Iwoca Business Loans – the pros and cons of small business finance.

I have a number of debts I need to kill off this year.

Some debts can be recycled month by month (such as credit card debt being used to pay for backdated bills). Others are not coming back to you, no matter what you do.

One of these that I have to pay off now is Iwoca, as they stopped renewing my rolling overdraft. It was good at the time, and allowed me to get a lot of stock in for my store. However, the stock didn’t sell as fast as I’d hope – and when I went to renew the terms with them, they refused.

The pros of Iwoca are many:

  • Easy cash to help with business flow
  • Very simple and quick approval for your business
  • You can repay your loan at any time, so if you need money to bridge you over for a couple of days, it’s ideal.

The cons of Iwoca are:

  • They can retract their offer at any time, and instead of being a rolling overdraft, you’re left with a standard loan.
  • The interest rate can be hefty if you take a loan over a long period.
  • If you make a big payment in error, they’ll take it to pay off the loan instead of refunding you.

If despite this you want to try them out to see if they can help your business, click here and tell them that Sarah Eaglesfield from TrophyMaker UK sent you. You’ll get an interest free loan for 30 days, and I’ll get a little to help me towards my own debt with them. For now, my repayment plan with them is as follows:


It’s one I want to kill off as quickly as I can.