Allica bank Alternatives
This guide lists five UK focused alternatives to Allica bank, so buyers can compare speed, eligibility, products, and pricing before applying. Data was generated on 2023-11-02T12:47:00Z; always confirm current terms with the provider.
1. Tide
Tide provides business banking and finance services with quick account setup options. It supports UK businesses seeking flexible, unsecured, or secured financing with moderate to high LTV bands and repayment choices. Brokered access and fast approvals make it suitable for startups and growing firms.
Loan and pricing details
Funding range note: Unknown
Speed: Account setup in minutes
Interest rate notes: Rates vary depending on transaction types and usage.
Eligibility
Personal guarantee: No personal guarantee needed typically.
Homeowner advantage: Not required.
Services and sectors
- Products: term_loan, revolving_credit, invoice_finance
- Industries: Retail, Services, Technology
Best for
- Startups
- Cost-sensitive businesses
- Flexible banking needs
Pros
- No monthly fees
- Fast account setup
- Multiple product options
Cons
- Limited in credit options
Sources: https://www.tide.co/pricing/?srsltid=AfmBOopVGk7DqUrwxkMzBrRlQd1fDhgqnBvZQD-RppgNkI2v2sa2n8Yb
2. Revolut
Revolut offers a flexible financial platform supporting international transactions and multi-currency management. It is suitable for businesses needing quick transfers, foreign exchange at interbank rates, and versatile financial tools. Its instant transaction capability and moderate credit flexibility support SMEs and tech-focused companies.
Loan and pricing details
Funding range note: Unknown
Speed: Instant transactions possible for local and international transfers.
Interest rate notes: Foreign exchange rates applied at interbank rates.
Eligibility
Personal guarantee: Not usually required.
Homeowner advantage: Irrelevant.
Services and sectors
- Products: invoice_finance, multi-currency_accounts
- Industries: Technology, E-commerce, Consulting
Best for
- International transactions
- Multi-currency management
- Tech-savvy businesses
Pros
- Multi-currency support
- No monthly fees
- Comprehensive financial tools
Cons
- More beneficial for international business
Sources: https://www.revolut.com/business/
3. OakNorth Bank
OakNorth Bank is a provider specialising in business loans for UK firms, offering significant capital with tailored terms and fast approval. It supports businesses seeking secured or unsecured loans, with flexible repayment options and collateral requirements. Suitable for franchise buyers, property purchase or refinance, and high-growth companies needing quick access to funding.
Loan and pricing details
Funding range note: From £1 million upwards
Speed: Fast approval process for qualified businesses
Interest rate notes: Interest rates are competitive but not publicly specified.
Eligibility
Personal guarantee: Often required for larger loans.
Homeowner advantage: Not a significant factor.
Services and sectors
- Products: term_loan, asset_finance
- Industries: Manufacturing, Real estate, Technology
Best for
- High-growth businesses
- Capital-intensive sectors
- Tailored loan solutions
Pros
- Large loan amounts
- Tailored support
- Rapid approval
Cons
- High minimum loan
- Personal guarantees often required
Sources: https://oaknorth.co.uk/business-loans/
4. Starling Bank
Starling Bank is known for its digital banking services, offering no monthly fees and a broad range of products. It supports UK businesses seeking flexible, fast, and accessible banking solutions for their growth. Suitable for firms wanting seamless app integration and quick processing.
Loan and pricing details
Funding range note: From £5,000 to £250,000
Speed: Application processing within minutes to a few hours
Interest rate notes: Interest rates are typically competitive and vary by the product.
Eligibility
Personal guarantee: Not necessary for standard accounts
Homeowner advantage: Neutral
Services and sectors
- Products: business_account, term_loan, invoice_finance
- Industries: Technology, Service industries, Retail
Best for
- Tech-savvy businesses
- Low-cost banking
- Businesses requiring seamless app integration
Pros
- No monthly fees
- Fast processing
- Digital tools
Cons
- Limited in high-value loan options
Sources: https://www.starlingbank.com/business-account/
5. Zopa
Zopa offers an alternative to traditional banking and peer-to-peer lending with a focus on consumer and business loans. It is suited for businesses seeking flexible, quick access to funding with various collateral or security options. Often used for working capital, franchise buyouts, or refinancing.
Loan and pricing details
Funding range note: Unknown
Speed: Quick decisions for eligible applicants
Interest rate notes: Interest is based on credit scores, typically competitive.
Eligibility
Personal guarantee: Likely required for higher amounts.
Homeowner advantage: Helpful but not required
Services and sectors
- Products: credit_card, personal_loan, savings
- Industries: SMEs, Retail, Professional services
Best for
- Sole traders
- Businesses seeking alternative credit forms
- Fast decisions
Pros
- Innovative lending
- Flexible terms
- Digital-first
Cons
- Not available for high loan amounts
Sources: https://www.zopa.com/
Final notes
When comparing providers, match loan size, timeline, and sector fit first, then confirm current rates and fees with the finance provider. If one option declines your application, a broker or multi lender panel may still place the deal. To select the right provider, consider whether you need a bank with direct services or a broker that works with multiple lenders. For specialised financing, choose a provider with sector expertise. You can also use funding agents for access to broader options, such as Funding Agent.
