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Read before you sign or draw
Approval is not the finish line. Read the facility letter in full — rate, fees, term, covenants, early-repayment terms — before signing. Understand what you are committing to, and take advice on a larger or secured deal. This is your last clean chance to query anything.
Clear conditions and set up repayments
Work through any conditions precedent promptly so the facility can complete, then set up the repayment mechanism as covered in setting up repayments. Diarise the first payment date and slot the schedule into a cash-flow forecast so it never catches you short.
Draw and deploy deliberately
Draw down when you are ready to put the money to work — on a facility charging interest on drawn funds, drawing early just to "have it" wastes money. Use the funds for the stated purpose, keep the repayment on track, and treat clean early conduct as the start of a lender relationship worth having.
Frequently asked questions
Should I draw down the money as soon as I am approved?
Only when you are ready to use it — especially on facilities charging interest on drawn balances, where drawing early just to hold the cash costs you needlessly. Draw when the funds will actually go to work.
What is the most important thing to do after approval?
Read the facility letter properly before signing, then set up repayments correctly and diarise the first date. A clean first payment and full understanding of the terms set the loan, and the relationship, off well.
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