Lenders read your bank statements like a report card. It’s one of the most overlooked parts of getting finance approved, and one of the easiest to get right.
What lenders want to see
- No gambling transactions
- No large or frequent cash withdrawals
- Customers paying straight into your business account. Cash that never touches the statement doesn’t count for much
- No late repayments, on anything, ever
Why one late repayment matters
Even one late repayment, whatever the reason, gets reported to Equifax by the bank and sits on your file for two years. It narrows which lenders you can use, the rate you’re offered and how much you can borrow.
A great credit score, property and a long-trading business don’t cancel it out. Best case, the lender prices you up for the risk. Worst case, and it’s more common than people expect, they won’t lend at all.
Three ways to keep them clean
- Set direct debits for the day after money usually lands, so there’s never a timing squeeze.
- Run all business income and outgoings through one clean trading account.
- Start about three months before you need finance, since that’s usually how far back lenders look.
Statements are half the picture; your credit score is the other. Read how to improve your credit score, and before you apply anywhere yourself, shopping for finance without wrecking your credit file.
We read your statements the way a lender will, flag what needs fixing, and match you to a lender who’ll approve you first time. Get a quote or call 1800 958 510.
Common questions
How many months of statements do lenders want?
Usually around three, and sometimes more for larger loans or low-doc applications. Every line in that window counts, even if the rest of the year was spotless.
Do all lenders need bank statements?
Most ask for them. Some smaller or simpler business deals are approved without them, but that’s the exception.
How do I get my statements?
Download the official PDFs from your internet banking, which is generally free. Include every account the business uses; lenders don’t want screenshots or spreadsheet exports.
Do lenders check my expenses too?
Yes. What you declare on the application should match what actually leaves the account, or expect questions, or a decline.
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