When running a business, I’m sure we can all agree that the one thing we want less of is paperwork, especially where it’s repetitive.
Let’s face it, you’re busy running a business, so being asked for the same information over, and over, and over again, is frustrating.
Introducing iwoca loan applications
QuickFile has teamed up with leading business loan provider, iwoca, to help streamline the process to apply for a loan using the data already held in your QuickFile account.
Who are iwoca?
iwoca is a financial technology company that offers quick and flexible finance options to small businesses. iwoca aims to expand the possibilities for small businesses by providing fast, fair, and flexible finance, making it easier to access funds to support cash flow and grow your business.
Businesses in need of a quick cash injection of between £1,000 and £500,000 can now fill out an application form for iwoca right within their QuickFile account.
How does applying through QuickFile benefit me?
You use QuickFile for your bookkeeping, so all your data is already there.
Starting the process from within your account means the application form is already pre-populated with -
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Estimated profit and loss, and revenue, from the previous 12 months
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VAT registration details
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Whether you accept card based transactions
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When you started trading’
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When you became registered for VAT
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Your business contact details
Less form filling means a quicker process, which means more time spent doing what you do best - running your business.
What does iwoca offer?
iwoca offers their Flexi-Loan product, an unsecured line of credit that lasts for up to 24 months.
With a Flexi-Loan, small businesses can access up to £500,000 quickly and easily. There are no penalty fees for early repayment, providing more flexibility for borrowers.
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Borrow up to £500,000.
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Harness your data in QuickFile to get an instant lending decision for amounts up to £25,000.
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View your offers with no obligation to proceed.
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Funds are typically secured within 24 hours.
What’s the criteria?
As part of the iwoca pilot scheme there are a few limitations to be aware of:
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You must be based in the UK and trading as a Limited Company.
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You must have been trading for over 12 months.
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The application has to be made by a company director.
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You must have a turnover that exceeds £50,000.
iwoca Flexi-Loans are unsecured, however a personal guarantee must be provided by at least one of the directors.
How to get started
You can start the process quickly and easily by going to Account Settings, selecting 3rd Party Integrations, and lastly, selecting iwoca loan applications.
For more information and steps, check out our short guide on applying for an iwoca loan.
I have a question
While we cover common questions in our user guide, we understand you may still have questions.
Please don’t hesitate to reach out to our dedicated support team on our community forum. Our team are here to help.
iwoca provides unsecured loans, which can be a great way to help businesses have a much-needed, quick, cash injection. However, you should consider your available options before applying for, or accepting a loan. Information in this post should be used for guidance only and does not constitute financial or legal advice.