Ignition Credit PLC, established in 2000 and based in Truro, Cornwall, is an independent asset finance provider authorised by the Financial Conduct Authority. It specialises in hire purchase, leasing, refinancing, and unsecured business loans mainly for UK SMEs and some consumer vehicle and leisure financing. The lender offers a blend of own-balance-sheet loans and access to specialist funders, making it an option for growing businesses requiring asset-backed solutions or working capital, especially if they can provide security or personal guarantees. For an overview of asset finance and business loans, see these Funding Agent resources.
Key Features of Ignition Credit PLC
Ignition Credit provides a broad product set, combining rapid credit decisions with a personalised service model. It utilises digital tools for ease but still requires some manual intervention. Below are some practical features:
- Offers a range of asset finance products with flexible repayment terms including seasonal and balloon options, linking to asset finance solutions.
- Fast credit decision turnaround—typically within 24 hours—and often same-day funding after paperwork.
- Personalised support through dedicated account managers and a nationwide sales team, consistent with practices discussed in lender profiles.
Funding Eligibility
To qualify for Ignition Credit’s products, businesses generally need a minimum trading history of 12 months for asset-backed loans and 24 months for unsecured loans with a turnover threshold of £100,000 for unsecured products. The lender commonly requires personal guarantees or security on assets. Key eligibility factors include credit history and satisfactory affordability, details of which can be explored in the guides on qualifying for a business loan and guarantor requirements. Additional information on personal guarantees is available in personal guarantee explanations.
Loan Options
Ignition Credit offers several loan types tailored to asset finance needs and business working capital. These include secure hire purchase deals and unsecured loans with varying terms and rates:
- Hire Purchase (Asset Finance): Amounts from £5,000 to £5,000,000; terms 12 months to 7 years; representative APR approximately 7.5% to 17.5%. Commonly requires personal guarantees and asset security. For details, see asset finance options.
- Unsecured Business Loan: Amounts from £10,000 to £250,000; terms 12 to 60 months; fixed APR from 9.9% to 24.9%, dependent on risk. Requires 24 months trading and personal guarantees. More on unsecured lending can be found at unsecured business loans.
How to Apply
Applications to Ignition Credit can be made online or via phone and email with a relatively quick process. Complete proposals include financial documentation and credit checks. Expect decisions within 24 hours and funding shortly after signed documents are received. Key steps include:
- Submit an enquiry or application through the online form.
- Provide recent business bank statements, accounts, asset invoices, ID, and deposit proof.
- Await credit assessment and decision, with typical turnaround.
- Return signed documents electronically or by post and receive funds, leveraging e-signature options.
Funding Agent's Review of Ignition Credit PLC
Ignition Credit suits SMEs seeking flexible, mainly asset-backed finance with quick decisions and personal support. While unsecured loans are available, eligibility is stricter and amounts capped compared to secured deals. The lender’s focus on security and guarantees may be a barrier for some businesses, particularly start-ups. For those considering secured or unsecured lending, or seeking to understand personal guarantees, please refer to Funding Agent’s eligibility guides, guarantor explanations, and asset finance options.
