Corporate Loans

Proof of income (most recent 3 months of bank statements) with full details of any guarantors on the Loan Application Form (including 3 months bank statements) Proof of address/registered office. An interview, either in person, at the business premises or over the phone, with a Credit Committee member will be required. This interview is to discuss the affordability of any loan. What other evidence is required? Proof of all other credit commitments; Other relevant information to confirm status and credit worthiness including tax records. In normal circumstances, we will also ask applicants to provide a guarantor for all Business Loans. However, if an applicant cannot provide a guarantor we may still consider the loan application. If the applicant/guarantor is a homeowner and it is appropriate, we may ask for an Agreed Notice (AN1)* on the property. How does the Credit Union make a business loan decision? Decisions on Business Loans will be made by members of the Credit Union”s Credit Committee. The Credit Committee will consider the following criteria when making a loan decision: Affordability – A credit score will calculate a monthly disposable income based primarily on accounting information supplied. If there is negative disposable income the loan will be declined.
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