There is no fixed lockout period after a declined application. You can apply again, but the right time to do so is when something about your business has genuinely changed, rather than the day after a decline.
Wait for something to change
A second application is most worthwhile when the picture we assess has moved on. Re-applying immediately, with the same information, usually leads to the same result and is not a good use of your time.
- A few more months of solid trading activity.
- A clearer or more modest borrowing purpose.
- Corrected or updated Companies House details, if something was out of date.
How to make the next application stronger
Before you re-apply, think honestly about why the first request did not succeed and what you can show now that you could not before. Sharing recent business bank activity through our secure process helps us see the current position. If you are approved next time, the rate and term are set out in your offer.
Good to know
We do not take 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 unsure whether enough has changed to re-apply, it is usually worth waiting a little longer.
See also: How soon after incorporation can we borrow?, The 30–90 day reapply cooldown, explained, Can my business have more than one loan with you at once?.