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.
For the original version including any supplementary images or video, visit http://www.eastsussexcu.org.uk/content.asp?section=253&bgc=&sbgc=

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