Submitted loan documents – A comprehensive guide

Published on: 26th September 2023

We’ve compiled a comprehensive checklist for you to use when gathering your customer’s documents, to avoid unnecessary delays. From accepted ID to proof of address, here’s everything you need to get it right the first time.

Personal Guarantee (PG)

• Signature must match ID
• Witness cannot be related to the guarantors nor the company, or any other company where the guarantors are involved. Please send us written confirmation of this
• Provide contact details where needed and don’t forget sections
• PG must come back as 1 single document with all pages in a readable quality, no cut outs or blurriness
• Signatures cannot be amended; name typos can be if initialled

ID

• Driving licence or passport in date
• In good quality with no parts cut off (number at the bottom must be fully visible)
• Passport must be signed / signature visible in picture if on the top page
• Provide ID for all guarantors

Proof of address (POA)

• Provide POA for all guarantors
• Utility bills and NHS/Gov letters dated within 3 months will be accepted (mobile bills and prescriptions will not be accepted)
• Alternative POA includes driving licence or annual council tax bill (this also applies for tax return forms)

Bank Statements

• Provide a bank statement cover page dated within 3 months (not transaction list)
• It must show the full business name with LTD in the account name section (not the address info at the top)
• If this is not available, then we’ll need a letter or email from the bank as confirmation

For example:

“I can confirm that the account XXX with sort code YYY belongs to (full name of business)”

For non-limited companies it’s slightly different. The below will be accepted, but please contact your BDM for more detailed instructions:

“I can confirm that the account XXX with sort code YYY belongs to (full name of all people on the partnership or single name for sole traders) T/A (business name) and I can confirm they are the sole proprietors of it.”

It’s essential that it says “proprietor” and not just “signatory.”

Additional Info

• If these people are not on the PG but are shareholders, provide the DOB, nationality and address for all shareholders with min 20% shares
• Provide ID and POA for them too, just in case there’s a rush to drawdown
• If there’s a mismatch between the name on the ID provided for the application and the name on Companies House, then we’ll also need a marriage certificate to link that director to the ID
• If there was a death of a shareholder, we’ll need a death certificate (contact me in this case, sometimes the will is needed too: [Name, job title, contact details])
• If there’s a typo on the Companies House information, it needs to be amended. Names must reflect the ID 100% – and sometimes an email from the director
• If some shareholders with min 20% are based abroad, we need ID and POA

Contact Info

• On occasion, the wrong details are inputted for the main director at the time of application. Please confirm email address and mobile number as soon as possible, so the fraud case can be closed rapidly

Auto Approval Offer

• Please provide a business description and a loan purpose for the Post Offer Checklist we carry
• There might be extra questions, but we can’t say for certain. The above is the one asked in 90% of cases

Indefinite leave to remain

• At least 50% of the shareholding must have the right to be in the UK
• If they don’t have a British passport, we’ll need proof of settlement:
  • Either a sharecode from the Gov website (this is for EU citizens only). Or a biometric residency card that must say “indefinite leave to remain,” no other formula or wording will work.
  • For tricky cases please contact your BDM for solutions

Have any questions

We want to make the application process as smooth as possible for both you and your customers. So if you have any questions at all regarding the above, please contact the team at broker@fundingcircle.com.