When Credicorp makes you an offer, you receive a set of documents before anything is signed. This is not a formality. These documents set out every material term of the borrowing — the figures, the obligations, the charges — in black and white. Reading them properly before you accept is the single most useful thing you can do at this stage.
The Key Information Sheet
The Key Information Sheet (KIS) is the summary document for your specific offer. It is personalised — the figures in it reflect your company's agreed amount, term and cost of credit, not published averages. The items to look at first:
- Amount borrowed — the sum being advanced to your company
- Total amount payable — the amount borrowed plus all charges over the life of the agreement
- Total cost of credit — what the borrowing costs in addition to what you receive
- Repayment schedule — each payment date and the amount due
- Term — how long the agreement runs
If any of these figures surprise you, or if the product shown is not what you intended to apply for, raise it before you sign. It is much easier to resolve before the agreement is in place than after. For a wider explanation of how to interpret a KIS, see how to read a Key Information Sheet.
The pre-contract information
Alongside the KIS you will receive a pre-contract information document. This sets out the broader terms of the agreement — what the obligations of each party are, what happens if you miss a payment, what rights you have, and the information we hold about you and how we use it. It is longer and more detailed than the KIS. Read both; the pre-contract document is where the conditions of lending are spelled out.
The Business Loan Agreement
The Business Loan Agreement (BLA) is the contract you sign. By accepting it, your company commits to the borrowing on the terms set out. Check that the BLA reflects the same figures as the KIS before signing. If there is any discrepancy, contact us to resolve it first.
When you sign, you will also be asked to complete a short Business Purpose Declaration confirming that the borrowing is for genuine business purposes. This is required for all Credicorp loans. See the Business Purpose Declaration explained if you want to understand exactly what you are confirming.
Questions to ask yourself before signing
- Does the amount match what I applied for?
- Do the repayments sit comfortably within the company's monthly trading — including in quieter months?
- Have I looked at every payment date, not just the first one?
- Do I understand what charges apply if I miss a payment?
- Am I confident the borrowing serves a genuine business purpose?
There is no rush
An offer is not a deadline that runs the next morning. The validity window gives you time to read, ask questions, and involve anyone else at the company who should see the terms. Taking that time before signing is exactly what these documents are for.
Credicorp lends only to UK limited companies and LLPs for business purposes. The loan is an obligation of the company, not of the directors personally — we take no personal guarantees. These agreements sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.
See also: Understanding your business loan offer, The Business Purpose Declaration: what you're signing, What happens after you sign the Business Loan Agreement.