Returning customers — those who have previously held a Credicorp facility — often find the second application faster and smoother than the first. Here is what to expect and how to prepare.
Advantages of being a returning customer
- We know your company: We already hold your company identity information, directors' details, and previous trading data. Less needs to be verified from scratch.
- Your repayment record matters: A clean repayment history on a previous facility is a significant positive factor in your new assessment. Paying on time, every time, builds a track record that supports future applications.
- Faster processing: For returning customers in good standing, our assessment process is often faster because we can reference prior verification rather than repeating the full KYB process.
What still happens on a returning application
- Fresh Open Banking connection: We will need current bank data. Your previous consent will have expired and you will be asked to reconnect. This gives us an up-to-date picture of your trading.
- New credit search: We run a fresh commercial credit search each time to reflect your company's current credit position.
- Updated identity verification: If directors have changed, or if a significant amount of time has passed, we may need to re-verify director identity.
How soon can I apply again?
There is a minimum period between a full repayment and a new application — see reapply cooldown explained for the specifics. If you repaid early and want to re-apply immediately, contact us to discuss timing.
Tips for a smooth returning application
- Apply when your most recent 3 months of bank data are representative of normal trading.
- Ensure your company's Companies House information is up to date before applying.
- Have the amount you want to borrow and the intended business purpose clearly in mind — a clear, specific purpose supports a faster assessment.
- If anything significant has changed in your business since your previous facility (new directors, new SIC code, major change in revenue), mention this in your application.
See also: Can I borrow again after repaying my loan?, Reapply cooldown explained, How Open Banking speeds up a business finance application.