Drawdown is the point at which approved funds leave your Credicorp facility and arrive in your company's bank account. Understanding the steps helps you plan around the cash arriving and know what to check before it does.
Before funds are released
Once your application is approved and the agreement is signed by an authorised company officer, we carry out final checks on the receiving account. Funds are paid only to a verified UK business account in your company's name. We do not pay loan funds to personal accounts.
- Agreement signed by an authorised signatory
- Receiving business account verified
- Any final conditions in your offer satisfied
When the money arrives
After drawdown is released, funds typically reach your account quickly, though clearing times depend on your bank. Your dashboard records the drawdown and your balance updates to reflect the capital now outstanding.
Drawdown on Credicorp Flex
With a Flex facility you may be able to draw in stages up to your agreed limit rather than taking the full amount at once. Interest then reflects what you have actually drawn, as set out in your agreement.
As an exempt business lender, Credicorp sits outside the FCA consumer-credit regime; the Financial Ombudsman Service and FSCS do not apply.
See also: How drawdown works, How redrawing works on a Credicorp Flex facility, What happens after you sign the Business Loan Agreement.