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?.