Learn: applying for a loan

Affordability is at the heart of responsible lending. Before we lend, and before you borrow, the central question is the same: can the company meet the repayments without putting the business under strain? Thinking this through honestly before you apply protects your company.

Affordability is about the company

Because Credicorp lends to UK limited companies and LLPs for business purposes — not to individuals — affordability is judged against the company's trading, not your personal finances. We look at how money flows through the business and whether there is reliable room for the repayments.

How to weigh it yourself

• Look at your typical monthly income after regular outgoings.
• Ask whether repayments at the rate and term in your offer would still leave a buffer in a slow month.
• Factor in seasonality and any costs already committed.
• Avoid borrowing to the very edge of what a good month could cover.

A buffer is not pessimism

Leaving headroom means an unexpected quiet stretch does not turn a manageable repayment into a problem. Borrowing that the company can absorb comfortably is borrowing that helps rather than hinders.

What this means for protections

We do not take a personal guarantee from directors — the obligation is the company's. But these agreements sit outside the FCA consumer-credit regime, so there is no Financial Ombudsman Service access or FSCS cover. The specific figures are confirmed only in your offer; assess affordability against those before you accept.

See also: How to prepare your company before you apply, What an affordability assessment looks at for a company, What affordability means for a business loan.

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A short trading history does not rule your company out, but it does change what we can see. Newer companies have less activity to assess, so it helps to present what you do have clearly and to set realistic expectations.

What a younger company can do

• Make sure your Companies House record is complete — directors, registered office and SIC code that genuinely describes what you do.
• Use a dedicated business bank account from the start so your trading is visible and separate from personal money.
• Be ready to explain your model — where income comes from, how steady it is, and what the funds would achieve.

Why bank activity matters more here

With limited history, the flow through your business account carries extra weight. Even a few months of clean, identifiable trading helps us understand the company. Connecting via open banking, with read-only access, is the simplest way to share this.

Borrow for what the business can carry

It is wise to size any request to your current capacity rather than hoped-for growth. Credicorp Flex, which lets you draw as you go, can suit a business still finding its rhythm.

We lend only to UK limited companies and LLPs for business purposes, with no personal guarantee from directors. These agreements sit outside the FCA consumer-credit regime, so there is no Financial Ombudsman Service or FSCS protection. Any rate, term or charge is confirmed only in your offer.

See also: Getting your business bank statements ready, What information we ask for, and why, How to prepare your company before you apply.

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Before you spend time on an application, it is worth checking whether your business fits. Credicorp is a UK business lender, and our products are designed around the needs of incorporated firms.

Who we can lend to

• UK limited companies registered at Companies House.
• UK limited liability partnerships (LLPs).

In both cases the borrowing must be for genuine business purposes, and the application must be made by a director or member with authority to act for the company.

Who we cannot lend to

• Individuals borrowing in their own name.
• Sole traders who have not incorporated.
• Anyone seeking funds for personal, household or family use.

Why the distinction matters

Lending to limited companies and LLPs for business purposes sits outside the FCA consumer-credit regime. That means these agreements do not carry Financial Ombudsman Service access or FSCS protection. It also means we structure things to suit business borrowers — for example, we do not take personal guarantees from directors. The loan is an obligation of the company.

If you are unsure whether your structure qualifies, check your company type on Companies House before applying. Our two products, Credicorp Flex and Credicorp Slice, are both for eligible businesses only.

See also: How to prepare your company before you apply, Affordability before you apply: weighing it up yourself, Common business loan application mistakes to avoid.

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Businesses' needs change, and you may wonder about borrowing again — or alongside an existing agreement. Here is how to think about it before you apply for more.

Every application is assessed on its merits

An existing agreement does not automatically qualify or disqualify a further one. We look afresh at the company's current trading and whether additional borrowing can be repaid comfortably on top of what is already committed. The question is always whether the company can carry the total responsibly.

Consider total commitments, not just the new amount

• Add up repayments across all agreements, not just the one you are applying for.
• Check there is still headroom in a quieter month.
• Be honest with yourself about whether more borrowing solves the problem or postpones it.

Flex may already cover changing needs

If you hold Credicorp Flex, its draw-as-you-go structure may already give you room to meet a new need without a separate application. Check what is available to you before applying again.

Apply for the right reason

Additional borrowing should serve a genuine business purpose, as all our lending must. We lend only to UK limited companies and LLPs, take no personal guarantee from directors, and any rate, term or charge is confirmed only in the offer. These agreements fall outside the FCA consumer-credit regime, so there is no Financial Ombudsman Service or FSCS protection.

See also: Affordability before you apply: weighing it up yourself, Common business loan application mistakes to avoid, What is refinancing?.

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Most applications that stall do so for ordinary, fixable reasons. Knowing them in advance means you can apply once, cleanly, and get to a decision sooner.

Details that do not match

If your company name, registered office or director details differ from Companies House, it raises questions and slows verification. Check your record is current before you start.

Applying as the wrong entity

Credicorp lends only to UK limited companies and LLPs for business purposes. Applications from individuals or sole traders, or for personal use, cannot proceed. Make sure you are applying as the company and for a genuine business purpose.

A vague or missing purpose

"General cash flow" tells us little. A clear, specific purpose — what the funds do and why now — strengthens the application and helps you borrow the right amount.

Using the wrong bank account

• Showing personal activity instead of the company account.
• Not being able to access recent statements or connect via open banking.
• Large, unexplained movements with no context.

Rushing the offer

When an offer arrives, read the rate, term and any charges before accepting. These figures are specific to your application — do not assume them. And remember these agreements sit outside the FCA consumer-credit regime, so there is no Financial Ombudsman Service or FSCS cover, and we take no personal guarantee from directors.

See also: How to prepare your company before you apply, Can my business apply? The eligibility basics, Can my company have more than one Credicorp loan?.

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When you apply, we verify the identity of the director who will sign and run anti-money-laundering (AML) and know-your-customer (KYC) checks. Some people read that as us being suspicious of them. It is the opposite: these are standard, every-applicant checks that protect honest businesses, and a clean applicant has nothing to fear from them. This article goes deeper than the practical steps and explains the why behind the checks, the evidence we accept, how Open Banking and document requests fit in, and how your data is protected. For the step-by-step of the identity check itself, see ID verification when you apply.

Why a lender has to know who is signing

A company cannot sign on its own; a real person, a director with authority, signs on its behalf. Before we lend, we have to be confident of two things: that the person in front of us genuinely is that director, and that they are entitled to commit the company to the agreement. Verifying the signing director is how we establish both. It is not a judgement on you — it is a baseline we apply to every applicant, in exactly the same way, before any money moves.

This matters most for you, the genuine director. The single easiest way for a fraudster to harm a real business is to impersonate one of its officers and take out credit in the company's name. A firm identity check is the wall that stops that. So when we confirm who is signing, we are protecting your company from being used by someone else as much as we are protecting ourselves.

What AML and KYC actually mean

"Know your customer" (KYC) is simply the work a lender does to confirm who its customer is and who stands behind the business. "Anti-money-laundering" (AML) is the broader duty to make sure lending and repayment are not being used to disguise the proceeds of crime. In practice the two overlap, and for a short-term business loan they come down to a small, proportionate set of checks:

• Confirming the company is real and current — that the limited company or LLP exists, is active on Companies House, and is the entity actually applying.
• Confirming the people behind it — verifying the signing director's identity and, where relevant, understanding who ultimately owns or controls the company.
• Sense-checking the purpose and the money — that the borrowing is for a genuine business purpose and that the company's banking behaviour is consistent with a real, trading business.

These are obligations every responsible lender carries. They are not a credit decision and not a character test; they are about establishing facts. A business loan to a company for business purposes sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001, but the duty to run identity and AML checks still applies — it is part of operating as a legitimate lender, not a sign you are being treated as a regulated consumer.

What evidence is acceptable

Most of the identity check is satisfied with a single current, government-issued photo ID for the director who is signing:

• A valid passport, or
• A current UK photocard driving licence.

Alongside the photo ID, we may need to confirm the document genuinely belongs to you, sometimes with a quick photo or short liveness step taken on the spot, and confirm that you are authorised to borrow on the company's behalf. Occasionally — for example if a detail does not match, or for proof of address — we will ask for one supporting item such as a recent utility bill or bank letter showing your name and address. The test for any document is simple: it should be current, unedited, and readable in full. For exactly what to have ready before you start, see what documents you need to apply.

How Open Banking and document requests fit in

Identity is only one strand. To confirm the business is genuine and that the loan is affordable, we also need to see how the company's account behaves — and there are two routes to that, both of which sit inside the AML picture rather than alongside it.

• Open Banking gives us read-only access to roughly the last six months of the company's transaction activity, authorised by you through your own bank's secure login. It lets us read the account to confirm genuine trading and assess affordability; it never lets us move money. It is faster and safer than sending statements around, which is why most applications use it. The detail is in how we verify your company's bank statements with Open Banking.
• A document request is the fallback or follow-up route. If you would rather not connect your bank, you can upload statements instead; and if a single detail needs confirming on your specific case, we will ask for that one item. When that happens, send it the safe way through your portal — see how do I send you a document you've asked for. A request like this is a normal part of completing the checks, not a red flag.

Whether the company's banking comes to us by Open Banking or by upload, it serves the same KYC purpose: confirming that a real, trading business is borrowing for a real, business reason.

What these checks are not

It is worth being precise, because this is where worry creeps in. The identity and AML checks we run are not a personal consumer credit search, and they do not appear on, or affect, your personal credit file. Confirming who you are is a different thing from assessing how you manage credit. The credit assessment we do run is on the company, through business credit reference agencies — not on you as an individual. And because we lend to the company and take no personal guarantee, none of this puts your personal assets on the line.

How your data is protected

The information you share for these checks is sensitive, and we treat it that way. We use it only to verify your identity and complete the checks we are required to make — not for anything unrelated — and we hold it on secure UK-based systems with strict, logged access controls and encryption in transit. We keep it only for as long as our purpose and record-keeping obligations require, then no longer. For the full picture of the safeguards, see how do you keep my information secure.

Where it fits in your application

Identity and AML checks run in parallel with confirming your company and assessing affordability — they are one part of getting to a decision, not a separate hurdle bolted on. Most clear straightaway; a small number need a second look or one more document, which is routine. Once everything is confirmed and we can lend, you will see your Key Information Sheet (KIS) — the amount, term, total cost of credit and full repayment schedule — before you sign the Business Loan Agreement. As this is lending to a company for business purposes under Article 60B FSMA RAO 2001, it is not covered by the Financial Ombudsman Service or the FSCS.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing.

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This is a fair question to ask before you apply. The short answer is that we assess the company, and the checks we run are framed around the business — but it helps to understand how the pieces fit together.

We are lending to the company

Credicorp lends to UK limited companies and LLPs, not to individuals. The borrowing is the company's obligation and we do not take a personal guarantee from directors. So the credit assessment centres on the company's position and how it trades.

Identity checks on the applicant

We do verify the identity of the person applying, because they must be an authorised director or member. Identity verification confirms who you are and supports anti-money-laundering obligations. It is a different thing from assessing personal creditworthiness for a personal loan — which is not what this is.

What to expect

• Checks proportionate to lending responsibly to a business.
• A review of your company's trading, often through open banking.
• Verification of directors and the company's standing.

If you want certainty

If you are concerned about how any check might appear, ask us before you proceed. Because these agreements fall outside the FCA consumer-credit regime, the usual consumer protections such as the Financial Ombudsman Service and FSCS do not apply, but we still aim to be clear about what an application involves.

See also: ID verification when you apply, Will applying for a Credicorp loan affect my credit file?, What we look at when we make a lending decision.

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Credicorp offers two business lending products: Credicorp Flex and Credicorp Slice. Both are for UK limited companies and LLPs borrowing for business purposes. Choosing well at the application stage means the borrowing fits the way your company actually trades.

How they differ in shape

• Credicorp Flex is built for businesses that want flexibility — drawing on funds as needs arise rather than taking everything at once. It suits uneven or seasonal cash flow.
• Credicorp Slice is structured around a defined amount repaid over an agreed term, which suits a one-off, plannable cost where you want predictable repayments.

Questions to ask yourself

• Is this a single, known cost, or an ongoing working-capital need?
• Does my income arrive steadily, or in lumps?
• Do I value predictability of repayments, or the ability to draw as I go?

What stays the same either way

Whichever product you choose, the rate, term and any charges are set out in the offer we present to you — review those figures before you accept. Both products are agreements with the company, with no personal guarantee from directors, and both sit outside the FCA consumer-credit regime, so neither carries Financial Ombudsman Service access or FSCS cover.

If you are unsure, review the what we offer page which sets out both products side by side, or start an application and we will guide you to the right fit.

See also: Timing your application around your cash flow, Understanding your business loan offer, Choosing between Credicorp Flex and Credicorp Slice.

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Your business bank account tells us more about your company's health than almost anything else. When you apply, we look at how money flows through the account — income, outgoings and the rhythm of your trading. Getting this ready before you apply helps us reach a fair, fast decision.

Use the right account

Make sure the activity we see is your company's business account, not a personal one and not a mix. Clean separation between business and personal money makes your trading easier to read and reflects well on how the company is run.

What a clear picture looks like

• Regular, identifiable income from genuine trading.
• Outgoings that match the kind of business you describe.
• Few unexplained large movements — and if there are some, be ready to explain them.

Open banking makes it simpler

Rather than uploading PDFs, you can usually connect your account securely through open banking. You authorise read-only access, we see the activity we need, and there is nothing to download or send. You stay in control and access does not give us the ability to move money.

Before you apply

Check you can log in to your business banking, that recent months are available, and that the account is in the company's name. The figures in any resulting offer are set out for you to review — we never quote a rate before assessing your application.

See also: What we look at when we make a lending decision, Do I upload bank statements or connect by Open Banking? and How to update your business bank account details.

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Credicorp offers three distinct products, and matching the product to the need is one of the most useful things you can do before applying. Choosing the wrong structure can mean higher cost than necessary or a facility that does not fit how you actually use it.

Business Loan — a fixed sum for a defined purpose

A Business Loan gives you a fixed amount upfront, repaid over a fixed short term in regular instalments. It is well suited to one-off capital needs where you know precisely what you are buying and when revenue will cover the repayments. Examples include purchasing equipment, paying a large supplier invoice, or funding a time-limited project. The total cost is predictable from day one.

Credicorp Flex — a revolving facility for ongoing needs

Credicorp Flex works like a credit line: you are approved up to a limit, draw what you need when you need it, repay, and draw again. Interest or fees apply only to the amount in use, not the full limit. This suits businesses with variable, recurring cash flow gaps — managing supplier payment cycles, covering payroll timing differences, or keeping a buffer available during growth. Having Flex in place before you need it means you can act immediately when a gap arises.

Credicorp Slice — spreading a single bill over weeks

Credicorp Slice is designed for one specific purpose: taking a bill you would otherwise pay in full and spreading it over three or four weekly instalments, with a flat 6% fee. It is straightforward and suited to a single, defined payment rather than ongoing borrowing. If you have a large invoice due that would strain your cash position, Slice lets you smooth it without taking on a longer-term facility.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Preparing a funding request for your business, When is the best time to apply for business finance.

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A funding request does not need to be a lengthy document. For most short-term business finance, a clear, concise summary of your company's position and your borrowing needs is all that is required. Here is how to structure it.

State the amount and purpose clearly

Start with the number: how much do you need? Then explain specifically what it is for. "£30,000 to purchase stock ahead of our busiest trading quarter" is far more useful to a lender than "working capital". Specificity signals that you have thought the request through and are not simply guessing at a figure.

Show how repayment will work

Outline where the repayment will come from. If you are buying stock to fulfil orders, explain the expected margin and when those orders will pay. If you are bridging a gap while awaiting a large invoice, note when it is due. You do not need a full financial model — a paragraph of plain English explaining the cash flow logic is enough.

Attach the right supporting documents

Alongside your funding request, have ready: your most recent filed accounts, three to six months of bank statements, and any management accounts if available. If you have used Open Banking to share your data, many of these documents may not be needed separately. Providing them upfront, rather than waiting for a request, often shortens the process by a day or more.

Choose the right product for the need

The funding request should match the product to the purpose. A one-off capital purchase suits a Business Loan with fixed repayments. Ongoing, variable needs — managing supplier payments month to month — may suit Credicorp Flex better. Spreading a single large bill over a few weeks is exactly what Credicorp Slice is designed for. Getting this alignment right makes the application more straightforward for everyone.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How to present your accounts when applying, When is the best time to apply for business finance.

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Open Banking is a secure, regulated way of sharing your business bank account data with a lender. Instead of printing and uploading PDF statements, you grant time-limited read-only access through your bank's own app or website. No login credentials are ever shared with the lender.

What the lender can see

With your permission, the lender can view transaction history — typically three to twelve months — including inflows, outflows, regular payments, and your running balance. They cannot make payments, move money, or see information from accounts you have not chosen to include. You choose exactly which accounts to connect and can revoke access at any time.

Why it makes decisions faster

Manual statement reviews take time: documents arrive in different formats, periods may not align, and figures sometimes need to be cross-referenced. Open Banking feeds structured, standardised data directly into the lender's assessment. What might previously have taken several working days can often be completed in minutes. This benefits you whether you are applying for a Business Loan, a Credicorp Flex revolving facility, or a Credicorp Slice payment plan.

Is it safe?

Open Banking is regulated by the Financial Conduct Authority and governed by the same Open Banking Implementation Entity (OBIE) standards used by the UK's largest banks. The connection uses the same secure protocols as online banking. Legitimate lenders never ask for your bank login username and password — if they do, that is a red flag. With Open Banking, you authenticate directly with your bank, not with the lender.

Connecting via Open Banking is optional at Credicorp, but it is the fastest route to a decision and reduces the volume of documents you need to upload manually.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What documents do I need to apply, What lenders look at when you apply.

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When a director asks how fast they can get a business loan, they usually mean the whole journey — from starting the application to cleared funds in the company account, not just the moment we say yes. End to end, that can be the same business day. To understand what makes it fast or slow, it helps to split the time into two separate parts: the time to a decision, and the time to a payout. They are not the same thing, and different things speed up or slow down each one.

Part one: the decision

The decision is the assessment — affordability, identity and the company's profile — ending in an offer, a smaller offer, a referral or a decline. With read-only Open Banking and a clean company profile this can land in minutes; uploading PDF statements or a referral to a person takes longer. We keep that part to its own guide so this one can focus on the full funding journey: for the detail on the assessment clock, see how quickly will I get a decision.

The short version is that a decision is fastest when three things line up: you connect the company's bank by Open Banking rather than uploading documents, your company record on Companies House is current, and the director's identity check passes first time. When those hold, much of the assessment is automated and an outcome can arrive quickly.

Part two: the payout

The payout is separate from the decision, and it is the step that turns an accepted offer into money in the account. Two things shape it.

First, you have to accept. An offer arrives with a Key Information Sheet setting out the amount, term and total cost of credit, and you sign the Business Loan Agreement online. Nothing moves until you have read and accepted it, so this part of the clock is genuinely in your hands — taking your time here is sensible, not a delay to apologise for.

Second, a person on our team confirms the release. The assessment is automated and authoritative, but actually moving the money is the one step we deliberately keep in human hands. It is a final check that the right amount is going to the right verified account for the right, accepted offer — and it almost never adds a wait. For why we keep it manual, see why a human confirms every payout.

What makes funding same-day versus slower

None of the things below means a no — they simply add time to one clock or the other.

• How you share your bank data. Read-only Open Banking is read immediately, so the decision clock barely starts before it finishes. Uploaded PDF statements have to be processed by a person, which is perfectly fine — it just is not instant. If a connection fails or you would rather upload, that is fully supported; see what happens if I cannot connect my bank.
• A document request. If we need one more thing to say yes with confidence — a particular statement month, proof of ID or a company detail — we ask, and the clock pauses until it arrives. Replying quickly through your portal is the single biggest thing you can do to keep funding same-day. See how to send a document we asked for.
• A referral. Some applications go to a person for a closer look — usually because the picture is mixed or near the top of what cash flow supports. A referral is not a decline; it adds review time and may come with a question. See what 'refer' means and what happens next.
• A bank-connection issue. A failed or partial Open Banking link, or statements we cannot read cleanly, push you onto the upload route — which works, but is slower than a live connection.
• Time of day. Even after a quick yes, applying late can push the payout to the next business day. The earlier in the day everything is in place, the more of the same-day window you have.

How to be ready so nothing stalls

Most of what slows funding is avoidable. Do these before and during your application and the two clocks stay short.

1. Connect by Open Banking if you can. If you are comfortable with read-only access, connecting the company's bank is the fastest way to a decision — there is nothing to upload and nothing to process by hand.
2. Apply with your real trading account. Use the business bank account the company actually trades through and that the loan would be paid to, so the data we read matches the company we are assessing.
3. Get Companies House current first. Make sure your registered details and the directors on Companies House are up to date, so nothing has to be confirmed mid-application.
4. Have the director's photo ID to hand. A current passport or UK driving licence ready at the start means the identity check passes first time rather than needing a second attempt.
5. Watch your portal for a request. If we ask for one more thing, it appears as a task or secure message in your portal. Replying the same hour, not the same week, is what keeps a same-day payout same-day.
6. Read your offer promptly, then sign when you are ready. The payout cannot start until you have accepted the Business Loan Agreement, so reviewing it without unnecessary delay — once you are happy with the figures — releases the funds.

So how fast, really?

For most applicants with a clean profile, an Open Banking connection and ID ready, the realistic answer is the same business day: a quick decision, your acceptance, and a human-confirmed payout that typically reaches the business account that day. Add a document request, a referral or a late-in-the-day submission and it stretches — usually by hours, sometimes to the next working day. Speed is a benefit of good data and being ready, never a shortcut around the checks: we still assess affordability properly, and a short-term business loan is expensive, so the right pace is the one that lets you read the figures before you sign. There is a fuller breakdown of how fast you can get a business loan on our main site.

Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing.

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Most directors applying for a short-term business loan want to know one thing first: how long does a business loan decision take? The honest answer is that it varies, but it is usually fast. With read-only Open Banking and a clean company profile, a decision can come in minutes. If you upload PDF statements, or if your application needs a human to look at it, it takes longer. Here is what drives the loan processing time, so you can get an answer as quickly as your situation allows.

The fast path: minutes

The quickest decisions happen when three things line up. First, you connect your company's bank using Open Banking rather than uploading documents, so we can read the account immediately and securely. Second, your company profile is straightforward: clear on Companies House, with a business credit check that returns cleanly. Third, your identity check passes first time. When all three hold, much of the assessment is automated, and we can often respond within the hour and fund the same business day. To see this from the bank side, read how we verify your company's bank statements with Open Banking.

The slower path: hours to a few days

Several normal things lengthen the timeline, none of which means a no.

• PDF statements instead of Open Banking. If you upload six months of statements, a person reviews them. That is perfectly acceptable, it just is not instant.
• Human review. Some applications go to a person to check. This happens when the picture is mixed, or when the amount is near the top of what the company's cash flow supports. A careful check is sometimes a slower one.
• Information we need to confirm. If your Companies House record is out of date, or your ID check needs a second attempt, we may come back to you. Replying quickly keeps things moving.
• Time of day. Applying late in the day can push funding to the next business day even after a quick approval.

How to speed up your business loan approval

• Choose Open Banking if you are comfortable with read-only access.
• Apply with the bank account your company actually trades through.
• Make sure your company details and directors on Companies House are current.
• Have photo ID ready so the identity check passes first time.
• Watch for any message from us asking for one more thing.

How long does the credit check take?

A fast process does not mean an automatic yes. We still run a business credit check on the company and assess affordability properly; we simply do it quickly when the data lets us. The credit check itself is usually near-instant: we query a business credit reference agency electronically, so how long it takes for a credit check to return is typically seconds rather than days. It only slows down when a record is thin or out of date and we need to confirm details with you. The affordability assessment then looks at trading history, working capital and the cash flow that will service the repayments, so the loan fits the business rather than stretching it. We will sometimes offer less than requested, or decline, because responsible lending means matching the loan to what the company can comfortably repay. A quick decision is a benefit of good data, not a shortcut around the checks.

When you get your answer

If we can lend, your offer arrives with a Key Information Sheet (KIS) setting out the amount, term, total cost of credit and the full repayment schedule, and you sign the Business Loan Agreement online. Signing is the last step in the loan processing time, and it is in your hands: once you have read and accepted the agreement, the funds can be released. You can always preview current amounts, terms and costs on our business loans page before you apply, so the cost is never a surprise at the end.

For more detail on timing, our support note how quickly will I get a decision covers the common cases. Remember this borrowing is to a company for business purposes, so it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS. Speed should never push you into borrowing that is not right; a short-term loan is expensive, so take a moment with the figures before you sign.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing.

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Deciding how much to ask for is one of the most important parts of preparing an application. Borrow too little and you may need to come back; borrow too much and you carry repayments your company does not need. The right figure sits where the funds clearly serve a purpose and the repayments sit comfortably within your trading.

Start from the purpose, not a round number

Work out what the money is actually for. If it is equipment, a project, stock or covering a gap, cost it out properly. A request anchored to a real, specific use is easier for us to assess and easier for you to justify to yourself.

Test it against repayment capacity

• Look at your typical monthly surplus after regular outgoings.
• Ask whether repayments at the rate and term in your eventual offer would still leave headroom in a slower month.
• Leave room for the unexpected — do not borrow right up to the edge of what you could manage on a good month.

Match the product to the need

If the need is ongoing or uneven, Credicorp Flex lets you draw as required rather than taking a lump you do not yet need. For a single, defined cost, Credicorp Slice may suit better.

We will only confirm an amount and the associated figures in your offer — review those carefully. Remember the loan is to your company, with no personal guarantee, and these agreements fall outside FCA consumer-credit protections.

See also: The Business Purpose Declaration: what you're signing, Can my company have more than one Credicorp loan?, What is a business loan?.

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Your accounts are a window into your company's financial health. Presenting them clearly and honestly is one of the most effective things you can do to strengthen a finance application.

Make sure your accounts are current

Accounts filed at Companies House are often several months old by the time a lender reviews them. Supplement filed accounts with recent management accounts — a simple profit-and-loss statement and balance sheet for the current trading period. Even a one-page summary produced by your accountant or your accounting software carries real weight.

Reconcile your bank statements

Most lenders will ask for three to six months of business bank statements. Check that the closing balance on each statement matches what your accounting records show. Unexplained large withdrawals or irregular patterns can slow a decision. A brief note explaining any one-off items — a tax payment, a property deposit, a director loan repayment — is worth including upfront rather than waiting to be asked.

Highlight positive trends

If revenue has grown quarter on quarter, or if a difficult period is now behind you, say so. A lender reading bare numbers may not spot the upward trajectory without context. A short covering note — two or three sentences — pointing to the trend makes their assessment faster and gives your application a human voice.

Be honest about liabilities

Existing loans, invoice finance facilities, or outstanding HMRC liabilities should be disclosed. Lenders routinely access credit reference data, so attempting to conceal a liability rarely works and damages trust. Showing that you are aware of and managing your obligations is a positive signal, not a red flag.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What lenders look at when you apply, Preparing a funding request for your business.

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Applying to Credicorp is designed to be quick, but the order matters: you see the cost before you commit, not after. We think that is the right way round. Before you fill in a single personal detail, you can look at what a loan would actually cost your company. Here is the whole journey, from checking the figures to signing the Business Loan Agreement, so there are no surprises.

Step 1: see the cost before you apply

Start on our business loans page. Our live product is a short-term Business Bridging Loan of £50 to £500 over 14 to 84 days, repaid weekly or fortnightly. There, you can see the current amounts, terms and the cost of borrowing before you give us anything. We do not advertise a single rate on this page because your figures depend on your company; the exact amount borrowed, total amount payable, total cost of credit and full repayment schedule appear on your Key Information Sheet (KIS) and in the Business Loan Agreement before you sign anything.

This is a quote-first flow on purpose. A short-term loan is an expensive way to borrow compared with an overdraft or a longer-term facility, so we want you to see the number before you decide. If it is not right for your company, you can walk away having shared nothing.

Step 2: start your application and create an account

When the cost works for you, head to our application page. You create a short account so you can save your progress and return later, and so we can keep your information secure. We lend to UK limited companies and LLPs for business purposes; the loan is to the company, and we do not take a personal guarantee from you as a director.

Step 3: add your company details

Next we ask for your company. Because we lend to bodies corporate, we need to identify the company on the Companies House register and confirm you are authorised to borrow on its behalf. Having your company number to hand makes this fast. We run a business credit check on the company at this stage as part of deciding.

Step 4: verify the director's identity

We carry out an identity and anti-money-laundering check on you as the director. This is an ID check, not a personal consumer credit search, and it does not affect your personal credit file. Have a photo ID ready so this part takes seconds rather than minutes.

Step 5: connect your business bank

To assess affordability we look at your company's bank activity. The quickest route is read-only Open Banking, where you authorise access through your own bank and can revoke it at any time. If you prefer, you can upload six months of business bank statements as PDFs instead. To know exactly what to gather, read what documents you need to apply before you start. For more on the bank-data step, see whether to upload statements or connect by Open Banking.

Step 6: review your offer and sign

If we can lend, we show you an offer with your Key Information Sheet. Read it. It sets out the amount, the term, the total cost of credit and every repayment date. When you are happy, you sign the Business Loan Agreement online. There is also a short Business Purpose Declaration confirming the borrowing is wholly or predominantly for the company's business.

What happens next

Once signed, we move to drawdown: the funds go to your company's bank account, and you repay on the schedule shown on your KIS. We typically approve within an hour and can fund the same business day when your profile is clean and you connect your bank, though human review can take longer.

A few honest notes. We are lending to a company, so this borrowing sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001, and it is not covered by the Financial Ombudsman Service or the FSCS. That does not change your protections under data law or your right to a fair process; it just means the escalation route differs. If you want free guidance for your business at any point, Business Debtline (businessdebtline.org, 0800 197 6026) is independent and free. When you are ready, begin your application.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing.

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The mechanics of applying are simple, and we walk through the screens themselves in how to apply, step by step. This guide is about the part that actually decides the outcome: how well you prepare your company's case. A short-term business loan is assessed on real evidence — your company's filings, its bank activity and the director's identity — so a complete, consistent application gets a faster and cleaner decision than a thin one. Nothing here is a trick to look more borrowable than you are; it is simply giving the assessment everything it needs to say yes with confidence, the first time.

Before you start: know what we actually assess

Credicorp lends to UK limited companies and LLPs for business purposes, and the decision rests on three things: whether the borrowing is genuinely affordable from the company's cash flow, whether we can identify the company and confirm you are authorised to borrow for it, and whether we can verify the director's identity. Everything in the steps below feeds one of those three checks. If you want the fuller picture of how we weigh things, read what we look at when we decide first — then come back and prepare.

The steps to a strong application

Work through these in order before and during your application. Each one removes a reason the decision might pause or come back with a question.

1. See the cost first, and size the loan to the job. Start on the business loans page so you see what borrowing would cost your company before you share anything, and decide on an amount and term that a specific business need justifies — covering a confirmed invoice, a stock order, a VAT bill. An application for a clear, proportionate amount reads far better than a round number "to be safe", because affordability is judged against what the company's cash flow comfortably supports. A short-term loan is an expensive way to borrow, so the right amount is the smallest one that does the job.
2. Get Companies House current before you apply. Make sure your registered office, directors and SIC code are accurate and your accounts and confirmation statement are filed and up to date. We identify the company on the public register and read its filing record, so anything overdue or out of date forces a question mid-application. Fixing it first means the company check passes cleanly rather than stalling. For why this matters to your file more broadly, see how to improve your business credit score.
3. Apply through the company's real trading account. Use the business bank account the company actually trades through and that the loan would be paid into — not a personal account and not a dormant one. The whole affordability assessment reads this account's activity, so it must be the one that shows the company's genuine income and outgoings. Applying with the real trading account is the single biggest thing that makes the bank data match the company we are assessing.
4. Gather your documents before you begin, not during. Have the company number, the director's current photo ID (passport or UK driving licence), and — if you plan to upload rather than connect — six months of business bank statements as clean PDFs ready before you start. Our full list is in what documents you need to apply. Pulling these together first means you complete the application in one sitting instead of breaking off to hunt for a file, which is where most applications lose time.
5. Connect your bank by Open Banking where you can. Read-only Open Banking is the cleanest way to share the company's activity: it is read immediately and accurately, with nothing to upload and nothing for a person to process by hand. You authorise it through your own bank and can revoke access at any time. If a connection is not possible, uploading statements is fully supported — see what happens if I cannot connect my bank — it simply takes a little longer because the statements are read by a person.
6. State the business purpose plainly. When you complete the short Business Purpose Declaration, describe what the money is for in concrete business terms — "bridge a £4,000 invoice due in 30 days", not "general use". The borrowing must be wholly or predominantly for the company's business, and a clear, specific purpose confirms that cleanly. A vague purpose is the kind of thing that turns an automated yes into a referral for a closer look.
7. Check every detail is consistent before you submit. The company name and number, the director's name, the registered address and the bank account should all match across the application, Companies House and your bank. Mismatches — a slightly different trading name, an old address, a different account — are a common reason an application is referred to a person, because they have to be reconciled before we can lend. Two minutes checking consistency saves hours of back-and-forth.
8. Watch your portal and reply the same hour. If we need one more thing to say yes with confidence, it appears as a task or secure message in your portal. Replying within the hour, not the week, is what keeps a same-day decision same-day — see how to send a document we asked for. A prepared applicant who responds quickly is, in practice, the fastest route to funded.

What a complete application looks like at a glance

Pulling the steps together, the application most likely to get a fast, clean yes is one where the company is current on Companies House, the figures are proportionate to a real business need, the company's genuine trading account is connected by Open Banking, the director's ID is ready and verifies first time, the business purpose is stated plainly, and every detail is consistent across your records. None of that makes an unaffordable loan affordable — it simply means that if the borrowing is right for your company, nothing gets in the way of us seeing it.

After the decision

If we can lend, you receive an offer with a Key Information Sheet (KIS) setting out the amount, the term, the total cost of credit and every repayment date. Read it properly before you sign the Business Loan Agreement — the figures are not final until you accept, and taking your time here is sensible, not a delay. What happens from acceptance to funded is covered in after you sign the Business Loan Agreement.

Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001, and it is not covered by the Financial Ombudsman Service or the FSCS. That does not change your rights under data law or your right to a fair process; it just means the escalation route differs. For free, independent guidance for your business at any stage, Business Debtline (businessdebtline.org, 0800 197 6026) is there to help. When your case is ready, walk through the application itself.

See also: Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing, Can my company have more than one Credicorp loan?.

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A little preparation makes the application smoother and helps us reach a decision faster. Credicorp lends only to UK limited companies and LLPs for business purposes, so most of the groundwork is about having your company's records straight and accessible before you begin.

Get your house in order first

• Confirm your Companies House details are current — registered office, directors and people with significant control should match reality.
• Know your business bank account — we review trading activity through your account, so make sure you can access it.
• Have a clear purpose in mind — what the funds are for, and how the borrowing fits your trading plans.

Think about the numbers qualitatively

You do not need a polished forecast, but it helps to understand your typical monthly income, your regular outgoings, and how comfortably your company could meet repayments at the rate and term shown in any offer. Borrowing should support the business, not stretch it.

Decide who will apply

The applicant should be a director or member with authority to borrow on the company's behalf. Have that person ready to complete identity checks.

Because Credicorp lends outside the FCA consumer-credit regime, there is no Financial Ombudsman Service or FSCS cover on these agreements. We do not take personal guarantees from directors — the loan is to the company.

See also: Affordability before you apply: weighing it up yourself, Can my business apply? The eligibility basics, What information should I have ready before I start?.

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To decide whether a loan is affordable for your company, we need to understand how its bank account behaves. The quickest and most secure way to share that is Open Banking. It often feels like the part of the application people are most cautious about, so here is exactly what happens, what we can and cannot see, and the PDF alternative if you would rather not connect your bank at all.

What Open Banking is

Open Banking is a regulated, UK-wide framework that lets you give a business read-only access to your account information through your own bank. When you choose it during your application, we act as what is called an Account Information Service Provider (AISP). That means we can read your company's transaction history to assess affordability; it does not let us move, take or touch your money in any way. For the wider picture of what Open Banking is and why it is safe, see what is Open Banking and is it safe.

How you authorise it

You stay in control the whole time. The connection is made through your own bank's secure login: you confirm the access there, using your bank's normal security, not by handing us your banking password. We never see or store your online banking credentials. You are the one granting permission, directly, at your bank.

What we can see, and for how long

We look at roughly the last six months of the company's transaction activity, income in, payments out, and how the account is generally run. That is enough to judge whether the repayments on the loan you want sit comfortably within your trading. We do not need, and do not get, the ability to make payments. To see how this feeds the wider decision, read business credit score: how it works.

You can revoke access at any time

The permission you grant is not permanent and not one-way. You can withdraw it whenever you like, either through your bank or by asking us, and the read-only access stops. Many people choose to revoke access once their application is complete, which is entirely reasonable.

Why it is faster

Because the data comes straight from your bank in a structured form, much of the affordability check can be done immediately. That is why applications using Open Banking often get a decision in minutes and can be funded the same business day, while PDF uploads, which a person reads, take longer.

If you would rather not connect your bank

Open Banking is optional. If you prefer, you can upload six months of official business bank statements as PDFs instead. This is fully acceptable and reaches the same decision; it simply takes a little longer because a member of our team reviews them by hand. Choosing PDFs does not count against you. If you try to connect and it does not work, that is fine too; you can switch to uploads.

How this protects you

Read-only access is genuinely safer than emailing statements around, because there is nothing for anyone to intercept and no payment power to misuse. We keep the information we receive secure and use it to assess your company, not for anything else. We also assess the company, not your personal finances, and we take no personal guarantee from you as a director.

We built our application around this kind of secure, customer-controlled data sharing; you can read more about the approach on our technology page. Remember that this borrowing is to a company for business purposes, so it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS. Whichever method you choose, you will see your full figures on your Key Information Sheet (KIS) before you sign the Business Loan Agreement.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing.

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If you have never applied for business finance before, the process can feel uncertain. In practice, it is more straightforward than many directors expect — particularly for short-term facilities. Here is what typically happens, step by step.

The initial application

You will usually start by providing basic information about your company: Companies House registration number, trading name, how long you have been trading, monthly revenue, and what you need the funds for. This can often be completed online in under ten minutes. No commitment is made at this stage — it is information gathering.

Document review and verification

Once you have submitted your application, the lender will review your bank statements and accounts. If you have connected via Open Banking, this step is largely automated and fast. Otherwise, you may be asked to upload PDF statements. You might be asked a follow-up question or two — this is normal, not a sign of trouble. Responding promptly keeps the process moving.

The decision

For most short-term business finance applications, decisions are made within hours rather than weeks. You will receive a clear response: approved (with the amount and terms), declined (with a reason), or a request for more information. If approved, funds are typically transferred quickly, often the same or next working day.

A note on what is not required

At Credicorp, there is no director personal guarantee required. The loan or facility is made to the company. You will not be asked to pledge personal assets or sign a personal liability agreement. This is a meaningful distinction from some other business lenders and from many bank facilities, particularly for smaller companies.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What documents do I need to apply, How Open Banking speeds up an application.

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When you apply, we ask to verify your identity as a director. People sometimes worry this is a personal credit check that will leave a mark on their record. It is not. This is an identity and anti-money-laundering check, a different thing entirely, and it does not affect your personal consumer credit file. Here is what the check is, why we have to do it, and how to get through it quickly.

What the check is

It is a confirmation that you are who you say you are. We check the director's identity against reliable sources, typically using a current photo ID such as a passport or UK driving licence. The purpose is to confirm identity, not to score your personal creditworthiness. We are establishing that the right person is borrowing on behalf of the company.

Why we have to do it

As a lender, we are required to carry out anti-money-laundering (AML) and know-your-customer checks. Verifying the identity of the people behind a company is a core part of that, and it protects you too: it makes it far harder for someone to impersonate you or your company to obtain credit. So the check is both a legal obligation and a safeguard.

Why it is not a personal credit search

This is the key point. An identity check confirms identity; a credit search assesses how you manage credit. They are separate. Our identity and AML check on you as a director is not a personal consumer credit search, and we do not record this loan, or the application, on your personal credit file. The credit check we run is on the company, through business credit reference agencies, not on you. For the fuller answer, see will applying for a Credicorp loan affect my credit file.

What we ask for

• A current photo ID, such as a passport or UK driving licence.
• Sometimes a quick step to confirm the document belongs to you, for example a photo taken on the spot.
• Confirmation that you are authorised to borrow on the company's behalf.

Having these ready means the check usually takes seconds. If a co-director needs to be involved, having them on hand helps too.

How we protect what you share

We treat your identity information as sensitive and keep it secure, using it only for verification and the checks we are required to make, not for anything unrelated. To understand the safeguards in detail, see how do you keep my information secure. We will never ask you to send your ID to a personal email address or pay a fee to “release” a loan; if anyone does, it is a scam and you should stop.

If the check does not pass first time

Sometimes a check needs a second attempt, often for a simple reason such as a blurred photo, a glare on the document, or out-of-date details. We will tell you and let you try again. It does not count against your application, and it has no effect on your personal credit. A failed first attempt is almost always a photo problem, not a verdict on you.

Where it fits in the application

Identity verification is one step alongside confirming your company and assessing the company's affordability. Because we lend to the company and take no personal guarantee, none of this puts your personal assets on the line. When everything is confirmed and we can lend, you will see your Key Information Sheet (KIS) with the amount, term, total cost of credit and full repayment schedule before you sign the Business Loan Agreement. This borrowing is to a company for business purposes, so it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing.

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If your application was declined and you have been told to wait before applying again, you have met our reapply cooldown. It can feel frustrating, so it is worth explaining plainly: the cooldown exists to protect your company from taking on borrowing it cannot comfortably afford, and to give you a real chance to come back stronger. It is a feature of responsible lending, not red tape for its own sake.

How long the cooldown is

In most cases the wait is around 30 days. In some situations it can be up to 90 days, usually where the reasons for the decline were more significant and a quick reapplication would be unlikely to change the outcome. We tell you which applies to you, so you are not left guessing. The clock is there to be useful, not to keep you in the dark.

Why a cooldown exists at all

Repeatedly applying for the same loan within days does not improve affordability; it just risks pushing a company toward borrowing that is not sustainable. A short-term Business Bridging Loan is an expensive way to borrow, and applying again and again can be a sign that money is tighter than the figures show. The cooldown is a deliberate brake. It also gives the things we assess, your company's cash flow, bank-account behaviour and business credit file, time to actually change. A fresh application the next day would look almost identical to the one we just declined.

Make the wait count

Treat the cooldown as a window to improve the picture rather than dead time. The most useful steps map directly onto what we look at when we decide.

• Steady the cash flow. Aim for a stretch where income clearly covers your outgoings, so future repayments sit comfortably within normal trading.
• Tidy the bank account. Avoid returned payments and try not to run the account at its limit. A cleaner recent history tells a better story.
• Work on the company's credit file. Pay business creditors on time and address any adverse markers you can. To understand how the rating is built and what moves it, read business credit score: how it works.
• Right-size the request. If affordability was the issue, a smaller amount within the company's comfortable range may succeed where a larger one did not.
• Keep records current. Make sure your Companies House details and active directors are up to date.

What the cooldown is not

It is not a default, and it is not recorded against you personally. Because the loan would be to the company and we take no personal guarantee, a decline and cooldown do not damage your personal consumer credit file or put your personal assets at risk. It is simply a pause before the next application. If you want the fuller picture of what a decline involves, including your right to ask a person to review an automated decision, see what happens if your application is declined.

If you need money before the cooldown ends

If the pressure is immediate, please do not just wait it out in difficulty. Free, independent help for your business is available now: Business Debtline (businessdebtline.org, 0800 197 6026), the FSB (fsb.org.uk), and HMRC's Time to Pay service (gov.uk) for tax arrears. If the company's situation is serious, a licensed insolvency practitioner (r3.org.uk) can advise on options. These services cost nothing and may help more than another short-term loan would.

When the cooldown ends

Once your wait is over, you can apply again as normal. Check the current amounts, terms and costs on our business loans page first, so you borrow only what comfortably fits your company's cash flow. A cooldown used well often turns a previous no into a yes.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing.

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During your application you are asked to make a short Business Purpose Declaration. It is brief, but it is important, so it is worth understanding exactly what you are confirming and why we ask. In plain terms, you are stating that the loan is for your company's business, not for personal spending. That single fact sits at the heart of how this product works and how it is regulated.

What the declaration says

The Business Purpose Declaration is your confirmation that the borrowing will be used wholly or predominantly for the purposes of the company's business. It is made by you on behalf of the company, as a director or otherwise authorised person. It is not a long form; it is a clear statement of fact about how the money will be used.

Why we need it

We lend to UK limited companies and LLPs, which the law treats as bodies corporate. Lending to a body corporate for business purposes sits outside FCA consumer-credit regulation, because a company is not an individual or relevant recipient of credit under Article 60B FSMA RAO 2001. That position depends on the borrowing genuinely being for the company's business. The declaration is how we record that the loan meets this condition. To understand the legal status of the borrower, see what is a body corporate, and for the test itself, see wholly or predominantly business purpose.

Why honesty matters

The declaration is not a formality to click past. It reflects the real basis on which we lend, and the protections and obligations that flow from it differ from consumer borrowing. If a loan were really for personal use dressed up as business borrowing, the declaration would be untrue, and that misrepresentation could affect the agreement and your position. Being straight with us protects both sides. If you are genuinely unsure whether your intended use counts as predominantly business, ask us before you sign rather than guessing.

What “wholly or predominantly business” means in practice

“Wholly” business is straightforward: every pound goes to the company's trading needs, such as stock, equipment, payroll, supplier payments or bridging a timing gap in cash flow. “Predominantly” business covers the realistic situation where use is mostly, but not entirely, for the business. The point is that the main purpose must be the company's business. A loan taken out to fund a personal purchase would not qualify, even if it passed through a company account.

How it fits the rest of your agreement

The Business Purpose Declaration sits alongside the other documents you receive. Your Key Information Sheet (KIS) sets out the amount, term, total cost of credit and the full repayment schedule, and the Business Loan Agreement is the binding contract you sign. The declaration underpins all of it by confirming the loan is the kind of business borrowing this product is for. None of these documents asks for a personal guarantee, because the debt is the company's.

A note on what this status means for you

Because the borrowing is to a company for business purposes, it is not covered by the Financial Ombudsman Service, the FSCS or the BBRS. If you ever needed to escalate beyond our internal complaints process, the route is the courts rather than the ombudsman. That is a direct consequence of the same Article 60B position the declaration helps establish, so it is fair that you see it clearly up front.

If you want to confirm Credicorp itself before signing anything, you can check our entry on the Companies House register at company number 16093826. And if you are weighing whether short-term business borrowing is right at all, free independent guidance for your business is available from Business Debtline (businessdebtline.org, 0800 197 6026). Read the declaration, make sure it is true for your company, and only then sign.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, Can my company have more than one Credicorp loan?.

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When you apply matters almost as much as whether you apply. Lining the timing up with your trading cycle means funds arrive when they are useful and repayments fall when the company can meet them.

Apply ahead of the need, not at the cliff edge

Applications take a little time to assess, so leave room. Applying in the calm before a known cost or seasonal push is far less stressful than applying when you are already short. Forward planning also lets you read any offer properly rather than under pressure.

Think about where repayments will land

• Will repayments fall in your busier or quieter months?
• Does your income arrive steadily or in lumps?
• Could a slow stretch make repayments tight at the term shown in your offer?

Match the shape to the cycle

If your cash flow is uneven or seasonal, Credicorp Flex lets you draw as the need arises rather than carrying a full balance from day one. For a single, plannable cost with predictable repayments, Credicorp Slice may fit better.

Keep your records current

Up-to-date Companies House details and accessible business bank activity mean nothing holds up the assessment when you do apply.

We lend only to UK limited companies and LLPs for business purposes, with no personal guarantee. Rate, term and charges appear only in your offer, and these agreements sit outside FCA consumer-credit protections.

See also: Can my business apply? The eligibility basics, How to apply: a step-by-step guide to a strong business-loan application, Can a newly formed company apply?.

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When your application succeeds, we present an offer. This is the point to slow down and read carefully, because the offer is where the specific terms of your borrowing are set out. Nothing is fixed until you accept.

What to look for

• The rate shown in your offer — how the cost of borrowing is expressed for your agreement.
• Your agreed term — how long you have to repay.
• Any charges — what they are, when they apply, and what triggers them.
• The repayment shape — how and when payments are due.

Check it matches what you asked for

Make sure the product (Credicorp Flex or Credicorp Slice) and the amount reflect what you intended. If anything looks different from your expectation, ask before accepting rather than after.

Know the protections that do and do not apply

Because Credicorp lends to companies for business purposes, the agreement is outside the FCA consumer-credit regime. There is no Financial Ombudsman Service access and no FSCS cover. On the other hand, we do not take a personal guarantee from any director — the loan is the company's obligation.

Take your time

An offer is an invitation, not a deadline you must rush. Read every figure, confirm the company can meet the repayments comfortably, and only accept when you are sure.

See also: How to apply for a Credicorp loan, step by step, Flex or Slice: which product should my company apply for?, The Business Purpose Declaration: what you're signing.

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When you apply for business finance, a lender is trying to answer one question: can this company reliably repay? The criteria they use fall into a handful of clear categories, and knowing them in advance lets you prepare a stronger application.

Trading history and revenue

Most lenders want to see at least six to twelve months of trading, with consistent or growing revenue. A company that has been operating for two or more years with clear monthly income is in a strong position. Seasonal businesses can still qualify — you may simply be asked to explain the pattern.

Cash flow rather than profit alone

Profit on paper is useful, but lenders focus on cash flow: money actually moving through the business account. A profitable company with poor cash flow can still struggle to service a loan. Bank statements showing regular inflows and a healthy running balance carry significant weight. Open Banking connections let a lender verify this in minutes rather than days.

Outstanding debts and existing facilities

Lenders check whether the business already carries substantial debt. This is not automatically disqualifying — it is about the overall picture. If existing repayments already consume a large share of monthly revenue, headroom for new finance may be limited. Being upfront about existing facilities is always better than having them discovered.

Purpose of the funds

A clear, specific use for the money — paying a supplier, covering payroll during a slow month, buying equipment — is more reassuring than a vague request. You do not need a detailed business plan, but being able to explain why you need the funds and how they help the company improves your application.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How to present your accounts when applying, Common reasons applications are declined.

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Signing the Business Loan Agreement is the moment the loan becomes real, but it is not the end of the journey, it is the start of a short, predictable one. From here, three things happen in order: the money reaches your company, repayments begin on a set schedule, and you keep an eye on it all in your portal. Here is each step, so you know exactly what to expect.

Drawdown: the money reaches your company

Once you have signed, we move to drawdown, which simply means releasing the funds. The money goes to your company's bank account, the account the company trades through, not to you personally, because the loan is to the company. When your profile is clean and verification is complete, this often happens the same business day. For the full mechanics, see how drawdown works.

Your repayment schedule

Repayments follow the schedule you already saw and agreed to. A short-term Business Bridging Loan of £50 to £500 over 14 to 84 days is repaid weekly or fortnightly, and every repayment date and amount is set out on your Key Information Sheet (KIS) and in the Business Loan Agreement you signed. There are no surprise figures after signing; what you saw is what you pay. Keep enough in the company account to cover each repayment on its due date.

Tracking everything in your portal

You can follow your loan from start to finish in your customer portal: your balance, what you have repaid, what is left, and upcoming payment dates. It is also where you can download documents and statements when you need them. If you have not set up access yet, see how to access your customer portal to get in.

Keeping repayments on track

• Make sure the company account has cleared funds before each due date.
• Check your schedule in the portal so dates never catch you out.
• If your bank details change, update them in good time so a payment does not fail.
• Keep an eye on messages from us about anything that needs your attention.

If your circumstances change

Sometimes things do not go to plan, and the worst thing you can do is go quiet. If you think a repayment might be difficult, tell us as early as you can, before a payment fails if possible. We would far rather work something out than have you struggle in silence. Free, independent help for your business is also available from Business Debtline (businessdebtline.org, 0800 197 6026), the FSB (fsb.org.uk) and HMRC's Time to Pay service (gov.uk) for tax arrears. Reaching out early gives you the most options.

Paying early

If the company is able to clear the loan sooner, you can. Settling early reduces the cost of credit, because it stops the remaining interest. An early-settlement charge of up to 28 days' interest may apply, though we waive it in many cases; the exact amount — if any — is shown in your settlement figure. You can request that figure through the portal or by asking us, so you know exactly what it takes to close the loan.

A few things to remember

Because the loan is to the company, there is no personal guarantee and your personal assets are not on the line. This borrowing is to a body corporate for business purposes, so it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service, the FSCS or the BBRS; after our internal complaints process, the final escalation is the courts. None of that changes the simple shape of what happens next: the funds arrive, you repay on the agreed schedule, and you track it all in one place. If you ever want to confirm Credicorp itself, you can check our entry on the Companies House register at company number 16093826.

See also: Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing, Can my company have more than one Credicorp loan?.

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Being declined is disappointing, and we will not pretend otherwise. But a no from us is meant to be honest and specific, not a closed door. Here is what a decline actually means, the reasons it usually happens, your right to ask a person to look again, and how to reapply with a stronger application. We would rather decline kindly and clearly than leave you guessing.

What a decline means

A decline means that, on the information available, we did not think this loan was affordable or appropriate for your company right now. It is a judgement about the company and this specific borrowing, not about you as a person. Because the loan is to the company and we take no personal guarantee, a decline does not put your personal assets at risk and does not record a default against you personally. To understand the principles behind our decisions, see how we lend.

Common reasons

• Affordability. The company's turnover or cash flow did not comfortably support the repayments on the amount requested. Sometimes a smaller amount would work.
• Bank-account signals. Returned payments, an account run consistently at its limit, or very thin recent activity can count against an application.
• Business credit file. Adverse markers against the company, picked up through business credit reference agencies, can weigh heavily.
• Information we could not confirm. If we could not verify the company, the director's identity, or the bank activity, we may be unable to proceed.

We will tell you why

We aim to give a clear, specific reason rather than a vague rejection, because a reason you can act on is far more useful than a polite brush-off. If anything is unclear, you can ask us.

Your right to human review

If a decision was made by automated means, you have the right under UK GDPR Article 22 not to be subject to a solely automated decision that significantly affects you, and to ask for a person to review it — see asking for a human to review your decision. You can request that a member of our team re-examines your application, take into account anything you want to add, and reconsider. This right is yours regardless of the fact that the lending itself is to a company; it concerns how the decision was made about your data. Ask us, explain your side, and a human will look again.

Reapplying

You can apply again. To protect you from borrowing that is not affordable, there is usually a short cooldown before a fresh application, typically around 30 days and up to 90 in some cases. That pause is a deliberate part of responsible lending, not a punishment. It also gives you time to improve the things that led to the decline. Read the 30 to 90 day reapply cooldown, explained for the detail and the timing.

What to improve before you try again

• Strengthen cash flow so repayments sit comfortably within normal trading.
• Clear any returned payments and avoid running the account at its limit.
• Address adverse markers on the company's business credit file where you can.
• Keep your Companies House record current and accurate.
• Consider applying for a smaller amount that the company can clearly afford.

If now is not the time to borrow

Sometimes the most useful outcome of a decline is the prompt to pause. A short-term loan is an expensive way to borrow, and if your business is under financial pressure, free independent help may serve you better. Business Debtline (businessdebtline.org, 0800 197 6026) and the FSB (fsb.org.uk) offer free guidance for businesses, and HMRC's Time to Pay (gov.uk) can help with tax arrears. There is no shame in stepping back. When the company is in a stronger position, you can always check current amounts, terms and costs on our business loans page and try again.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing.

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Application forms can feel like a list of demands without context. Here is what Credicorp asks for and, just as importantly, why each item matters. Understanding the reason makes the application quicker and helps you supply the right thing first time.

About the company

• Company details — to confirm you are a UK limited company or LLP and to match your record at Companies House.
• The business purpose — to confirm the funds are for a genuine business need, which is the only basis on which we can lend.

About the people

• Director or member identity — to verify who is applying and that they have authority, and to meet anti-money-laundering obligations.

About the trading

• Business bank activity — usually via open banking with read-only access — so we can see how money flows through the company and lend responsibly.

What we do not need

Because we lend to the company and take no personal guarantee from directors, we are not assessing you as a personal borrower. We ask only for what is proportionate to a fair business lending decision.

Any rate, term or charge is confirmed only in the offer we present. These agreements sit outside the FCA consumer-credit regime, so there is no Financial Ombudsman Service access or FSCS cover.

See also: What to do if your business-loan application is declined, Credicorp Flex vs Credicorp Slice: how to choose and Does a previous decline stay on record when I re-apply?.

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If your business-loan application has just been declined, this is the practical, step-by-step guide to what to do next. A decline from Credicorp is meant to be honest and specific, not a closed door. Work through these steps in order: understand the reason, exercise your right to have a person review the decision, strengthen the things that held the application back, and reapply when the company is in a stronger position — or decide, calmly, that now is not the time to borrow at all.

Step by step: what to do after a decline

1. Read the reason we gave you. Every Credicorp decline comes with a clear, specific reason rather than a vague rejection, because a reason you can act on is far more useful than a polite brush-off. Re-read the decline message and note the main factor — most often it is affordability, a signal on the company's bank activity, or something on the company's business credit file. If the reason is not clear to you, get in touch and ask us to explain it.
2. Ask a person to review the decision. If the decision was reached by automated means, you have the right under UK GDPR Article 22 to ask that a member of our team re-examines it. This right is about how the decision was made about your data, and it is yours regardless of the fact that the lending itself is to a company. Tell us anything the application did not capture — a large invoice about to be paid, a one-off dip in the account, a recent change in trading — and a human will look again. Read can I ask for a human to review my decision for exactly how to request it.
3. Check the company's bank activity. Returned payments, an account run consistently at its limit, or very thin recent activity all count against an application. Look at the last few months of the business account through the eyes of a lender. Clear any returned Direct Debits, leave a little headroom rather than running to the limit, and let a clean stretch of trading build before you try again.
4. Look at the company's business credit file. Adverse markers against the company — picked up through business credit reference agencies — can weigh heavily. You can check what the agencies hold on your company and, where something is wrong or out of date, ask for it to be corrected. Our guide to how to improve your business credit score sets out the practical moves that help over time.
5. Make sure we could confirm everything. Sometimes an application is declined simply because we could not verify the company, the director's identity, or the bank activity. Check your Companies House record is current and accurate, have a clear photo ID ready, and connect the business bank by read-only Open Banking — the quickest route — or upload six months of business bank statements. See what documents you need to apply so nothing is missing next time.
6. Consider asking for a smaller amount. Affordability is the most common reason a company is declined for the amount requested, and a smaller loan that sits comfortably within normal trading is often a yes where a larger one was a no. Decide the figure the company can clearly afford to repay and apply for that instead. You can always check current amounts, terms and the cost of borrowing first on our business loans page.
7. Wait for the reapply cooldown, then apply again. To protect you from borrowing that is not affordable, there is usually a short cooldown before a fresh application — typically around 30 days, and up to 90 in some cases. That pause is a deliberate part of responsible lending, not a punishment, and it gives you time to act on the steps above. When the cooldown has passed and the company is in a stronger position, begin a fresh application. Read the reapply cooldown explained for the timing.
8. Decide whether now is the right time to borrow at all. Sometimes the most useful outcome of a decline is the prompt to pause. A short-term loan is an expensive way to borrow, and if the business is under real financial pressure, free independent help may serve you better than reapplying. Business Debtline (businessdebtline.org, 0800 197 6026) and the FSB (fsb.org.uk) offer free guidance for businesses, and HMRC's Time to Pay (gov.uk) can help with tax arrears. There is no shame in stepping back until the company is in a stronger place.

What a decline does — and does not — mean

A decline means that, on the information available, we did not think this loan was affordable or appropriate for your company right now. It does not mean you can never borrow from Credicorp, and it does not affect you personally. We would rather decline kindly and clearly than leave you guessing, which is why the reason we give is specific enough to act on.

How we are regulated

Credicorp lends to UK limited companies and LLPs for business purposes. A Business Loan is exempt from FCA consumer-credit regulation under Article 60B of the FSMA Regulated Activities Order 2001, the company is the borrower, and we take no personal guarantee. That exemption does not change your protections under data law or your right to a fair process — including the right to human review above — it simply means the escalation route differs from a consumer loan, and the borrowing is not covered by the Financial Ombudsman Service or the FSCS. For free, independent guidance for your business at any point, Business Debtline (businessdebtline.org, 0800 197 6026) is there to help.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing.

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When you apply, the most common question is simple: what are you actually looking at? The honest answer is that we are assessing your company, not you personally. We lend to UK limited companies and LLPs for business purposes, the loan is to the company, and we do not take a personal guarantee from its director. So our decision is built around whether the business can afford to repay, not around your personal income, your household, or your benefits.

Below are the three things we weigh, what we deliberately ignore, and how you can put your best foot forward. For our wider lending philosophy, see how we lend.

1. Turnover and trading

We look at what the company earns and how steadily. A short-term Business Bridging Loan is repaid weekly or fortnightly over a few weeks, so what matters is whether your trading income comfortably covers those repayments alongside your normal outgoings. We are not looking for a huge business; we are looking for a business whose income makes the specific loan you want affordable. A short, recent trading history can be enough if the numbers add up.

2. How your business bank account behaves

Your company's main bank account tells an honest story: money in, money out, and whether the account is run in a healthy way. We look at roughly the last six months. Regular income, an account that is not constantly at its limit, and an absence of returned payments all help. You provide this either through read-only Open Banking, which is fastest, or by uploading PDF statements. Either way, we are reading the account, never moving money from it.

3. The business credit file

We run a credit check on the company using business credit reference agencies such as Experian Business, Creditsafe and Equifax Business. This shows the company's payment history with other creditors and any adverse markers against the business. We also carry out an identity and anti-money-laundering check on the director, but that is an ID check, not a personal credit search, and it does not affect the director's personal consumer credit file. To understand how a company's business credit rating is built, read business credit score: how it works.

What we do not look at

We do not assess the director's personal income, personal credit score, salary, household budget, or benefits. The borrowing is the company's, so the affordability question is the company's too. We also do not require you to put up personal assets, because there is no personal guarantee. If something about a decision relied on your personal finances, that would be the wrong question for this product.

How the three fit together

No single factor is a pass or a fail on its own. A strong bank account can balance a thin credit file; steady turnover can offset a quiet recent month. We are trying to answer one fair question: can this company comfortably repay this amount on this schedule? That is also why we will sometimes offer less than you ask for, or decline, even when parts of the picture look good. Responsible lending sometimes means saying no, or saying "not this much, not yet".

Putting your best case forward

• Apply using the bank account your company genuinely trades through.
• Borrow an amount that sits comfortably within your normal cash flow, not at the edge of it.
• Keep your Companies House record current.
• Clear or explain any returned payments before you apply if you can.

Whatever we decide, you will see your figures clearly. If we can lend, your offer comes with a Key Information Sheet (KIS) showing the amount, term, total cost of credit and full repayment schedule before you sign the Business Loan Agreement. Because we are lending to a company for business purposes, this sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS. A short-term loan is expensive; if a cheaper route works for your business, take it. For a closer look at the affordability side of the assessment, see what an affordability assessment looks at.

See also: What happens after you sign the Business Loan Agreement, Applying as a newly incorporated company, The Business Purpose Declaration: what you're signing.

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The single most important piece of timing advice for business finance is this: apply before you are desperate. Lenders can sense urgency in an application, and an applicant who needs funds within 24 hours to avoid a crisis is a different risk profile from one planning ahead with a week or more to spare.

Apply when your accounts look their strongest

If your business is seasonal, consider when your revenue is at its peak — or just after, when your bank statements will reflect healthy inflows. Applying during a known slow quarter is not impossible, but being able to point to strong trading months in your recent statements makes the assessor's job easier. If you have just closed a strong year, that is a good moment to apply.

Give yourself time before the need is urgent

Even fast lenders need time to assess an application, verify information, and transfer funds. At Credicorp, decisions are typically made quickly — especially when Open Banking is connected — but "quickly" still means hours, not always seconds. If you need funds by a specific date, build in at least a few days of buffer. For a Credicorp Flex revolving facility, having the line in place before you need to draw on it means you can act the moment an opportunity or gap arises.

Avoid applying immediately after a difficult period

If your company has just come through a rough trading patch — late payments from customers, an unexpected cost, a quiet quarter — it can be worth waiting until two or three months of recovery are visible in your statements before applying. This is not about concealing difficulty; it is about giving the lender the clearest possible picture of where the company is now, not where it was.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Preparing a funding request for your business, Common reasons applications are declined.

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Because the loan is to your company, the application must be made by someone with authority to commit the company to borrowing. Getting the right person to apply avoids delays and makes sure the agreement is properly entered into.

Who normally has authority

• Directors of a limited company acting within the powers set by the company's articles.
• Members of an LLP with authority under the members' agreement.

If your company requires more than one signatory for financial decisions, make sure that is reflected when you apply.

What the applicant will do

The person applying confirms the company's details, sets out the business purpose, and completes identity verification in their own name as an authorised individual. This identity check confirms who they are — it does not make them personally liable. Credicorp does not take personal guarantees from directors; the obligation rests with the company.

Acting honestly for the company

Whoever applies should be confident the information given is accurate and that the borrowing is in the company's interest and for a genuine business purpose. Knowingly applying without authority, or for personal use, is not permitted.

These agreements sit outside the FCA consumer-credit regime, so they do not carry Financial Ombudsman Service access or FSCS protection. The figures in any offer are presented for the authorised applicant to review before acceptance.

See also: Can a company with several directors or members apply?, How to prepare your company before you apply, Complaining on behalf of your company.

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A declined application is not the end of the road. The majority of rejections come down to a handful of recurring issues, most of which can be addressed before you reapply.

Insufficient trading history

New companies or those with fewer than six months of clear trading records are harder to assess. If this applies to you, the most straightforward solution is time — continuing to trade and build a track record. In the meantime, keeping your accounts tidy and your bank statements clean means you will be in a strong position when you do reapply.

Affordability concerns

If the repayments on the facility you have applied for would represent too high a proportion of your monthly revenue, a lender may decline or offer a smaller amount. Applying for a sum you can genuinely service — rather than the maximum available — often results in a faster, cleaner decision. Consider whether a revolving facility like Credicorp Flex, which lets you draw only what you need, might be a better fit than a fixed lump-sum loan.

Adverse credit on the company

County Court Judgements (CCJs), defaults, or late-payment markers against the company can result in a decline. Some lenders will still consider applications with historic adverse credit if it has been satisfied and time has passed. Check your company's credit file via a reference agency before applying so there are no surprises.

Incomplete or inconsistent information

Applications that contain gaps, figures that do not match filed accounts, or missing documents are often declined simply because the lender cannot complete their assessment. Taking thirty minutes to review your application before submitting — and attaching all requested documents at the outset — removes a common avoidable obstacle.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What lenders look at when you apply, How Open Banking speeds up an application.

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Every Credicorp loan must be for a genuine business purpose, and you will be asked to describe it. A clear, specific purpose is not box-ticking — it helps us assess the application fairly, and it helps you check the borrowing actually makes sense.

Be specific, not generic

"Working capital" or "general purposes" tells us little. Compare that to "purchasing additional stock ahead of a seasonal peak" or "funding the deposit on new equipment to take on a larger contract." The specific version shows the funds have a job to do.

Tie it to the business

• What exactly will the money be used for?
• Why now, rather than later?
• How does it help the company trade or grow?

Keep it honest

The purpose must be a real business need. Funds for personal, household or family use fall outside what Credicorp can lend for — we lend only to UK limited companies and LLPs for business purposes. Describing a personal need as a business one is not permitted and undermines the whole application.

Match purpose to product

A one-off, defined cost may point to Credicorp Slice; an ongoing or uneven need may suit Credicorp Flex. A clear purpose often makes the right product obvious.

Any figures — rate, term or charges — are set out only in your offer. The loan is to the company with no director personal guarantee, and sits outside FCA consumer-credit protections.

See also: Common business loan application mistakes to avoid, The Business Purpose Declaration: what you're signing, Can my business apply? The eligibility basics.

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