The biggest differences are speed, what you provide, and what is at stake. A Credicorp application is short, leans on Open Banking rather than paperwork, and lends to the company with no personal guarantee — where a bank term loan can mean forms, forecasts, a longer wait and often a personal guarantee.
Side by side
- Evidence. We assess live cash flow via Open Banking; a bank often wants filed accounts, forecasts and a plan — do i need a business plan to apply.
- Speed. A decision can be quick — how quickly will I get a decision — where a bank facility can take weeks.
- Security. No director personal guarantee here — why we do not take a personal guarantee.
- Size and term. We do small, short-term working capital; a bank does larger, longer facilities.
For a large, multi-year need, a bank is usually the right home — and we will say so. For a fast, specific, short-term gap, we are built for it. The comparison guides at Credicorp Learn go deeper.
What stays the same
Responsible affordability assessment applies either way — what does assessing affordability mean. And this is business finance, not consumer credit — what it means that we are an exempt lender.
Apply the fast, paperwork-light way.
We lend only to UK limited companies and LLPs, the loan is to the company with no director personal guarantee, and this is business finance outside the consumer-credit regime — as an exempt lender under Article 60B of the Regulated Activities Order we sit outside FCA consumer-credit regulation, so the Financial Ombudsman Service and FSCS do not apply.
See also: Why we do not take a personal guarantee?, How quickly will I get a decision?, Do I need a business plan to apply?.