An offer from Credicorp is exactly that — an offer, not an obligation. If the terms do not suit you or the company's circumstances have changed since you applied, you can turn it down without penalty. You are not committed to anything until you have signed the Business Loan Agreement.
Nothing happens to the company's credit position
Declining an approved offer does not trigger an additional credit search, and it is not recorded against the company as a negative event on your credit file. The credit search that was part of the original assessment has already been logged, but the decision you reach after receiving an offer is your own business. There is no mark for saying no.
The offer simply lapses
If you do not accept within the validity window shown on your offer document, or if you contact us to confirm you do not wish to proceed, the offer closes. You will not be charged anything — there are no fees for receiving and then declining a Credicorp offer.
Can you apply again after declining?
Yes. Declining an offer is not a bar to future applications. If your company's needs change, or you decide you would like a different amount or product later, you can apply again. A new application will go through a fresh assessment at that time. There is no enforced waiting period just because you turned down a previous offer. For more on how the process works for someone coming back after a previous application, see preparing for a second or returning application.
If you want to negotiate the terms
The specific amount and term in an offer are produced by the assessment of what is affordable for your company at the time of applying. If you received an offer but wanted different terms — for example a smaller amount — it is worth contacting us before declining, as adjustments of that kind can sometimes be accommodated without a full re-underwrite. See can I change the loan amount after receiving an offer for more.
Important to know
Credicorp lends only to UK limited companies and LLPs for business purposes. We do not take personal guarantees from directors. As an exempt business lender we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.
See also: How long is a loan offer valid for?, Can I change the loan amount after receiving an offer?, Can I reapply after a decline?.