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.