Reviewed 30 September 2026. General information, not advice.
1. Give the money a clear job
Write down the purpose, the amount required and the timing. Separate essential spending from optional extras. Consider what would happen if you borrowed less, delayed or funded the project in stages.
2. Understand your cash position
Review recent bank statements, expected income, existing borrowing and upcoming costs. Allow for tax, seasonal trading and late customer payments. The repayment should make sense in a realistic downside case too.
3. Bring the right information
Prepare accounts or management figures, bank statements, a cash flow forecast and details of current borrowing. Property, equipment and start-up applications may need additional evidence. Ask the provider for its document list.
4. Check the full commitment
Get the total repayment, fees, rate basis and payment schedule. Check security, personal guarantees, early repayment terms and what happens if a payment is missed. Ask whether an application will leave a hard search on a credit file.
5. Take a moment before saying yes
Confirm who you are dealing with and check the FCA Register where relevant. Read the agreement, compare alternatives and seek independent advice if the terms or consequences are unclear. Do not let urgency replace understanding.