Most delays are avoidable. Understanding what can hold up a decision lets you prepare in advance and keep the process moving.
Common causes of delay
- Mismatched company details: The name, registration number, or address you enter must match Companies House exactly. Discrepancies trigger a manual check.
- Manual bank statement uploads: PDF statements take longer to process than an Open Banking connection. Scanned or low-resolution files may need to be re-submitted.
- Accounts more than 12 months old: If your most recent filed accounts are out of date, we will ask for management accounts, which adds time if these are not already prepared.
- Missing signatory authority: The person completing the application must be authorised to bind the company. If they are not listed as a director at Companies House, we will need written confirmation.
- Queries from our credit team: For larger amounts or shorter trading histories, an underwriter may contact you for clarification. Responding promptly keeps things on track.
How to keep your application moving
Use Open Banking rather than uploading statements, double-check your Companies House details before you start, and have management accounts ready if your last filed accounts are more than a year old. Keep an eye on your inbox and your Credicorp dashboard during the review period — we will flag any outstanding items there.
Slice and Flex applications
A Credicorp Slice application is usually simpler because the invoice defines the amount; attach a clear copy of the bill from the outset. For a Flex facility, having at least six months of clean banking history available will generally avoid further queries.
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 long does a business loan application take?, What documents do I need to apply?.