Every Credicorp loan must be for a genuine business purpose, and you will be asked to describe it. A clear, specific purpose is not box-ticking — it helps us assess the application fairly, and it helps you check the borrowing actually makes sense.
Be specific, not generic
"Working capital" or "general purposes" tells us little. Compare that to "purchasing additional stock ahead of a seasonal peak" or "funding the deposit on new equipment to take on a larger contract." The specific version shows the funds have a job to do.
Tie it to the business
- What exactly will the money be used for?
- Why now, rather than later?
- How does it help the company trade or grow?
Keep it honest
The purpose must be a real business need. Funds for personal, household or family use fall outside what Credicorp can lend for — we lend only to UK limited companies and LLPs for business purposes. Describing a personal need as a business one is not permitted and undermines the whole application.
Match purpose to product
A one-off, defined cost may point to Credicorp Slice; an ongoing or uneven need may suit Credicorp Flex. A clear purpose often makes the right product obvious.
Any figures — rate, term or charges — are set out only in your offer. The loan is to the company with no director personal guarantee, and sits outside FCA consumer-credit protections.
See also: Common business loan application mistakes to avoid, The Business Purpose Declaration: what you're signing, Can my business apply? The eligibility basics.