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... 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. Read more Read less

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... 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. Read more Read less