Loan-readiness checklist

What 'loan-ready' actually means

Being loan-ready isn't about a perfect business — it's about being easy to assess. A lender's job is to judge two things quickly: can this company afford the repayments, and is it well run? The more clearly your figures and documents answer those questions, the faster the decision and the better the terms you're likely to be offered.

This checklist focuses on short-term business finance for UK limited companies — borrowing by the company, not the director personally. Work through each section before you apply. Most of it is preparation you should be doing anyway; pulling it together also gives you a clear-eyed view of whether borrowing is the right call before you commit.

1 — Your numbers

Lenders lead with the figures. Have these ready and internally consistent:

• Last two years' filed accounts (or since incorporation if younger).
• Up-to-date management accounts — ideally within the last month or two.
• Recent business bank statements (typically the last 3–6 months).
• A cash-flow forecast showing how repayments fit alongside your other outgoings.
• Clarity on existing debt: balances, monthly repayments and any security already given.

Before you apply, test affordability yourself with the affordability calculator and the working capital calculator. If the repayment looks tight on your own numbers, it'll look tight to a lender too.

2 — Your filings and company standing

Lenders run checks at Companies House and elsewhere within minutes, so make sure your public record is clean and current:

• Companies House filings up to date — confirmation statement and accounts not overdue.
• Registered office and directors' details correct.
• Persons with Significant Control (PSC) register accurate.
• VAT and PAYE filings and payments current.
• No unexplained CCJs or, if there are, a clear note on what happened and how it was resolved.

An overdue filing is an easy, avoidable red flag. Clear them before you apply.

3 — Your loan story

The strongest applications answer the lender's unspoken questions in advance. Write a single page covering:

• How much you want and the facility type — a fixed-term loan for a one-off need, or a revolving facility for fluctuating working capital.
• What it's for — specifically (stock for a confirmed order, bridging a seasonal dip, a new piece of equipment).
• How it'll be repaid — the revenue or saving that services the borrowing.
• Why now — the opportunity or pressure driving the timing.

Tie this to a return: the return-on-borrowing calculator helps you show the funded activity earns more than it costs.

4 — Match the facility, then 5 — apply

Match the right product. A short-term lump sum suits a one-off cost; a revolving credit facility suits costs that ebb and flow. Compare the genuine total cost — not just the headline rate — using the loan comparison calculator and the true cost of borrowing calculator.

Then apply. With Credicorp, finance is provided to the company — there is no personal guarantee from the director — and decisions on short-term business loans are made quickly. When your numbers, filings and story are in order, you can register and apply with everything the lender needs already to hand. This is educational information, not financial advice.