Part of applying is telling us what the finance is for. This is not a formality. The purpose helps us match you to the right product and lend in a way that genuinely supports the business.
Why purpose matters
- It helps us recommend Credicorp Flex or Credicorp Slice
- It lets us shape an offer that fits how the cost will fall
- It supports responsible lending by checking the finance suits the need
Business purposes only
Because we lend only to limited companies and LLPs for business purposes, the finance must be for the business, not for personal use by a director. Common purposes include managing cash flow, buying stock, covering equipment, or bridging a timing gap between work done and payment received.
Be straightforward
A clear, honest description of the purpose helps us help you. If your plans change after you apply, tell us, because the right product for one purpose may not be the best fit for another.
The rate, term and repayments in any offer are specific to your business. This is business finance outside the consumer-credit regime, with no director personal guarantee, and is not covered by the Financial Ombudsman Service or FSCS.
See also: How do you decide whether to lend to my business?, Can I save my application and finish it later?, Why might an application be declined?.