A Creditcorp approval is typically valid for a defined window after the decision is issued. If you do not draw down within that window, the approval lapses and a fresh assessment is required. The exact duration is stated in your approval notification.
Why approvals have an expiry
Business circumstances change quickly. An approval is based on the financial position of your company at the point of assessment — including your current credit profile, revenue, and outstanding obligations. After a few weeks, that snapshot may no longer be accurate, and it would be unfair to both parties to hold open a commitment that is no longer grounded in current data.
What to do if your approval is close to expiring
If you received an approval but have not yet drawn down, contact us before the expiry date. In many cases we can refresh the assessment quickly, particularly if nothing material has changed in your company's position. Do not assume the approval renews automatically — it does not.
What changes can void an approval before expiry
- A CCJ registered against the company after the approval date.
- A change in director or company structure that was not disclosed at application.
- A significant deterioration in your bank account activity.
- Entering a formal insolvency process.
If any of these apply, notify us before drawing down. Drawing on an approval where a material change has occurred without disclosure can have consequences for the facility.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: What does a soft search show on your company credit file?, What strengthens a Creditcorp application?, Can my company apply while it is mid-restructure?