Credicorp Slice is credit to your limited company or LLP, not to you as an individual. We do not take personal guarantees from directors for Slice. The agreement stands with the business itself.
What this means in practice
- The obligation to repay sits with the company, not personally with a director
- You are not signing your own assets, such as your home, against the credit
- Decisions about the company can be made without a personal liability hanging over a single director
What directors still need to do
A director or authorised officer applies on the company's behalf and confirms the details are accurate. That is a normal part of acting for the company — it is not a personal guarantee of the debt.
Why we structure it this way
Lending to the company on its own footing keeps the relationship business-to-business and matches how we operate as an exempt business lender. It is one of the things that distinguishes Slice from much consumer borrowing.
As with all our products, Slice sits outside the consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply. We make that clear before you commit.
See also: No personal guarantee: what it means for directors, Do you take a personal guarantee from directors?, Why don't you take a personal guarantee from directors?.