Because the loan is to the company and there is no personal guarantee, your personal financial arrangements are not the centre of the decision the way they would be for a personal loan. A director on a personal payment plan does not, by that fact alone, prevent a healthy company from applying.
Company first, always
We assess the company's trading, cash flow and credit — not your personal consumer credit file — do you credit check the company or me personally. The absence of a personal guarantee means your home and personal finances are not on the line — why we do not take a personal guarantee.
As part of responsible lending and fraud prevention we verify director identity, and serious adverse history can be context — but a personal payment plan is not the same as company arrears, and the company stands on its own footing.
Keep the company clean
What helps most is a company with clean filings, orderly commitments and genuine trading — what strengthens an application. If the business itself is under strain, that is different — can a company with arrears elsewhere still apply and what does credicorp do if i become unable to pay.
If the company is sound, apply.
We lend only to UK limited companies and LLPs, the loan is to the company with no director personal guarantee, and this is business finance outside the consumer-credit regime — as an exempt lender under Article 60B of the Regulated Activities Order we sit outside FCA consumer-credit regulation, so the Financial Ombudsman Service and FSCS do not apply.
See also: Do you credit-check the company or me personally when I apply?, Why we do not take a personal guarantee?, What strengthens an application?.