Immediately after you apply
Based on the information you’ve supplied us, your personalised interest rate is calculated and we can advance your application to a credit assessor.
If your application didn’t meet our eligibility criteria, your application may be declined. We’ll let you know with a notification from the Business+ app.
<24 Hours – Conditional approval
If your business is a Company, this information may include documents from any guarantors to the loan. These documents might be identity verification, evidence they meet eligibility criteria and confirmation they’re happy to give their guarantees.
We’ll let you know what you need to give us via email or app notification.
It’s important to remember that a conditional approval gives you 14 days to respond to the requirements laid out to you. Beyond that time, you’ll need to apply for another business loan from scratch.
<48 Hours - Final review
Once you’ve submitted the additional details required at the conditional approval stage, we’ll verify them in our final review. This can take up to four hours (during business hours).
In this time, you may need to re-upload documents or provide more financial information to ensure your application is watertight.
<72 Hours – Final Offer
If everything is in order after our final review, you’ll receive your final offer for a business loan through Business+ online or the Business+ app.
Before you get your money, you’ll need to review your interest rate, repayments and terms and conditions, and accept your offer. Unlike traditional lending, you don’t need to print, sign and return these documents. Just use your digital signature to accept the offer in Business+ online or in the Business+ app.
Once everything is signed, you can expect your business loan to be funded that day.
Turn notifications on
Make sure you have push notifications switched on in the Business+ app. That way you can stay informed at every stage after your business loan application is submitted.
Once logged in, go to ‘Settings’ then ‘Marketing preferences’ and switch the ‘Push notifications’ toggle on.