Lovey Customer Reviews & Alternatives

How does Funding Options work?

To get a business loan from Funding Options the process begins with you telling them about your business and how much you need to borrow (and what for). There’s an online form, and providing this information lets their technology compare quotes from multiple lenders based on your business profile—turnover, credit, how long trading etc.

Because you’re matched with many lenders, you can often see several possible offers rather than just one. There’s no obligation to accept, and checking eligible quotes doesn’t affect your credit score. Once you choose a lender, they guide you through the application process.

Is Funding Options legit

Yes, Funding Options is legitimate. It’s a registered company in England & Wales, is transparent about its role as a broker rather than direct lender, and is associated with Tide. It has good reputational markers: high Trustpilot ratings (about 4.8/5) with many customers commenting positively on how easy and helpful the service is.

Is Funding Options safe

Generally, yes. Because it doesn’t lend itself, there’s less risk of conflict of interest around funding terms from Funding Options itself. The transparency of having multiple lenders to compare, the ability to check options without a credit score hit, and decent customer feedback all suggest trustworthy practice.

But as with any finance broker / lender match, safety depends on the lender you pick: fees, interest rates, and obligations like personal guarantees may vary and can carry risk. Always read the terms carefully before committing.

How does iwoca work?

iwoca offers short and medium-term loans ranging from around £1,000 up to £1 million. Applications are made entirely online, and businesses can link their bank accounts via Open Banking to speed up credit checks. Once approved, funds can be released within hours, and borrowers can repay early without penalty.

Repayment terms vary depending on the product, from a few months to several years, and once part of a loan has been repaid, customers may be eligible to top up their borrowing. Interest rates depend on the risk profile of the business, the size of the loan, and the term length, and while the cost can be higher than bank finance, the emphasis is on speed and flexibility.

Is iwoca legit

iwoca is a legitimate and well-established UK lender. It is authorised and regulated, operates under UK financial services rules, and has built a strong reputation over more than a decade.

The company has funded thousands of businesses and has consistently high customer feedback ratings, including a Trustpilot score of around 4.8 out of 5 from tens of thousands of reviews. It has also received positive coverage from major financial publications and is considered one of the leading fintech lenders in the UK.

Is iwoca safe?

Borrowing from iwoca is generally safe provided you understand the commitments involved. It is regulated, uses secure systems for handling financial data, and has transparent loan terms with no hidden fees or penalties for early repayment.

However, as with any form of borrowing, there are risks. Interest rates can be high for riskier businesses, and many loans require a personal guarantee from a company director, meaning personal assets could be at risk if the business cannot repay. iwoca loans are best suited for businesses with clear repayment plans and predictable cash flow who need quick access to finance.

What does iwoca stand for?

As far as we know the name “iwoca” does not appear to be an acronym. It is simply the brand chosen by the founders and does not officially stand for anything. The name has become associated with the company’s core values of innovation, speed, and flexibility in business lending.

How does Funding Circle work?

Funding Circle offers fast online business loans by matching SMEs with institutional lenders. After a quick digital application and credit checks on the business and directors, approved borrowers get fixed-rate loans (6 months to 6 years) with funds in days, personal guarantees required, and no early repayment fees.

Are Funding Circle loans secured?

Yes, Funding Circle offers both secured and unsecured loans. Unsecured loans do not require business assets as collateral, while secured loans involve using business assets (machinery, equipment, property etc.) or through asset finance via trusted partners.

Secured loans tend to allow for larger borrowing amounts (up to about £5 million in some asset-finance or secured-loan cases) and often have lower interest rates, because there’s collateral which reduces lender risk.

Does Funding Circle conduct a credit check?

Yes, they do credit checks. When you apply, Funding Circle will perform assessments that include both business creditworthiness and often personal credit checks on business owners or directors, especially where personal guarantees are involved.

Initially, checking eligibility or getting a quote may involve a soft credit check (which doesn’t impact your credit score), but if you accept the loan offer, a full hard credit check is likely.

Does Funding Circle have a minimum credit score?

Funding Circle does not always publish a strict minimum personal credit score threshold that every applicant must have, but credit history is a factor in risk banding and loan decision. Poor credit could lead to higher interest rates or possibly rejection.

Also, businesses with adverse credit events (for example directors involved in liquidated companies) may have difficulty qualifying. So while there is no clearly published “minimum credit score” in all cases, meeting good credit criteria improves eligibility.

Does Funding Circle require personal guarantees?

Yes. Funding Circle requires personal guarantees for all its business loans (term loans etc.) and for lines of credit over certain sizes. The guarantees mean that owners or directors may be personally liable if the business fails to repay. This helps lenders mitigate risk and may enable more businesses to be approved.

How does Funding Circle FlexiPay work?

FlexiPay is a line-of-credit product by Funding Circle designed to help businesses manage cash flow by spreading certain payments over short-term instalments (1, 3, 6, 9 or 12 months). You can use it to pay bills, suppliers, invoices etc.; Funding Circle pays upfront, then you repay over the chosen period.

There’s no interest per se, but a fee per transaction and a flat fee, rather than ongoing interest rates. It acts similarly to a revolving facility: once paid down, you can reuse the credit (subject to eligibility). Also, applications for FlexiPay allow limited companies or LLPs to check eligibility without affecting credit score.

Is Funding Circle a bank?

No. Funding Circle is not a bank. It is a fintech lender / platform. It is regulated, but it does not take deposits like a bank; instead, it offers finance products by lending or arranging lending to businesses, and sometimes connects businesses to investors or institutional capital.

What happens if you can’t pay a Funding Circle loan?

If you can’t make payments on a Funding Circle loan, the company has a process. First, you are urged to contact them as soon as possible to discuss options.

If repayments are missed, then because many of their loans involve personal guarantees, the guarantors (directors etc.) may become personally liable. For secured loans, the lender may enforce security by selling business assets pledged. Also, there may be consequences on credit or legal enforcement.