2 min read
Error versus misrepresentation
Lenders expect good-faith figures and will work with a corrected honest slip. Deliberately overstating turnover or hiding debts is different — it is misrepresentation, an event of default that can let the lender call in the loan.
Protecting yourself
Double-check figures against records before you submit, and flag any uncertainty. Prepare properly so the numbers are right first time. If you spot an error after applying, tell the lender — candour is treated far better than concealment.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
What if I made an honest mistake on my application?
Tell the lender and correct it. An honest, promptly corrected error is manageable. The serious risk is knowingly submitting false information.
Can false information make me personally liable?
It can void the loan and trigger repayment, and where a personal guarantee exists, deliberate misrepresentation can expose you personally.
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