Credicorp is a business lender. We provide finance only to UK limited companies and LLPs for genuine business purposes. Lending of this kind falls outside the regime that governs consumer credit, which is why you will see us described as an exempt business lender.
What "exempt" means here
Consumer-credit rules are designed to protect individuals borrowing for personal reasons. Because our borrower is always a company or LLP, and the purpose is always business, that framework does not apply to our agreements in the same way.
What this means for you
- Our agreements are not regulated consumer-credit agreements
- There is no recourse to the Financial Ombudsman Service
- The finance is not covered by the Financial Services Compensation Scheme (FSCS)
- We lend to the company, and take no personal guarantee from directors
What stays the same
Being exempt does not mean we lend carelessly. We still aim to lend responsibly, present clear offers showing the rate, term and repayments specific to your business, and treat your data in line with UK data protection law. If something goes wrong, you can still raise it with us directly through our complaints process.
If you are unsure whether business finance is right for your company, take time over the decision and ask us anything before you accept.
See also: Which business types can apply to Credicorp?, Can a sole trader or ordinary partnership apply?, What is an exempt business lender?.