Credicorp
Whit coonts as a "wholly or predominantly business" purpose
Summary: whan yer company borraes frae us, ye confirm the lendin is for a "wholly or predominantly business" purpose. This short phrase is pairt o whit keeps the lendin ootwith the consumer-credit regime.
The test
The siller maun be for the business — for example stock, equipment, or a cash-flow gap — no for a director's personal spendin. That is why ye sign a declaration tae that effect. We wadna lend tae a company for a director's personal spendin.
Scots summary — the hale English version o this airticle is the authoritative ane. Read the hale airticle in English
The test
Summary: whan yer company borraes frae us, ye confirm the lendin is for a "wholly or predominantly business" purpose. This short phrase is pairt o whit keeps the lendin ootwith the consumer-credit regime.
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