Flexible business loans from iwoca

We’ve teamed up with iwoca to provide our small business customers with affordable and flexible loans from £1,000 to £500,000.

Who are iwoca?

iwoca is a financial technology company that offers quick and flexible finance options to small businesses. iwoca aims to expand the possibilities for small businesses by providing fast, fair, and flexible finance, making it easier to access funds to support cash flow and grow your business.

Introducing Flexi-Loan

Flexi-Loan is an unsecured line of credit that lasts for up to 24 months. With a Flexi-Loan, small businesses can access up to £500,000 quickly and easily. There are no penalty fees for early repayment, providing more flexibility for borrowers.

  • Borrow up to £500,000.
  • Harness your data in QuickFile to get an instant lending decision for amounts up to £25k.
  • View your offers with no obligation to proceed.
  • Funds are typically secured within 24 hours.

How is interest calculated on a Flexi-Loan?

With a Flexi-Loan you only pay interest for the period you have the loan and there’s no early repayment penalties.

Example: You borrowed £10,000 at an interest rate of 3.33% per month. You only need the loan for a period of 3 months. The total amount you’d repay is £10,673. *

* Note: interest rates quoted are only for demonstration purposes

The interest is calculated by iwoca on a risk basis and credit assessment. When you complete an application in QuickFile you will be presented with a no obligations offer.

Applying for a Loan in QuickFile

You can apply for an iwoca Flexi-Loan from within your QuickFile account. Simply go to “Account Settings”, “All Settings” then under the “Integrations” tab you will find a link to “iwoca Loans”.

When you start a new application, we will automatically calculate your last 12 month’s turnover and profit. This will be pre-populated to the form along with some other general business information.

All you need to do is review each section and complete any missing information highlighted in red. Once you’re happy you can submit your application to iwoca to see what offers are available. Each loan offer will state the amount, the duration of the loan and the monthly interest rate. You are under no obligation to proceed with any available offers. If you do proceed you will be redirected to the iwoca website to finalise your application.

What is the criteria for obtaining a loan?

As part of the iwoca pilot scheme there are a few limitations to be aware of:

  • You must be based in the UK and trading as a Limited Company.
  • You must have been trading for over 12 months.
  • The application has to be made by a company director.
  • You must have a turnover that exceeds £50,000.

iwoca Flexi-Loans are unsecured, however a personal guarantee must be provided by at least one of the directors.

How much can I borrow?

Typically you can borrow up to 15% of your annual turnover. This is subject to other factors such as the results of a credit assessment and profitability.

How is QuickFile data shared with iwoca?

The pre-populated data along with the additional information you supply on the application form will be shared with iwoca for the purpose of making a lending decision. This information will be handled by iwoca in accordance with their privacy policy.

Once a loan has been approved, and should you take funds from iwoca, the information will be shared with QuickFile. To find out more about how QuickFile handles personal data see our privacy policy.

Buy Now Pay Later with iwocaPay

Along with Flexi_Loan QuickFile offer a full integration with iwocaPay. iwocaPay is a merchant solution that allows you to bolt on a Buy Now Pay Later option to your trade customer invoices. This gives elligible customers a way to defer the payments on an invoice over a 3 to 12 month period. You get paid instantly and in full without the risk of offering length repayment terms.

You can enable the iwocaPay option on your invoices by logging into your account and in the “Account Settings” top menu select “Payment options”. On the left column select the “iwocaPay” logo and follow the onscreen instructions.