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Has anybody borrowed from Iwoca?

Discussion in 'Money, Accounts & Finance' started by jims-hardware, Aug 5, 2012.

  1. jims-hardware

    jims-hardware

    Joined:
    Jan 20, 2008
    Messages:
    80
    HI all just looking to see if anyone has used these guys succesfully? It sounds good but is it really as good as it seems?

    Also whilst on the subject i have been using Ebay to sell through some stuff I could get my hands on now it seems its not going to end so I am in a position where I either start a new account and register as a business or switch my present one over to a business account? If I do the latter can these figures be used to secure the stock I am looking for? Or will it only count from when it was registered as a business account?

    Or has anyone else any ideas how I could borrow from a decent source to secure this stock? Obviously I have a poor credit history otherwise I wouldnt even be exploring these options

    Any feedback will be appreciated
    Thanks all
  2. Lace

    Lace Retired Moderator

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    jims-hardware likes this.
  3. Anita Marsden

    Anita Marsden

    Joined:
    Aug 7, 2012
    Messages:
    1
    Hi there

    Yes, we have borrowed from IWOCA and it was a very simple proceess that was extremely successful for us. The intial contact with IWOCA was positive. As you would expect they carry out relevant checks on your online business and yourself and at all times the staff were very helpful and understanding. The level of communication was high and the information provided was clear. Once the initial checks are completed the process was seamless, approval, online completion of loans documents and money in our account the same day! This was a great boost to our business as it insured we could purchase stock at a competitive price as we were able to buy larger volume thus increasing profit margins.
    They provide a comprehensive service on line which allows you to check the loan amount, payment dates and interest paid. More importantly is demonstrates that if you make payments throughout the term of your loan how this reduces the amount of interest you pay!
    Overall a very good expereince with IWOCA and highly recommend if you are seeking assistance with your business and unable to seek help from traditional lenders.
    Anita
  4. Nicholas Dummigan

    Nicholas Dummigan

    Joined:
    Aug 7, 2012
    Messages:
    7
    Hi,

    I too have borrowed from these guys. The post above has covered most points, but I would definitely highlight the simplicity of the whole process compared to a traditional bank, and I worked in a High Street Bank for over 10 years! I would also add that any dealings with Iwoca will be more of a relationship than a transaction.... they certainly show a great deal of interest in your eBay business as opposed to just looking at figures. Could you imagine your bank manager asking what your current feedback is on eBay!!!

    Just to summarise... yes you do get funds same day, its no where near as expensive as 'payday loans' (as some will tell you!),and no there is no penalties! Oh, and they have answered my emails as late as 11 o'clock at night (honestly... does your bank do that???).

    Nicholas
  5. jims-hardware

    jims-hardware

    Joined:
    Jan 20, 2008
    Messages:
    80
    Thanks for the feedback both , I appreciate it. My feedback is pretty low at the moment however my hand may well be soon forced into setting out on my own as a business as my employer believes that a "conflict of interest" clause in my handbook stipulates the items I am selling is losing them market share, which I dispute as I bought them off the company at full price and I am making a profit (they no longer sell them) .I am currently a private seller I am seriously thinking about going into competition as my knowledge of this market plus all suppliers required found plus a previous Powerseller on Ebay (this particular business flopped but lessons learnt were thick and fast) .

    I have a business account open and also another ebay account open ready to trade but until my disciplinary hearing I am unsure of what to do to be honest. If I am forced to seek work elsewhere I will go it alone but I will need funding, will they lend on the back of a business plan and by looking at my present account as a private seller?

    I need to secure the stock available to me or I have no chance as it is massively discounted?

    If not it could very well be plan B

    Thanks
  6. MSFB

    MSFB

    Joined:
    Dec 13, 2010
    Messages:
    2,248
    Two new memebers join the forum on the same day and both give glowing reviews of the same company in their first and only posts? ...my spidey sense is tingling.
    Bizi, J.D Wholesale, Nick-D and 5 others like this.
  7. rayloveday

    rayloveday

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    1,044
    Yes isn't it just ;)

    A mod can advise with a quick ip check..
    Digitalfever likes this.
  8. jims-hardware

    jims-hardware

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  9. Digitalfever

    Digitalfever

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    Exactly what I thought when just the first replay had been posted. Now the 2nd one makes it more so !
  10. Anthony

    Anthony

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    17,274
    Had you considered that the company may have asked some of its customers to respond to this discussion with their experiences? I don't think its fair to naturally assume foul play, even if it is something that we regularly ask our members to watch out for. In this case I am happy to go on record and state that we can vouch for iwoca, their service and their founders James and Christoph who I have met several times personally. In fact, we were the ones who made them aware of this discussion, and asked for their participation, as we feel their proposition is something our members might be interested to consider.

    Update: Alycia from iwoca has confirmed to me that they asked some of their customers to share their experiences with the TWF community.
    Dean likes this.
  11. MSFB

    MSFB

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    Dec 13, 2010
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    Yeah well that much was obvious.

    They have their own advertising thread, and could have even posted in here quoting the 2 reviews. To do it this way is deceptive and just reflects badly on them. PLUS the OP was asking for opinions of members here, not opinions of previous customers who aren't here (which he could probably find on their website without asking anyone).
  12. Nicholas Dummigan

    Nicholas Dummigan

    Joined:
    Aug 7, 2012
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    Strange how this discussion has developed!

    Just for the record, I am in no way connected to Iwoca other than being a customer of theirs. I can't see why anyone would find my post in any way suspicious. Anthony (no idea who he is) above has stated the facts, and surely its better for a genuine customer to write a response as opposed to the company respond who would obviously only point out the pro's.

    Anyone wanting to know more about me, then just view my ebay profile on the link someone posted above, thats just 1 of several accounts. But myself aside, why would their be suspicions about iwoca? Is it not the obvious business idea given the current climate???

    I hope the original poster got their answer, if not, give them a ring and forget about the scare mongers above!

    Nicholas
  13. Digitalfever

    Digitalfever

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    Its not about being suspicious of Iwoca, its being suspicious of 2 brand new members posting there first thread praising them.

    We are not scare mongers, we know Anthony has direct dealings with them and can vouch for them. We are a tight community on here and are just looking out for others in our community.
    jims-hardware likes this.
  14. Nicholas Dummigan

    Nicholas Dummigan

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    Aug 7, 2012
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    Fair point, and I do respect your community. I just wish I had more time and then I could get involved given i do read these most days!

    Anyway, if anyone has any questions i can answer please do ask.

    Nicholas
  15. MSFB

    MSFB

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    tbh I think it's a case of IWOCA naivety in online and 'social' marketing. there are right and wrong ways of doing it.

    Out of interest Nicholas can I ask how much you borrowed? You have a large business by the looks of it and the relatively small sums offered by IWOCA seemed to me fairly useless to an established business?
  16. Nicholas Dummigan

    Nicholas Dummigan

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    I run a company with just a few staff, but I myself still hold a separate full time job so it isnt that big an operation. As long as you are organised i think most people could knock out 100 orders a day. As for established, 18 months ago it was a laptop and kitchen table operation!

    Because i operate on very very small margins, and so not big cash reserves, iwoca let me bring in new lines that i knew i could shift very quickly, hence pay back the loan quickly. I think for that type of opportunity it is a good solution. I wouldnt think it was great if you wanted to borrow money for something that you couldnt move on relatively quickly.
  17. jims-hardware

    jims-hardware

    Joined:
    Jan 20, 2008
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    Wow not quite sure where that lot came from but pleased to see the protective nature of this forum which is why I come back time and time again.

    Anthony or Nicholas do you have any direct contacts for these guys? I have not got a business account on Ebay yet (set it up but not running as yet anyway) There are reasons for this but I am basically at a crossroads in life (cant go into much detail on here) The products I need to secure I can sell at a considerable mark up but I need to secure the stock i am after but with poor credit score a relationship with someone like these guys is exactly what I need. If I could speak or email a plan accross maybe just maybe they could help?

    Cheers both
  18. James Dear

    James Dear

    Joined:
    Apr 18, 2012
    Messages:
    10
    Hi Jamie,

    Most of our customers have established ebay businesses already, and use that to go through our automated lending process. However we do look at all sorts of special situations, so why don't you either PM me or send an email to support at iwoca.co.uk.

    Cheers
    James
    (iwoca co-founder)

  19. jims-hardware

    jims-hardware

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    Pm sent James

    Thanks
  20. jims-hardware

    jims-hardware

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    Jan 20, 2008
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    Just leaving a quick update here in case anybody else finds themselves in a similar position to myself, I can say with 100% confidence it has been a pleasure to deal with Iwoca and i have received the backing I needed after explaining myself and my plans to Christoph and as stated it is more to do with the people and the plan rather than anything else.

    I would definately encourage contacting James or Christoph and will all going well use there service again in the future without hesitation.

    Any questions I can help with please feel free to pm me as I am more than happy to promote there service.
    Digitalfever, Lace and Dean like this.
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