iwoca, the only UK-based provider specialising in funding for online retailers, has launched a new integration with Europe’s leading shopping cart provider, ekmPowershop. The collaboration with ekmPowershop will grant 12,000 UK merchants quick and easy access to funding, fuelling ecommerce growth further. Iwoca will use real-time sales and transaction data from the ecommerce provider to […]
iwoca becomes the first alternative lender to offer £50,000 short-term loans to online retailers
Customers will still be able to choose repayment term of between one day and six months
iwoca, the only provider of short term finance to online retailers in the UK, has announced that it will now offer online retailers a maximum loan value of £50,000. The new maximum loan amount replaces iwoca’s previous £20,000 limit.
- Customers will still be able to choose a repayment term of between one day and six months and benefit from free early repayments.
- iwoca offers a range of funding options for online retailers of all sizes and expects the £50,000 maximum loan value to be most relevant for larger online retailers.
- This represents a whole new category of lending, customers can receive loans of this size in a matter of hours, as opposed to waiting for weeks on bank loans.
- In comparison to bank loans, the ease of iwoca means customers do not have to fill in details of their business plans, iwoca will look at their previous sales history to determine if they are worthy for a loan.
Christoph Rieche, CEO & Co-founder at iwoca, said:
“There are over 300,000 online retailers in the UK of all different sizes. We recognised that some of our larger customers had very specific requirements that our previous maximum loan value could not service. This new product enables us to offer an even better service that will help our customers to grow their businesses”