They are different milestones. Pre-approval is an early, positive indication; a full offer is a firm commitment from us with exact figures; and being funded is the money actually landing after you sign. Knowing which stage you are at tells you what still has to happen.
The three milestones
- Pre-approval / indication. A likely yes based on an initial look — do you offer a decision in principle. Not yet a firm offer.
- Firm offer. Exact amount, term, schedule and total cost, ready to accept — what is the pre contract information i receive.
- Funded. You accept and sign, then funds are released — how quickly are funds released once i accept.
Pre-approval and even a firm offer commit you to nothing — will applying commit me to anything. The point of no return is acceptance — what happens after you accept your offer.
Why the stages exist
They let you see where you stand early, then see the exact numbers, then decide — with no obligation until the last step. Model the cost at any stage with Credicorp Tools.
Apply and move through the stages at your pace.
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 offer a decision in principle before a full application?, What happens after you accept your offer?, How quickly are funds released once I accept?.