Legal & trust
Business Purpose Declaration
The mandatory declaration captured on every Velonda application.
The mandatory declaration captured on every Velonda application.
Draft — pending legal review. This page is a structural draft prepared for the Velonda build. Its wording has not yet been reviewed or approved by Velonda’s legal adviser and must not be relied on, or published to a live domain, until it has been.
“I confirm that the finance is sought wholly or predominantly for business or commercial purposes. I understand Velonda Capital does not provide consumer credit.”
Velonda lends under the business-purpose exemption in the National Consumer Credit Protection Act. The declaration is the basis on which every application is assessed, is captured before any check runs, and an application cannot proceed without it.
If the predominant use of the finance is personal, domestic or household, it is consumer credit and Velonda is not the right lender — we will tell you that early rather than late. Making a false declaration may affect your facility and Velonda’s obligations.