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iwoca: Business Loan reviews

Name: Business Loan
Rating: 4.3 (10 reviews)

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3.55

Based on 10 reviews, last reviewed 20th Nov 2023

No new 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

80%

4 star

3 star

10%

Latest highest rating:

5

Easy application process The application process and fund pay-out was quick and simple Reviewed on: 31st May 2023

Latest lowest rating:

1

Mixed Experiences with Iwocas Financial Solutions 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 experienc... Read more Reviewed on: 20th November 2023

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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.

iwoca Business Loan reviews (10)

Review of the iwoca, Business Loan:

Mixed Experiences with Iwocas Financial Solutions

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

Easy application process

The application process and fund pay-out was quick and simple Reviewed on: 31st May 2023

Excellent communication

I needed information and got all the info I needed and much more about CGILS Reviewed on: 10th February 2021

The simplest borrowing option for small businesses

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

Loved it

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

great

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

Reliable

Make it easy to get funding for my business quickly, with smart questions not pointlesss form filling Reviewed on: 13th January 2019

Well deserved

Great company! Great Product! Growing with the times, iwoca have a clear and simple vision to help small business and they do it without making you jump through hoops. A clear and concise product, with an amazing simple to use technology platform! Reviewed on: 2nd January 2019

Awesome, innovative service

iwoca is connected with so many relevant services for SMEs that they make it easy to apply for a loan quickly Reviewed on: 2nd January 2019

Largely a waste of time

This lot largely wasted my time. I applied for business funding and they made swift contact, only to start asking for proof upon proof of income, contracts, solictor and accountant's reports and the like. For a sole trader who does his own accounts this was nigh on impossible, and after much deliberation (which took ages) Iwoca rejected me. They then passed my details over to a bunch of other companies that were clearly on some sort of referral scheme and the deluge of calls began. Not the best experience. Reviewed on: 24th December 2016