prompt responses
prompt responses, excellent service , would highly recomend
iwoca Reviews
4,151 • Excellent
Only the latest review will count in the company's TrustScore
Excellent Service
Excellent Service. Very efficient and informative.
Geoff Buxton
MD
First class service from knowledge…
First class service from knowledge people.
Easy to use and quick to draw down
Easy to use and quick to draw down. The team are also very helpful - would recommend!
very good services provided by a…
very good services provided by a professional team. the process is straight forward and I appreciate it. Thanks
Only the latest review will count in the company's TrustScore
So pleased I found Iwoca
So pleased I found Iwoca - seems like the perfect partner for our business as we continue to develop and grow. Jack has been brilliant. The online portal and dashboard is really impressive. Aiming to pay things back pretty quickly so we can access this revolving credit facility again as needed
Very professional relationship manager.
Very professional relationship manager.
Quick decisions
The site is very user friendly
YOU MUST READ THIS
YOU MUST READ THIS. WE have been with Iwoca for 30 + months with a facility of 75K we have used and paid back the facility in full 50 + times in this period. paying VERY LITTLE INTEREST. every month we reapply and get re approved. We always pay off any balance the day or so after we get re-approved as this is when customers pay us. Historically in the summer months we don't use the facility but the last two Dec-Jan we used the facility in full, even though we paid it off after re-approval, we reused it immediately over the month, this was our intention for this year. But to our surprise when we applied for reapproval it was declined on the grounds we had maxed out our credit. BUT LETS NOT FORGET we still have their money as we have not repaid it in full yet, this was due to be repaid the following day as always.. But by not re-approving the agreement we cannot pay back and reuse it over the following month, keeping interest charges at a minimum. We can only retain the funds and repay at maximum interest. We are not in a position to repay the loan and not re use it again so we have no choice other than to hang on to the funds making monthly repayment at Maximum interest. So not re-approving us does not make sense as IWOCA already have the risk and we already have their funds. The only difference being if we were reapproved we would have paid off the loan and reused it slowly over the month ahead as we have done 50+ times paying minimal interest. Now we are forced to pay maximum Interest. I HAVE WRITTEN COMPLAINING THIS IS AN IMMORAL PROCESS, asking for an explanation as it does not make sense to not re-approve credit as we already have the funds. The way in which we manage our account last year, habitually repaying the loan meant we paid CIRCA £10k in interest. because we have not been re-approved we will now be forced to pay £35k + of interest. IS THIS FAIR? upto this point IWOCA has been a fantastic product, but there is no logic in now stating we do not meet approval when we have the funds. THE ONLY CONCLUSION TO BE DRAWN, IS TO FORCE US TO PAY MAX INTEREST. It is meant to be a flexible revolving credit facility.
INCIDENTALLY I WENT TO A FINANCE BROKER TO EXPLORE MY OPTIONS, I DID NOT MENTION THE ISSUE WITH IWOCA, ONLY THAT WE HAD A FACILITY, THE BROOKER ASKED HAVE IWOCA PULLED THE APPROVAL AT MAX BORROWING? I ASKED WHY DO YOU ASK? THE RESPONSE WAS THIS IS THERE NORMAL MO, IF THEY HAVEN'T THEY WILL. Fore warned is fore armed. I have had a response to my Complaint which is just laughable. Apparently they are happy for us to continue to use the funds at maximum interest as long as we meet the monthly repayments, But we do not meet reapproval. Oh and they are happy to reconsider us in the summer when we never use their facility. NO MATTER HOW IWOCA TRY AND JUSTIFY THIS, The strategy here to ensure customers pay max interest is just appalling. over the 30 months we were applauded over and over by our credit handler how well we managed the account.
In Oct 2019 reapproval was denied we were at £75,000 borrowing. we have since paid 2 x £7,500, but we still owe Iwoca £67,683.98 Nearly £8k of interest in two months. when last year we paid only £10k full 12 months of interest. IT IS NOW CLEAR WHY IWOCA WANT CUSTOMERS TO BE REAPPROVED MONTHLY WHERE THERE COMPETITORS I.E. JUSTCASHFLOW.COM APPROVE ANNUALLY
Reply from iwoca
Hi James
We're sorry we haven't been able to help on this occasion but we take our duty as a responsible lender very seriously.
Please remember the outstanding loan is still completely flexible to repay, so you can save on the scheduled interest if desired.
I hope you understand the reasons why we are unable to re-approve you and if you're not happy with the outcome of your complaint, you may be able to refer this to the Financial Ombudsman Service, details of which are mentioned in our response dated 20 November.
Kind regards
Joe
We're sorry we haven't been able to help on this occasion but we take our duty as a responsible lender very seriously.
Please remember the outstanding loan is still completely flexible to repay, so you can save on the scheduled interest if desired.
I hope you understand the reasons why we are unable to re-approve you and if you're not happy with the outcome of your complaint, you may be able to refer this to the Financial Ombudsman Service, details of which are mentioned in our response dated 20 November.
Kind regards
Joe
Great company
Great company
Only the latest review will count in the company's TrustScore
Great Service and easy process a new…
Great Service and easy process a new company that has yet to file it’s first year accounts.
After sending our Bank Statements got approved when we need a boost during the quieter period in our businesses.
Thank You for help.
A very speedy and efficient service
A very speedy and efficient service from very friendly and helpful people
Top marks
Top marks. Unlike other lenders who will only lend money to those that don't want, ask or need it, Iwoca's computer is far more reluctant to say "no"!! Great for the "little guy".
Only the latest review will count in the company's TrustScore
The service is great
The service is great. Fast and efficient. Quick decision making.
Only the latest review will count in the company's TrustScore
Excellent Service
Superb Service
Account manager knowledgeable and…
Account manager knowledgeable and friendly with a quick and efficient service.
Only the latest review will count in the company's TrustScore
Really approachable and so efficient
Really approachable and so efficient. From first call to money in my business account took 30 minutes. Great work thank you.
Great and fast service
Great and fast service
Disappointing
Update (20/12/2019): I have downgraded my initial 2 star review. I sent an email to iwoca and received a phone call, which I missed. I called back immediately and was told I needed to provide more information, which I did. This was a waste of my time as iwoca does not "support" or "recognise" my PayPal business (and personal) account, which I have been using for almost 8 years. This should be made clear throughout the company's website. The whole process has been an absolute waste of my time. Very disappointed.
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I applied on the 8th of December and still no response. I will update my review if anything changes. Very disappointed.
Reply from iwoca
Hi Bill
Thanks for taking the time to leave feedback and I'm sorry you haven't had a response to your recent application.
Would you please email complaints@iwoca.co.uk so I can look into this for you?
Kind regards
Joe
Thanks for taking the time to leave feedback and I'm sorry you haven't had a response to your recent application.
Would you please email complaints@iwoca.co.uk so I can look into this for you?
Kind regards
Joe
Nice and Easy
Nice and Easy
Only the latest review will count in the company's TrustScore
So easy to set up
So easy to set up