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iwoca: Business Loan reviews

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1.79
Based on 14 reviews, last reviewed 26th Jul 2025
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Latest highest rating:

5

Easy application process The application process and fund pay-out was quick and simple Reviewed on: 31st May 2023
Gordon Marsh's avatar
Gordon Marsh

Latest lowest rating:

1

Behind the slick branding is nothing but a loan shark Like many businesses, we faced cash flow problems, and Iwoca seemed like the ideal solution. I became the guarantor of the loan, but due to circumstan... Read more Reviewed on: 26th July 2025
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Chee Lee
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About this product

iwoca business loan reviews help other business owners to get the inside track on what having a business loan with iwoca is really like. Smart Money People is the leading business review site in the UK and we want to hear about your experience of this business loan. You can write your iwoca business loan reviews today to share your experience of this product. Together, we can help us to increase trust and transparency in financial services.

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iwoca Business Loan reviews (14)

Behind the slick branding is nothing but a loan shark

1
Like many businesses, we faced cash flow problems, and Iwoca seemed like the ideal solution. I became the guarantor of the loan, but due to circumstances beyond my control, I had to step down as company director. I contacted Iwoca straight away to explain the situation and made it clear the company was unlikely to keep up repayments. I told them I understood my obligations as guarantor and wanted to discuss a repayment plan. Their advice was to wait until the account went into default — only then, they said, would the collections team be able to talk about next steps. I followed that guidance exactly. But once the account defaulted, everything changed. I was met with threats — of a CCJ, of losing my home — and told there was no point discussing a payment plan. Their only interest was “securing the debt.” Over the next nine months, their approach — built on accusations, lies, and threats — took a serious toll on my mental health. I felt constantly under pressure, unsupported, and trapped. At the same time, they added £7,000 in interest to the debt. I know my situation is unusual — but it doesn’t change the fact that Iwoca lied to me and then threatened me. I’ve since listened back to every recorded call with their team, and it’s clear I acted in good faith from day one. All I asked for was a chance to talk about a payment plan — I was even in the process of remortgaging my house to repay the loan. All they did was threaten me. I now own the domain www.iwoca.laon, where I plan to publish the recordings and tell the full story. If you’ve had a similar experience, it will also become a space where others can speak up and share what they’ve been through. I may not win a fight against a company like this — but if sharing my experience helps stop it happening to someone else, it’s worth it. Reviewed on: 26th July 2025
Chee Lee's avatar
Chee Lee

Avoid At All Costs

1
My experience with Iwoca has been deeply damaging. As the joint owner of a property, I received legal documentation concerning my wife’s business debt — documentation that included personal details like her date of birth, the amount owed, and court proceedings. I am not party to the debt, yet nothing in the paperwork made that clear. It implied I was liable, which caused me extreme anxiety and distress. The lack of basic clarity in their communication — especially for someone not trained in legal language — left me fearing we could lose our home. I spiralled into a mental health crisis, at one point believing my family would be better off without me. This company’s inability or refusal to simply include a line explaining I wasn’t liable speaks volumes about their disregard for the human impact of their actions. Despite repeated complaints, Iwoca’s responses have been cold and dismissive. I was passed from person to person, each one washing their hands of the issue. No personal accountability. No meaningful apology. Just legal excuses. If you’re thinking of working with Iwoca — don’t. There are other lenders who treat people like human beings, not case numbers. I have escalated this to the Financial Ombudsman and Information Commissioner, and I hope no one else has to go through what I did. Reviewed on: 29th May 2025
D W's avatar
D W

I was approved for a credit limit of £15,000 and was...

1
I was approved for a credit limit of £15,000 and was asked to complete face verification and submit a few documents, which I did. Shortly after, I received a call from a representative confirming that everything was ready to go and that I only needed to enter my bank details when making a payment through the service. I was also explicitly told that I had until the end of the month (28th March) to use the facility before the limit would be removed. After this, I spent a week coordinating with my supplier and customers to finalize the order. Once everything was in place, I proceeded to make the payment well before the deadline given. However, the payment showed as pending. After waiting a day with no progress, I contacted Iwoca multiple times to understand the delay. Eventually, I received a call from the representative handling my account, informing me that my account had been pulled. This decision was made after I had attempted to make the payment, with no prior warning. As a result, I wasted an entire week of my time, as well as my supplier's and my customer's. I then had to inform my customer—after days of back-and-forth discussions—that we could no longer fulfill their order, understandably leaving them very unhappy. When I questioned Iwoca about this, they failed to provide a clear explanation, simply stating that they needed to "protect their assets" and that I should see things from their perspective. This is despite the fact that they had already conducted all necessary checks on both my company and myself as its director, including face verification. I was told to email their complaints department, yet I have still not received a response. I would strongly advise against using Iwoca, as they have been unreliable, wasted a significant amount of time, and failed to provide any reasonable explanation for their actions. Instead of addressing concerns properly, they have simply brushed me off. Reviewed on: 15th March 2025
Jay Dean's avatar
Jay Dean

Again like the previous review, quick to give you mo...

1
Again like the previous review, quick to give you money but when I came under financial strain there was no negotiation. Threatened to send a collections letter and basically said it wasn’t their problem. All I had asked for was an extension on the repayment and a lesser amount due to cash flow problems. I mentioned that on my account they did say that I should contact them if they were having difficulty with repayments and they had a number of options. This is not true, they have none other than a collection letter. I had been contacting them relentlessly for 3 wks prior to the payment for options and they didn’t come back to me until 2 days before the payment to say that I had no alternative other than to pay it. Reviewed on: 14th February 2025
M M's avatar
M M

Mixed Experiences with Iwocas Financial Solutions

1
As a business owner, I turned to iwoca.co.uk, attracted by their motto, “We’re building finance that works for your business.” Initially, my experience was positive, especially when managing regular payments. However, challenges arose when I faced financial difficulties. During this period, I found iwoca’s support less than satisfactory. Despite their assurances that a County Court Judgment (CCJ) would resolve my issues, they proceeded with a Charging Order three months later. This action contradicted their earlier communications and added to the stress of my financial situation. Moreover, I encountered significant communication hurdles. Approximately half of my emails went unanswered, and when responses were provided, they often reiterated the need to “secure Iwoca’s position,” without offering tangible solutions or support for my circumstances. Their claim of being FCA regulated is true, yet I felt this did not translate into fair or supportive treatment during my time of need. This experience has left me questioning the balance they strike between business interests and customer support. While iwoca may offer effective financial solutions under normal circumstances, my experience suggests that they may fall short in offering the necessary support and guidance when customers face financial hardships. Reviewed on: 20th November 2023
Sebastian Moc's avatar
Sebastian Moc

Easy application process

5
The application process and fund pay-out was quick and simple Reviewed on: 31st May 2023
Gordon Marsh's avatar
Gordon Marsh

Excellent communication

5
I needed information and got all the info I needed and much more about CGILS Reviewed on: 10th February 2021
Hacina 's avatar
Hacina

The simplest borrowing option for small businesses

5
iwoca offer a fantastic service to small businesses. The application process is seamless and the fact you can easily chat with the team on webchat or phone calls is such a breath of fresh air compared to high street banks call centres. Highly recommend. Reviewed on: 4th February 2021
Mat's avatar
Mat

Loved it

5
From first submitting my request online, to receiving the fast decision, and support, iwoca has been there for us. Great service! Thank you :) Reviewed on: 2nd February 2019
Jason Speed's avatar
Jason Speed

great

5
always seamless and has changed borrowing for small business. Reviewed on: 30th January 2019
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Investor

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