Getting a business loan can feel complicated, but with Credicorp the process is designed to be transparent and fast. This guide walks you through every stage, from checking whether your company qualifies right through to funds arriving in your account.
Step 1 — Check that your company qualifies
Credicorp lends to UK limited companies and LLPs only. We do not lend to sole traders, partnerships without limited liability, or individuals. Your company must be incorporated at Companies House and trading in the UK. The borrowing must be wholly or predominantly for a business purpose.
The key eligibility points to check before you start:
- Your company is a UK limited company or LLP
- You are a director or designated member authorised to enter contracts
- The loan is for a business purpose — not personal expenditure
- Your company has a UK business bank account in its own name
We lend £50 to £500 over 14 to 84 days, repaid weekly or fortnightly. If your funding requirement is much larger or longer, our products may not be the right fit for your company at this time.
Step 2 — See the cost before you apply
On our website you can view the current loan amounts, terms, and the cost of borrowing before you share any details about your company or yourself. We think it is only fair that you know what a loan will cost before you commit. The exact figures — total amount payable, total cost of credit, and your full repayment schedule — appear on your Key Information Sheet (KIS) inside the application, before you sign.
Short-term business loans carry a higher daily cost than longer-term bank finance. Please read the cost information carefully and only proceed if the repayment fits your company's cash flow.
Step 3 — Gather your documents
Before you start the online application, have the following to hand:
- Company number — this is on your Companies House filing confirmation or on your certificate of incorporation
- Photo ID — a passport or driving licence for the director applying
- Business bank statements — the most recent six months, as PDFs, if you prefer not to use Open Banking
- Business bank account details — account number and sort code for the account you want funds paid into
If you connect your business bank via Open Banking during the application, you will not need to upload statements manually. Open Banking provides read-only access to your transaction history; you can revoke it at any time after your application is complete.
Step 4 — Complete the online application
The application is completed entirely online, in your own time. You will:
- Create your account. Create a secure account so your progress is saved
- Enter your company details. Tell us about your company — we look it up on Companies House automatically once you enter your company number
- Complete an identity check. This is an AML check on you as a director, not a personal consumer credit search, and it does not affect your personal credit file
- Share your bank data. Connect your business bank via Open Banking or upload your last six months of statements
- Review and sign. Review your offer, read your KIS, and sign the Business Loan Agreement electronically
- Sign the declaration. Sign a short Business Purpose Declaration confirming the loan is for your company's business
Most applications can be completed in under 20 minutes when you have your documents ready and use Open Banking.
Step 5 — We assess your application
Once you have submitted your application, our systems assess your company's profile. We look at business credit data, bank account activity, affordability, and identity. In many cases a decision is made automatically within minutes. Some applications go to a member of our team for a manual review, which may take a little longer.
We will contact you by email with the outcome. If we cannot lend at this time, we will tell you clearly; we do not leave applications open indefinitely.
Step 6 — Receive your funds
If your application is approved and you have signed all documents, we will arrange transfer of the loan amount to your company's business bank account. We aim to fund the same business day when your application is complete and your identity and bank are verified, though processing times can vary. Funds arrive as a bank transfer to the sort code and account number you provided.
Step 7 — Repay on schedule
Your repayment schedule is set out in your KIS and your Business Loan Agreement. Payments are collected automatically on the dates shown. If a payment date does not work for your company's cash flow, contact our team as early as possible — we would rather discuss your situation in advance than deal with a missed payment afterwards.
If you experience financial difficulty at any point, our Payment difficulty section explains your options, including how to request a payment arrangement. For information on how bank statements or Open Banking fit into the application, see whether to upload bank statements or connect by Open Banking. Free independent advice is also available from Business Debtline (0800 197 6026).
Ready to start?
You can begin your application at any time. See the cost first, then apply when you are ready. If you have questions before you start, our contact page has details for our team, or search the help centre for specific topics.
See also: How to download your loan documents, How to raise a complaint with Credicorp, How to read your Key Information Sheet (KIS).