How do I apply for a business loan?

Step by step

The application is designed to be completed in one short sitting:

1. Enter your company details — your registered name and company number, which the lender checks at Companies House
2. Tell the lender what you need — the amount and the purpose, such as stock, payroll or a short cash gap
3. Share recent bank statements — usually the last three to six months, by upload or secure open banking
4. Receive a decision — often within hours for short-term finance
5. Accept and receive funds — money is advanced to the company, typically within a day or two of approval

Before you start

A few minutes of preparation makes the whole thing smoother. Have your company number, your last few months of business bank statements, and basic director ID to hand. Be clear in your own mind about how much you need and why — a specific figure tied to a clear purpose, such as funding a confirmed order or covering a known payroll gap, is far easier to assess than a vague range. It also helps to know roughly over how long you want to repay, so the term can be matched to the cash the facility is meant to generate. The full list is in what documents you need, and you can gauge the likely amount in advance with how much your business can borrow.

What happens after you apply

Once submitted, the lender assesses how the company trades and whether the facility fits comfortably within its cash flow. You may be asked a quick follow-up question, so responding promptly keeps things moving. If approved, you review the offer — amount, term and cost, all set out clearly before you commit — and accept it only if it suits the business. There is no obligation to proceed at the offer stage, so you can compare it against your plans without pressure. Funds are then released to the company, with no personal guarantee and no charge over your personal assets. The decision and funding timescales are covered in how fast you can get a business loan.

What this means for your company

Applying is quick, online and centred on the business rather than on you personally. The one thing to confirm before you begin is that the borrower is a UK limited company — Credicorp lends to incorporated businesses, not to sole traders or individuals, so the company must be the named applicant. With your details and statements ready, the whole journey from application to funds can take as little as a working day, and because there is no personal guarantee the decision rests on the company's trading rather than your personal balance sheet. You can start now through the client portal or read more about the product on the business loans page.