• Editor's rating
  • 3.5 star rating
  • 60%
  • Iwoca
  • Review by:
  • Posted on:
  • Last modified: 4th September 2017

A business loan without commissions or commitments? Yes, this is what Iwoka offers you. Loans for the self-employed and SMEs from 500 us dollars to 50,000 €. Competitive interests and transparency in all your efforts.

Who are they

Iwoka wanted to create a competitive financial product compared to other banks or credit institutions. For this reason, I create a line of credit for companies, based on quick loans, without complications or small letters. The basis of its competitiveness is in cost savings in physical offices, since all procedures are online, which allows you to save a great cost that affects your product.

They have been operating throughout Europe since 2012. Their physical headquarters are in Barcelona and London and they have a team of more than 70 employees. But this is not his best cover letter, but the opinions of his clients that you can see here .

Do you want to know the advantages of this type of loans and credits for freelancers? Go for it.

How to apply for a loan with Iwoka

The good thing about this platform is that, being totally online, you will not need to go to any entity. Connect to the Internet and we begin the process of requesting money in 4 simple steps:

Registration on the platform in two minutes: The first thing is to register to be able to make the request for your money. The data that you will have to provide are simply details about your company in order to verify that you are the owner or contact person. In this record, you must indicate the loan amount and the repayment term you want.

Receive confirmation of your loan: You will then receive the response from the platform with the approval or denial of your credit line.

Obtain your credit: Once your request has been evaluated, you will receive the credit line, which you can use when you need liquidity. You only pay when you use the money and you can return it flexibly, choosing the term that best suits you up to a maximum of 6 months.

Top up money: If you ask for a € 1000 credit to be returned in two months, once the two months have elapsed and the return is made, you can top up the credit. It's that simple, you will always have the approved line of credit available for when you need it.

What requirements must I meet to request credit

Compared to traditional benches, Iwokas requirements are much more lax. These are the three conditions that you must meet to request your loan:

  • Your business must have at least a six-month activity.
  • They only grant credits to limited companies and freelancers.
  • Your SME or self-employed activity must have its registered office in United States.

What interests do I have to pay

The interests of your credits with Iwoka will vary depending on the monthly billing and the risk profile that they evaluate. However, the monthly percentage is usually around 3.5% per month. These interests are very competitive, much lower than those of personal loans.

We see it with an example so you can get a better idea. Here you can see a table with the interest and the repayment term. If you ask for € 500 to be repaid in three months, you will have to pay € 53 for expenses. The total interest on the loan would be 10.5%.

Why ask for my credit on this platform

We give you some reasons why it may be interesting for you to evaluate the credit alternative for your company that Iwoka offers you:

It has very competitive monthly interest rates of 3.5% per month. There are many financial products for SMEs and freelancers, but they do not really offer competitive advantages. You will be able to enjoy very reduced expenses compared to other types of loans.

The speed of the procedures, since as they operate online the processing is immediate. Both requesting your credit and making a refund or asking any questions will only take a few minutes. So you can continue doing what is really important, manage your business.

Transparency: Since you make the request for money, you know exactly what the interest is in relation to the repayment term you choose. This makes it a 100% transparent portal without any hidden fees.

It has no commissions: The loans have no opening or cancellation fees, so you pay for the money you ask for not even one more dollar.

In case of non-payment they help you to plan: Obviously it is not the best situation, but if there comes a time when you cannot pay a fee, you should contact Iwoka. Its team of managers will help you find the best solution, in order to continue having the credit line.

Customer service: That your service is totally online does not mean that you do not have a human team behind it. Their staff is at your disposal, you can contact them at any time to answer your questions. If before requesting your loan you want to consult something, they will gladly assist you.

Customer Reviews about Iwoka

If there is something that their clients highlight in their opinions about Iwoka, it is the ease and speed with which they have obtained financing for their companies. Many of them even claim that it is the solution to traditional self-employed loans. They value very much that this company thinks about this sector, sometimes so mistreated by traditional media.

The fact of being able to use the platform totally online without leaving home is another of the outstanding values. You do not need to have high computer skills, since the web and the administration panel is very usable. If you know how to move a mouse and click, you can use the platform without any complications.


Are you still thinking about asking for your line of credit with Iwoka? If you still have doubts or simply want to know other options, you can also consult the following companies:

Spotcap : credits for freelancers and companies.

FundingCircle : credit lines for corporations and limited partnerships.

Iwoca overview


Score 3.5 star rating

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