50,000 small businesses throughout the UK to thrive and grow.

     

    How the company works:

    If you would like to apply for a loan with IWOCA then the process is really simple.

    All you need to do is fill out the IWOCA online application form on their website. This will ask you questions such as; when you would like the loan and other, standard information about your business.

    You can then link your online business accounts or upload bank statements to prove your business is genuine. Doing this means that IWOCA can assess your application faster than the UK banks, meaning you will get your loan faster without the hassle of the complex paperwork, if approved of course.

     

    Repayment method:

    Repayment is done directly from your bank account using CPA (Continuous Payment Authority) You can also make free early repayments either by bank transfer or by logging into your IWOCA online account.

    Payments will be taken either weekly or monthly depending on your choice.

    There is also no penalty for early repayments. If you repay early then you will pay less interest, ultimately giving a business the incentive to do just this.

     

    Do I need a bank account?

    Yes, you will need a business bank account to be able to apply

    Address information

    During your application, you will need to provide the address information on where your business is registered.

     

    ID and Income

    IWOCA will need to see your business account information to see your income and expenditure. This is to ensure affordability for the loan and to make sure that you won’t be getting into any difficulty with your repayments.

    You can do this by either linking all of your online accounts directly to IWOCA so they can be assessed or by submitting your business bank statements.

     

    Penalties

    There are penalties if you don’t make your repayments on time. If your business gets into difficulty then it is advisable to contact your business account manager as soon as possible.

     

    Reviews

    IWOCA have an unbelievable rating on Trust Pilot, showing just what a fantastic company they are.

    Their star rating is 5 stars out of 5 and a massive 90% of their reviews are rated as excellent! 8% are rated at great, 1% average and only 1% as bad!

    Out of the 90% which were rated at excellent, the customers were extremely happy with the service that they had received from the company.

    Nearly all of the reviews stated that the online application was clear and simple to use, there were no hidden costs or agendas and everything was exactly as they had advertised.

    Only 50 out of the 4,038 reviews were rated as bad and most of these were not complaining about the company or loan process itself, they were complaining about the amount of spam they were receiving through the post and by email.

    However, IWOCA has taken the time to respond to each of the reviews explaining how to unsubscribe from their mailing list and offering solutions to each of the complaints.

     

    In the Press

    IWOCA was in the press recently because they were awarded a combined £40 million from the RBS banking competition fund.

    RBS awarded the capital to 4 companies as part as an incentive to boost lending and payment services to small UK businesses.

    There was over 76 application for the competition fund which was at the end awarded to the following four companies: Atom Bank, IWOCA, Modulr Finance and Currencycloud.

     

    Who Created IWOCA?

    IWOCA was founded by two young gentlemen, Christopher Rieche and James Dear, back in 2011. They were both just 33 years old when they founded the company together.

     

    Christopher Reiche

    Christopher is the CEO and Co-Founder at IWOCA, he also oversees the day to day operations along with finances and strategy for the company. Christopher has previously worked at Goldman Sachs and became VP there.

    Goldman Sachs is an American multinational investment bank which also offers financial services.

    This was Christopher Rieches only previous job before he founded IWOCA.

     

    James Dear

    James Dear, who attended Kings College is also the co-founder of IWOCA and has a PhD in Stochastic calculus and theoretical physics.

    We couldn’t find any other job history for James. Having looked at his LinkedIn profile, IWOCA is listed as his only job.

    As well as being the co-founder, James is also head of systems and numbers.