Credicorp
Credicorp passes an early lending milestone
We have now supported more than 1,000 UK companies since we began lending. A moment to say thank you, and to restate how we try to lend responsibly.
A few months into lending, we have reached a small milestone that means a lot to us: we have now supported more than 1,000 UK companies since we began trading in November 2024. For a young business, that is a real vote of confidence, and we are grateful to every company that has chosen to borrow from us.
We want to mark the moment honestly rather than turn it into a sales pitch. A milestone like this is a good reason to restate what we are trying to do, and how we try to do it responsibly, rather than simply to celebrate a number.
What the number does and does not mean
More than a thousand companies have used a short-term Business Bridging Loan to manage a cash flow gap, cover a one-off cost, or bridge a timing mismatch between money going out and money coming in. That is the job our product is designed to do: short-term, for a specific need, then repaid.
What the number does not mean is that borrowing from us is right for everyone. A short-term loan is an expensive way to borrow compared with a bank overdraft, a business credit card or a longer-term facility. For some companies, one of those will be the better answer, and we would always rather you chose the option that genuinely suits you. We will not be quoting any figures here, because cost depends entirely on what you borrow and over what term; you can see what we currently offer on our business loans page, and every figure is set out on your Key Information Sheet (KIS) before you sign.
How we try to lend responsibly
Reaching more companies only makes responsible lending more important, not less. A few things have stayed constant since day one:
You can read more about how we reach a decision on our how we lend page.
- We lend to the company, not the director. Our loans are to UK limited companies and LLPs for business purposes. We do not take a personal guarantee from the director.
- We assess the company's affordability. We look at the business: its turnover, its bank-account history and its business credit file. We run a business credit check with agencies such as Experian Business, Creditsafe and Equifax Business, and an identity check on the director, but we do not record the loan on the director's personal consumer credit file.
- We are upfront about cost. The total amount payable, the total cost of credit, a simple annualised rate and the full repayment schedule are all shown before you commit.
Being clear about protections
Part of lending responsibly is being honest about what this product is not. Because we lend to a body corporate for business purposes, this lending falls outside FCA consumer-credit regulation, under Article 60B FSMA RAO 2001. That means it is not covered by the Financial Ombudsman Service, the FSCS or the Business Banking Resolution Service. After our own complaints process, the final route of escalation is the courts. We say this plainly so there are no surprises; you can read more in our transparency pages.
Support grows with us
A thousand companies means a thousand relationships to look after well. We have been expanding our customer support team precisely so that the experience after you borrow stays good, including when a company hits a difficult patch. If a repayment is ever going to be hard, please tell us early; our hardship and forbearance process explains the help we can offer.
Thank you
Mostly, this is a thank you. To the companies that trusted a new lender, to those who gave us feedback that made us better, and to our own team who looked after every one of those loans: thank you. We will keep working to deserve it, and we will keep being honest about both what our product is good for and when it is not the right choice.
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