General
What is a Flexi Loan?
A Flexi Loan is a flexible, unsecured credit line designed for UK small businesses. You can access between £1,000 and £500,000 and choose how much to draw when you need it. You only pay interest on the amount you use.
Teya offers Flexi Loan in partnership with iwoca, who review your application and provides the funds once approved.
Who is iwoca?
iwoca is a UK-based business lending provider that supports small businesses with fast and flexible finance. They review Flexi Loan applications and manage the funding once the applications are approved.
What are the benefits of Flexi-Loan?
A Flexi Loan gives you quick and flexible access to funds. Key benefits include:
Simple online application with no impact on your credit score.
No documents required for amounts up to £25,000.
Available to all UK limited companies, including start-ups.
Flexible usage — draw only what you need and pay interest only on what you use.
No extra fees — no early repayment fees or hidden charges.
Eligibility considers wider sales activity, including channels beyond your card machine.
Who can apply for a Flexi Loan?
Flexi Loan is available to eligible Teya acquiring customers. iwoca assesses final eligibility based on:
UK-based limited companies, including Northern Ireland, the Isle of Wight, Anglesey, and the Scottish islands
Directors with a UK credit file
Companies of any age
All industry sectors considered
Will applying affect my credit score?
No, checking your eligibility or applying will not impact your credit score. If you take out a Flexi Loan and miss repayments, this may affect your credit history.
Is there a time limit for drawing my funds?
Yes, you need to draw your funds within 30 days of approval. After 30 days, iwoca may request updated information before proceeding with your offer.
When can I re-apply or top up my Flexi Loan?
You may be able to request a top-up once you’ve repaid at least one-third of your original loan. You can check your eligibility in the Teya app or portal under the Funding section.
Repayment
How do repayments work?
Repayments are made monthly to iwoca using a saved card. Your repayment term depends on your approved offer and typically ranges from 12 to 24 months.
How do I track my Flexi Loan?
You can view your loan at any time in the Teya app or Web Portal under Funding, where you’ll find:
Total approved amount
Amount drawn
Payment schedule
Early repayment option
Eligibility to request additional funds
What if I’m late with a repayment?
If you think you may miss a payment, contact your account manager. iwoca may offer options such as a revised plan to help you get back on track.
If payments continue to be missed, iwoca may work with a third-party recovery partner and this may affect your credit history.
How does Flexi-Loan compare to other loans?
| Feature | Teya Flexi-Loan | Traditional Bank Loan |
|---|---|---|
| How it works | Revolving credit line. Borrow as needed and pay interest only on what you use. No obligation to draw funds. | Lump-sum loan with fixed monthly repayments. Interest is charged on the full amount. |
| Eligibility | UK limited companies, including start-ups. | Usually for established businesses with a strong credit history. |
| Maximum amount | £1,000 – £500,000 | Varies by bank. |
| Cost structure | Interest from 1% per month, charged daily on drawn funds. | Monthly interest, sometimes with arrangement or early repayment fees. |
| Repayments | Flexible drawdowns and repayments. Term up to 24 months. | Fixed monthly repayments. |
| Early repayment fee | £0 | May apply depending on the provider. |
| Application | Online via the Teya app or the Web Portal. Completed by iwoca. | Often requires appointments and paperwork. |
| Funding time | Typically within 24 hours. | Can take from several days or weeks. |
| Documents required | £0–£25,000 → nono £25,000–£75,000 → 6 months’ bank statements £75,000+ → 6 months’ bank statements + filed company accounts | Business plan, forecasts, financial statements, security documents. |
| Best for | Flexible funding to manage cash flow or seasonal demand, borrowing only when needed. | Larger long-term investments with predictable monthly repayments. |
Can I take a Flexi Loan if I already have a Cash Advance?
Yes, you can apply for a Flexi Loan even if you currently have a Cash Advance. You can check your offer in the Teya app or Web Portal and await confirmation from iwoca.