iwoca Reviews

Behind the slick branding is an old-fashioned loan shark. Like many businesses, we faced cash flow problems, and Iwoca seemed like the ideal solution. I became the guarantor of the loan, but due to circumstances beyond my control, I had to step down as company director. I contacted Iwoca straight away to explain the situation and made it clear the company was unlikely to keep up repayments. I told them I understood my obligations as guarantor and wanted to discuss a repayment plan. Their advice was to wait until the account went into default — only then, they said, would the collections team be able to talk about next steps. I followed that guidance exactly. But once the account defaulted, everything changed. I was met with threats — of a CCJ, of losing my home — and told there was no point discussing a payment plan. Their only interest was “securing the debt.” Over the next nine months, their approach — built on accusations, lies, and threats — took a serious toll on my mental health. I felt constantly under pressure, unsupported, and trapped. At the same time, they added £7,000 in interest to the debt. I know my situation is unique — but it doesn’t change the fact that Iwoca lied to me and then threatened me. I’ve since listened back to every recorded call with their team, and it’s clear I acted in good faith from day one. All I asked for was a chance to talk about a payment plan — I was even in the process of remortgaging my house to repay the loan. All they did was threaten me. I've reached out to Watchdog — if others do the same, maybe there's a chance Iwoca could be featured on the programme. I may not win a fight against a company like this — but if sharing my experience helps stop it happening to someone else, it’s worth it.

Disappointed with Iwoca – Unprofessional Experience with Account Manager We had a very poor experience with Iwoca, particularly with our assigned account manager, David. Despite providing all the requested paperwork promptly and having a strong credit history, we were met with confusion and a lack of clarity throughout the process. David appeared unsure of the steps involved and provided inconsistent information, raising concerns about his competence in handling financial matters. What’s more disappointing is that, after submitting everything, we were ultimately declined with vague references to credit reports (such as Experian and Equifax), despite having no issues on file. This raises questions about the company’s transparency and internal processes. To other businesses considering Iwoca – proceed with caution. Our experience suggests that they are not as supportive or reliable as they claim to be. It felt more like a scripted rejection than a genuine review of our application. We strongly advise looking elsewhere for business funding.