Many of our customers are owner-managed companies, but some have more than one director. Both directors can be involved in the application.
How it works
The applying director starts the application, then invites the co-director to join via the portal. The co-director receives an email with a secure link, completes their own identity check, and confirms the application on behalf of the company. We then have signed acknowledgement from both directors that the loan is for a business purpose and that they accept the terms.
What does not change
- The loan is still to the company, not to either director personally.
- No personal guarantee is taken from any director.
- The lending decision is on the company’s affordability and the company’s history. We look at both directors for identity and AML purposes only.
Where the directors disagree
If one director wants the loan and another does not, we will not proceed until that is resolved internally. Borrowing is a company decision and needs the agreement of those authorised to bind the company. Use the in-application chat if you need to pause the application while that conversation happens.
Still need help with this?
If this article has not answered your question, you can send us a request using one of our online forms, visit the Support page, or email us at support@credicorp.co.uk.