Business loan calculator, how much can I borrow?

Interest rates depend on a range of factors. At iwoca, we use live data on your business performance to create the most accurate picture of your financial health so we can make you a fair offer. Factors include:

• Risk profile:  All lenders want to know how likely you are to repay. They'll look at your credit history, business finances, and payment history.  Lower perceived risk usually means lower interest rates.
• Your Business Profile: The stronger your business, the better your rate.  This includes factors like your annual revenue, time in business, and even the strength of your customer base.  
• Loan Terms:  Shorter loan terms often come with higher rates, while larger loan amounts may also influence the rate, as there's more at stake.‍
• Market Conditions: Interest rates are also influenced by broader economic factors, like the base rate set by the central bank.
  

At iwoca, it’s completely free to get approved and there are no commitments to borrow once you have a quote or offer.

It’s simple – once you apply, you'll be given a credit limit (loan amount) and interest rate based on your business profile. This will show you what your repayments will look like depending on how much you borrow and for how long. For a quick snapshot of what it might look like, you can use the calculator above.

We offer maximum loan terms of up to 24 months but you can always repay early if you don't need the funding for that long. We only charge interest for each day you have the funding so you can repay early at no extra cost, if you need to shorten the term.

Some lenders will wait until you have fully repaid your first loan until they will offer you credit again. However, at iwoca we usually enable you to borrow back up to your credit limit once you have made four monthly repayments (or the equivalent of). We'll just need to confirm that your business performance remains strong before we can approve your top-up. This may require updated documents, but it usually only takes a couple of hours.

Every lender is different, but iwoca offers credit limits between £1,000 and £500,000. The amount we offer is based on your business profile, typically up to one month's business turnover.

With iwoca, it’s always free to get a quote for how much you can borrow. We’ll tell you what small business financing is available and make you an offer – it’s up to you if you want to accept it. Even once you have taken a small business loan, you can repay early with no extra fees.

Once you’ve paid off your loan, we’ll be happy to renew your offer if your circumstances remain the same. If your business has grown we may also be able to offer you a larger credit limit or a lower interest rate to suit your new position – in most circumstances we can issue a new offer in under 24 hours. At that point, you can just log in to your account to withdraw the funds.