How do I improve my chances of a business loan?

2 min read

Clear purposeLenders like it

Right amountAffordable

Good dataEasy to verify

What lenders look for

Affordability comes first: a repayment your cash flow covers comfortably. Then evidence — steady bank turnover, a tidy credit file, and a clear reason for the money. Vague purposes and requests for the maximum possible sum both weaken an application. Borrow to the need, not the ceiling.

Quick wins before you apply

Fix credit-file errors and register the company correctly at Companies House. Reduce debtor days so recent statements look healthier. Prepare a one-page use-and-repay plan. Connect open banking to speed verification. If you have a CCJ or thin history, Credicorp still lends — it weighs the whole picture, not a single flag.

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

Does applying to several lenders hurt my chances?

Multiple hard credit searches in a short window can dent your file. Use lenders that quote with a soft or eligibility check first, and apply properly only where you have a realistic chance.

Will a past default stop me borrowing?

Not necessarily. A single old default or a satisfied CCJ is context, not an automatic no. Credicorp assesses current trading and affordability, so recent, healthy cash flow can outweigh an old blemish.