If your company or LLP has more than one application in progress, or an existing facility plus a new request, we look at the whole picture rather than each one in isolation. The goal is to make sure any combined borrowing remains affordable and responsible.
We assess the combined position
Two requests that each look fine on their own might be too much together. By considering everything in play, we avoid approving borrowing that would overstretch the business. This is part of lending responsibly.
- Existing facilities and how they are being repaid.
- Any other application currently open.
- The total the business would be committed to.
Keep it simple where you can
It is usually clearer to focus on one well-defined request at a time. Several overlapping applications can be harder for you to track and do not improve your chances. Where borrowing is approved, the rate and term for each are shown in that offer.
Good to know
Each facility is to your company or LLP, with no personal guarantees from directors or members. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS. If you are not sure how much your business can sensibly take on, talk to us before applying again.
Related articles cover applying for a second loan while repaying the first, having more than one loan with us and whether applying more than once hurts your chances.
See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.