Once your loan is approved and you've signed your loan agreement, the money can be drawn down within 24 hours. It's paid into your personal bank account, never a business account.
The steps
- Approval. Your application passes assessment and our finance partner's final checks.
- Your loan agreement. You sign it electronically, so there's no waiting for post.
- Drawdown. The loan can be drawn down within 24 hours.
Which account it goes into
A personal UK bank account in your name that accepts direct debits, such as a current account. The loan can't be paid into a business account, even if your business has one. That's because a Start Up Loan is a personal loan. See Is a Start Up Loan a personal loan? Do I need security or a guarantor?.
This is usually the account you gave proof of during your application. See What documents do I need?.
Taking it in two parts
If you've arranged a tranched loan, you receive the first part now and can draw the rest later. See Can I take my Start Up Loan in two parts (a tranched loan)?.
Alongside your loan
- Your 12 months of free mentoring begins.
- Your repayment schedule. Your loan agreement shows when your first monthly repayment is due. See How do repayments work, and who do I pay?.
- Your 14-day right to withdraw started the day after you received your signed agreement, and it runs alongside. It isn't a wait before you can use the money. See Can I change my mind? Withdrawing and the 14-day cooling-off period.
Last reviewed: 8 October 2026