Information is King

Communication-Networks-How-is-Information-Transmitted_referenceWhen we review applications from businesses we collect a large amount of information about the business, their directors and their performance. We try and make most of this information available to you so that you have as much information as possible to make a lending decision. Some information cannot be made available on the platform as it may contain sensitive personal information about the director.

When we review an application, there is some information that must always be provided for an application to be considered fully this includes:

 

Information requested Made available on the site?
Filed Statutory Accounts Yes
Management accounts or VAT returns Yes
A SAL (statement of Assets and Liabilities) for each director and guarantor No – Summary provided
Personal Credit report for each director No
Recent Bank Statements No
Details of outstanding finance arrangements Yes

On occasion, we will request additional information from the applicant, this may include:

  • Cash Flow Forecasts
  • Evidence of contracts or other information alluded to in the application
  • Personal Bank Statements

Why do we collect this information?

In the first instance, we collect this information to carry out our standard credit risk assessment and to ensure that as far as reasonably possible that the application is legitimate and that any claims made by the applicant are true and fair.

Much of the information is also used in determining the risk rating of the loan if it goes on to be listed for your consideration.

Most importantly we collect this information for you! Information is a crucial for you to be able to come to your own lending decision. With the information, we provide to you and the tools such as the discussion forum you can closely scrutinise the information, crunch the numbers yourself and understand the business you are choosing to lend to.

Our credit risk process is constantly evolving, if there is additional information you would like to see included on the loan profiles, please let us know and we’ll look into whether we can make this available to you.

 

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