Head to head
iwoca vs Propel: Which UK Business Finance Provider in 2026?
Independent, side by side. Rate, ticket band, decision speed and eligibility compared for UK limited companies and LLPs.
Start here · What do you need?
iwoca is the stronger all-round pick in our reviews, but Propel wins on specific files. iwoca offers flexi-loan / line of credit (ticket range: £1k to £1m; rate: From 1.5% per 30 days); Propel offers asset finance (hire purchase and lease) (ticket range: From £500 to facilities over £1m (its own figures); rate: Quoted at offer). The right answer depends on ticket size, trading history and sector. Propel beats iwoca for vendor-introduced asset finance. Read the side-by-side, then jump to the "When iwoca wins" and "When Propel wins" sections for the buyer-fit logic.
Source: FundBiz methodology. Editorial by Best Business Loans Ltd (16833937).
iwoca, at a glance
- Product
- Flexi-loan / line of credit
- Ticket range
- £1k to £1m
- Typical rate
- From 1.5% per 30 days
- Decision time
- Same day to 24 hours
- FundBiz editorial view
- Stronger all-round; best for working capital and cash-flow-gap files needing flexible draw-down
Propel, at a glance
- Product
- Asset finance (hire purchase and lease)
- Ticket range
- From £500 to facilities over £1m (its own figures)
- Typical rate
- Quoted at offer
- Decision time
- Not published
- FundBiz editorial view
- Wins on specific files; best for vendor-introduced asset finance
Side-by-side
| Compared on | iwoca | Propel |
|---|---|---|
| Product type | Flexi-loan / line of credit | Asset finance (hire purchase and lease) |
| Ticket range | £1k to £1m | From £500 to facilities over £1m (its own figures) |
| Typical rate | From 1.5% per 30 days | Quoted at offer |
| Decision time | Same day to 24 hours | Not published |
| Soft search at quote | Yes | No (hard search) |
| Ltd-only? | No | No |
Sources: iwoca's own site · Propel's own site. Figures change; confirm with the lender before you rely on one.
FundBiz enquiries are for limited companies, LLPs and partnerships with four or more partners. Some lenders on this page also accept other business types; we do not arrange those and do not recommend a lender on that basis.
When iwoca wins
- Same-day decisions for most applicants, which keeps the quote-to-funding window short.
- Flexi-loan structure means the applicant only pays interest on what they draw, useful for cash-flow-gap files.
- iwoca says it only runs soft credit checks when you apply, so applying does not affect your credit score.
- Comfortable with sub-2-year trading and lighter credit profiles where Funding Circle declines.
Best for
Working capital and cash-flow-gap files needing flexible draw-down, Newer Ltd companies trading 12 to 24 months, Borrowers who want a lender soft search and a same-day decision.
Watch outs
- A per-30-day rate looks low but adds up (iwoca's own example shows 3.33% per 30 days as 49% APR representative), so compare the APR before borrowing.
- Borrowing is capped at up to 20% of turnover, so larger clean files may suit Funding Circle or OakNorth better.
- Personal guarantee required.
When Propel wins
- Same-day decisions on the majority of vendor-introduced deals.
- Vendor finance integration: many sellers offer Propel at point of sale.
- Publishes its customer satisfaction score (9.7 out of 10 when checked in September 2026) on its own site.
Best for
Vendor-introduced asset finance, IT and soft-asset HP, Commercial vehicles and plant up to £1m.
Watch outs
- No published pricing; APR depends heavily on profile and vendor channel.
- Sub-£2k tickets not entertained.
- Vendor margin can sit on top of the headline rate.
FAQ
iwoca or Propel: which is the better UK business finance provider in 2026?
iwoca is our stronger all-round pick in our reviews, but the right answer depends on what your file looks like. iwoca is the stronger pick for working capital and cash-flow-gap files needing flexible draw-down, while Propel is the stronger pick for vendor-introduced asset finance. If your file sits in one of those buckets, pick the right fit rather than the headline. See our /methodology/ for how we assess each lender.
What does each product look like, iwoca vs Propel?
iwoca offers flexi-loan / line of credit (ticket range: £1k to £1m; rate: From 1.5% per 30 days; decision time: Same day to 24 hours). Propel offers asset finance (hire purchase and lease) (ticket range: From £500 to facilities over £1m (its own figures); rate: Quoted at offer; decision time: Not published). iwoca uses a soft search at quote.
Propel runs a hard credit search at full application. Verify live commercials before signing because lender pricing moves and bespoke rates are common above £100k tickets.
Which is weakest for what?
iwoca is the wrong answer for fixed-term project finance, consider Funding Circle or Allica. Propel is the wrong answer for pure unsecured working capital. If either of those describes your file, look at the side-by-side table for the alternative, or read our other lender reviews.
Can FundBiz help with iwoca or Propel?
FundBiz is not a lender and is independent of both. This comparison and our lender reviews are editorial research to help you decide which to approach. FundBiz doesn't send enquiries to lenders. If you send an enquiry through FundBiz, we pass it to a business finance broker, who will contact you about your options.
Who can send an enquiry through FundBiz?
The FundBiz enquiry form is for limited companies, LLPs and partnerships with four or more partners. Eligibility for iwoca and Propel is set by each lender, and trading history requirements vary, so check each lender's own criteria.
Related comparisons
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How we ranked these lenders
Every lender is scored on the same four FundBiz criteria: pricing transparency, eligibility clarity, decision speed and treatment of declined applicants. Scores are our own desk-research assessment built from the FCA Register, Companies House filings and each lender's published product sheets, not customer reviews and not hands-on product testing. Each comparison shows the date it was last updated. Inclusion is never paid for, and FundBiz receives no commission from lenders. FundBiz is paid a fixed fee by a business finance broker for each enquiry we pass on. See our full methodology.
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Send an enquiry →FundBiz is owned and operated by Best Business Loans Ltd, directed by Oliver Mackman. Last updated: . Editorial by Best Business Loans Ltd (16833937).