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Open Banking is an FCA-regulated way for your bank to share read-only transaction data with authorised lenders like Credicorp. Connecting takes about two minutes and usually means a faster, more accurate decision than uploading PDF statements manually.

How the connection works

During the application you will be redirected to your bank's own secure login page. You authenticate with your usual credentials, select the account(s) to share, and are returned to the Credicorp application. We receive a read-only feed — we cannot initiate payments or move money. The connection is typically valid for 90 days and can be revoked at any time through your bank.

Which banks are supported?

Most major UK business banking providers are available, including the large high-street banks and many challenger banks. If your bank is not yet listed, you can upload three to six months of PDF statements instead — the process simply takes a little longer.

What we look at in the data

We review turnover patterns, regular outgoings, and cash-flow consistency. We do not make decisions based on individual transactions; it is the overall picture that matters. The data is encrypted at rest and used solely for credit assessment in line with our privacy policy.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What documents do I need to apply?, How long does a business loan application take?.

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It depends on your legal structure, not on the fact that you are a charity. Credicorp lends to UK incorporated bodies, so an incorporated charity — most commonly a charitable company limited by guarantee, or a charitable incorporated organisation (CIO) — can apply, provided the borrowing is for a genuine business purpose. What we look at is the legal form of the borrower and what the money is for, not the charitable mission behind it. This sits right alongside our guidance on whether a CIC or community interest company can apply.

Which charitable structures can apply

The key question is whether your charity is its own legal entity that can borrow in its own name. Two common forms qualify:

• Charitable company limited by guarantee — registered at Companies House with its own company number and statutory accounts, so it has the legal personality we rely on when we lend.
• Charitable incorporated organisation (CIO) — incorporated through the Charity Commission, with its own legal identity separate from its trustees and members.

An unincorporated charity, a charitable trust or a simple charitable association is not a separate corporate body in the way we need, so it would not fit the entity types covered in which business types can apply to Credicorp. If you are unsure which category yours falls into, your governing document or your Charity Commission entry will tell you.

The business-purpose test still applies

A charity exists to deliver public benefit, but it still trades and still has running costs — working capital, equipment, premises, stock for a trading arm, or bridging a gap while it waits on grant, contract or fundraising income. Those are the kinds of need we can fund. The finance has to be for the organisation's own activity rather than personal use by anyone involved, which is the same standard we set out in what counts as a business purpose when I apply. Your not-for-private-profit status does not change that test in either direction.

What we look at

We assess the organisation as a legal entity. As with any applicant, we check your registration and standing — at Companies House for a charitable company, or with the Charity Commission for a CIO — and we look at the trading and money movement of the borrowing entity. Trustees should make sure that taking on finance is within the charity's powers and consistent with its governing document before applying, since that decision sits with the trustee board, not with us.

How your finance is regulated

Credicorp is an exempt business lender. We lend to incorporated bodies for business purposes, which sits outside the FCA consumer-credit regime, so the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS) do not apply, and we are a lender rather than a broker. We also do not take personal guarantees, so the obligation to repay sits with the charity itself and not with its trustees — the same way we describe in why we do not take a personal guarantee. For more on the basis you would be borrowing on, see what it means that we are an exempt lender.

If you are not certain whether your charity's structure or planned use of funds fits, the quickest check is your incorporation status and a clear note of the business purpose. If anything is still unclear, ask us before you apply and we will tell you where you stand.

See also: Can a newly formed company apply?, Can a co-director apply with me?, Can a company in a CVA or with a repayment plan apply?.

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Yes, in principle. A community interest company (CIC) is an incorporated body corporate registered at Companies House, so it can apply to Credicorp in the same way as any other limited company, provided the borrowing is for a genuine business purpose. What matters to us is the legal form of the borrower and what the money is for, not the social mission behind it.

Why a CIC qualifies as a borrower

Credicorp lends to UK incorporated entities. A CIC is incorporated either as a company limited by shares or a company limited by guarantee, and it has its own company number, registered office and statutory accounts at Companies House. That gives it the same legal personality we rely on when we lend: the borrower is the company itself, not the directors or members behind it. Because of this, a CIC sits alongside the entity types covered in which business types can apply to Credicorp.

The business-purpose test still applies

A CIC exists to deliver a community benefit, but it still trades and still has commercial needs, such as working capital, stock, equipment or covering costs while it waits on grant or contract income. Those are exactly the kinds of need we can fund. The finance has to be for the company's own commercial activity rather than personal use by anyone involved, which is the same standard we set out in what counts as a business purpose when I apply. A CIC's not-for-private-profit status does not change that test in either direction.

How we assess a CIC

We look at the company as a legal entity. As with any applicant, we check your registration and standing at Companies House, which is why we explain why we check Companies House. We do not take a personal guarantee, so the obligation to repay sits with the CIC and not with its directors, the same way we describe in why we do not take a personal guarantee. The asset lock that comes with CIC status affects how the company distributes its assets and surplus; it does not prevent the company from taking on finance for its own purposes.

What to have ready

• Your CIC company number and registered details, so they match Companies House.
• A clear, accurate description of the business purpose for the funds.
• The usual financial information we ask any company for during the application.

How your finance is regulated

Credicorp is an exempt business lender. We lend to incorporated bodies, including CICs, for business purposes, which sits outside the FCA consumer-credit regime. That means the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS) do not apply, and we are a lender rather than a broker. We explain this plainly during the application so you understand the basis you are borrowing on. If you would like more detail, see what it means that we are an exempt lender.

If you are not sure whether your CIC's structure or planned use of funds fits, the quickest check is your Companies House registration and a clear note of the business purpose. If anything is still unclear, ask us before you apply and we will tell you where you stand.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a co-director apply with me?.

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Many of our customers are owner-managed companies, but some have more than one director. Both directors can be involved in the application.

How it works

The applying director starts the application, then invites the co-director to join via the portal. The co-director receives an email with a secure link, completes their own identity check, and confirms the application on behalf of the company. We then have signed acknowledgement from both directors that the loan is for a business purpose and that they accept the terms.

What does not change

• The loan is still to the company, not to either director personally.
• No personal guarantee is taken from any director.
• The lending decision is on the company's affordability and the company's history. We look at both directors for identity and AML purposes only.

Where the directors disagree

If one director wants the loan and another does not, we will not proceed until that is resolved internally. Borrowing is a company decision and needs the agreement of those authorised to bind the company. Use the in-application chat if you need to pause the application while that conversation happens.

Related articles explain how companies with multiple directors or members apply, whether all directors need to approve the application and why we do not take a personal guarantee.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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A limited company or LLP that is part-way through a Company Voluntary Arrangement, or running another formal repayment plan, can still apply to Credicorp. A live CVA is a serious signal and we treat it as one, but it is not an automatic refusal. What we look at is whether the company is meeting the plan as agreed and whether a new, separate commitment would genuinely help the business rather than stretch it past the point the arrangement was meant to fix.

What a CVA is, in plain terms

A CVA is a legally binding agreement between an insolvent or struggling company and its creditors to pay back some or all of what is owed over a set period, usually supervised by an insolvency practitioner. The company keeps trading while the plan runs. It is one of several formal routes a business can take, and it sits alongside informal arrangements, time-to-pay deals with HMRC, and other repayment plans. For the wider picture, see what insolvency means.

How a live arrangement factors into the decision

We assess the business as a whole rather than reacting to the label "CVA" on its own. The arrangement is one important input among several, and we weigh it against how the company is actually trading now.

• Whether payments under the CVA or repayment plan are up to date and being met on schedule
• How far through the term the arrangement is, and how it is progressing
• What the company looks like today from Open Banking data or recent statements
• Whether the supervisor of the arrangement permits the company to take on further borrowing
• Whether new finance would relieve pressure and support recovery, or simply add another layer of cost

Check the terms of your arrangement first

Many CVAs and formal plans place limits on taking on new credit while the arrangement is live, and some require the supervisor’s consent before the company borrows again. Before you apply, check what your own arrangement allows and speak to your insolvency practitioner or supervisor if you are unsure. Applying for finance you are not permitted to take on helps no one, so it is worth confirming the position up front.

It is about affordability, not punishment

Our job is to lend responsibly, which means asking whether finance helps your business or risks undoing the progress the arrangement represents. A company that is meeting its CVA, trading steadily, and has a clear commercial use for the money may still receive an offer. A company already at full stretch may be offered a smaller amount, a different product, or declined. That outcome protects both sides. The same principle runs through how existing debt affects the decision and the broader view in how we decide whether to lend.

Be straight with us about the position

Telling us about a CVA or repayment plan up front helps your application rather than harming it. We would far rather assess an accurate picture than discover an undisclosed arrangement later. Open Banking and the documents we ask for tend to reveal the real position anyway, so candour simply makes the assessment cleaner and faster.

How a CVA differs from a CCJ

A CVA is a voluntary, ongoing arrangement the company has entered into; a County Court Judgment is a court order recording a debt. They are different things and we treat them differently, though both are part of the wider eligibility picture. If a judgment is also in play, whether a CCJ against your company affects eligibility covers that side in full.

Credicorp is an exempt business lender to UK limited companies and LLPs only, not to sole traders or individuals, and we are a lender rather than a broker. The borrower is the company, with no personal guarantees from directors. Because this is business lending outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS. The rate, term and repayments in any offer are specific to your business and shown to you before you commit.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Yes, in principle. A company limited by guarantee (often shortened to CLG) is an incorporated body corporate registered at Companies House, so it can apply to Credicorp in the same way as a company limited by shares, provided the borrowing is for a genuine business purpose. What matters to us is the legal form of the borrower and what the money is for — not whether the company has shareholders or members. This sits right alongside the entity types covered in which business types can apply to Credicorp.

Where it sits on the body-corporate boundary

The line we draw is between an incorporated body that can borrow in its own name and an unincorporated one that cannot. A company limited by guarantee falls firmly on the incorporated side. Instead of shares and shareholders, it has members who each agree to contribute a fixed, usually nominal, amount towards the company's debts if it is wound up — that guarantee is the only thing the "limited by guarantee" label describes. The company still has its own company number, registered office and statutory accounts at Companies House, and it is still a separate legal person from its members and directors. That separate legal personality is exactly what we rely on when we lend.

Common forms this covers

A guarantee company is the usual structure for organisations that are not run for the private profit of owners but still trade and still incur costs. You will often see it used by:

• Membership bodies, trade associations and professional institutes.
• Sports, social and community clubs that have incorporated.
• Social enterprises and not-for-profit ventures that have not taken charitable or CIC status.
• Management companies for property or shared facilities.

Two related forms have their own guidance because they layer extra rules on top of the guarantee structure: a community interest company, covered in whether a CIC or community interest company can apply, and a charitable company limited by guarantee, covered in whether a charity or charitable company can apply. If your company is a plain guarantee company with neither of those overlays, this page is the one that applies to you.

The business-purpose test still applies

Being limited by guarantee, and often not-for-private-profit, does not change what the money can be used for. The finance has to be for the company's own commercial activity — working capital, equipment, premises, stock, or bridging a gap while you wait on membership, contract or grant income — rather than personal use by anyone involved. That is the same standard we set out in what counts as a business purpose when I apply, and it applies in exactly the same way to a guarantee company as to any other limited company.

How we assess a guarantee company

We look at the company as a legal entity, not at the members behind it. As with any applicant, we check your registration and standing at Companies House and we look at the trading and money movement of the borrowing entity. Because there are no shares, decision-making sits with the members and the board under the company's articles, so it is worth confirming that taking on finance is within the company's powers and properly authorised before you apply. We do not take a personal guarantee from directors or members, so the obligation to repay sits with the company itself, the same way we describe in why we do not take a personal guarantee.

How your finance is regulated

Credicorp is an exempt business lender. We lend to incorporated bodies — including companies limited by guarantee — for business purposes, which sits outside the FCA consumer-credit regime. That means the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS) do not apply, and we are a lender rather than a broker. For more on the basis you would be borrowing on, see what it means that we are an exempt lender.

If you are not sure whether your guarantee company's structure or planned use of funds fits, the quickest check is your Companies House registration and a clear note of the business purpose. If anything is still unclear, ask us before you apply and we will tell you where you stand.

See also: Can a newly formed company apply?, Can a co-director apply with me?, Can a company in a CVA or with a repayment plan apply?.

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Yes. A limited company with an overdrawn director's loan account (DLA) can still apply to Credicorp. A DLA balance is a normal feature of how many owner-managed companies are run, and on its own it does not close the door. What we assess is the company's ability to afford new repayments from its trading, not the internal bookkeeping position between the company and its directors.

What an overdrawn DLA actually is

A director's loan account records money that moves between a director and the company outside of salary, dividends or expenses. The account is "overdrawn" when the director owes the company — for example, drawings taken during the year ahead of profits being declared as dividends. It is an accounting and tax matter for the company and its director, with its own consequences such as a section 455 charge and possible benefit-in-kind treatment. Those points are covered in our learn article on a director's loan to your own company, which is the place to start if you want the tax detail. This page is only about whether an overdrawn DLA affects the company's eligibility to borrow from us.

Why it does not bar the application

Because we lend to the company and take no personal guarantee, the borrower is the company itself and the obligation to repay sits with the company, not with any director personally. An overdrawn DLA is a balance between the company and an individual; it is not external debt owed to a third party. That is a different thing from arrears or borrowing owed to another lender, which we weigh separately in how existing debt affects the decision. The no-guarantee point is set out in why we do not take a personal guarantee.

What we look at instead

We assess the company as a whole and focus on affordability — whether new repayments fit comfortably alongside what the business is already paying. A DLA position is one piece of context, not the test in itself.

• How the company is trading now, from Open Banking data or recent statements
• Whether there is genuine headroom in the company's cash flow for another commitment
• The size and direction of the DLA, and whether it is being managed or cleared sensibly
• Whether the new finance is for a clear commercial purpose for the company

A large, growing overdrawn DLA can signal that cash is leaving the business faster than it is earned, and we take that into account. A modest balance your accountant expects to clear through dividends is unremarkable. Either way, it is the company's trading and affordability that drive the outcome, as described in how we decide whether to lend.

Business purpose still applies

The borrowing has to be for the company's own genuine commercial need, as set out in what counts as a business purpose when I apply. Using a Credicorp facility to repay or clear an overdrawn director's loan account is not a business purpose — that is money for an individual, not for the company's trading. Funding working capital, stock, equipment or a growth cost is exactly the kind of need we can support. If clearing a DLA is your aim, that is a matter to handle through the company's own profits and your accountant's advice, not through borrowing from us.

Be straight with us about the position

If your company carries an overdrawn DLA, there is no need to hide it. Open Banking and the financial information we ask for tend to show how cash actually moves through the business anyway, so being open simply makes the assessment cleaner and faster. If your accountant manages the account, they can usually explain it in a sentence or two.

Credicorp is an exempt business lender to UK limited companies and LLPs only, not to sole traders or individuals, and we are a lender rather than a broker. The borrower is the company, with no personal guarantees from directors. Because this is business lending outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS. The rate, term and repayments in any offer are specific to your business and shown to you before you commit. If you are unsure whether your company's position fits, ask us before you apply and we will tell you where you stand.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Yes. A limited company or LLP with arrears on borrowing elsewhere can still apply to Credicorp. Arrears with another lender are not an automatic bar, and they do not close the door before we have looked at the wider picture. What matters is whether new repayments fit comfortably alongside everything the company is already paying, including any catch-up on what is overdue.

How arrears factor into the decision

We assess the business as a whole rather than reacting to a single negative marker. An arrears position is one input among several. We weigh it against how the company is trading now, the income coming in, and whether there is genuine headroom for another commitment.

• What the arrears are, how large they are, and how recent
• Whether they are being actively managed, for example under an agreed arrangement
• How the company is trading today, from Open Banking data or statements
• Whether new borrowing would relieve the pressure or add to it

It is about affordability, not punishment

Our job is to lend responsibly, so we look at whether finance helps your business or stretches it further. A company with manageable, well-handled arrears and steady income may still receive an offer. A company already at full stretch may be offered a smaller amount, a different product, or declined. That outcome protects both sides. You can read more about the general principle in how existing debt affects the decision and the wider view in how we decide whether to lend.

Be straight with us about the position

Being open about arrears elsewhere helps, rather than hurts, your application. We would far rather see an accurate picture and assess it properly than discover an undisclosed commitment later. Open Banking and the documents we ask for tend to show the real position anyway, so candour up front simply makes the assessment cleaner and faster.

Business purpose still applies

The borrowing must be for a genuine commercial need, as set out in what counts as a business purpose. Using new finance to bring a clear, well-evidenced plan back on track can be a sound business purpose. Borrowing simply to roll one stretched position into another, with no underlying improvement, is the situation responsible lending is meant to avoid.

Arrears with us specifically

This page is about arrears owed to other lenders. If the arrears are on an existing Credicorp facility, the position is handled differently, and how arrears affect future borrowing with us covers that. Either way, we encourage you to talk to us early.

Credicorp is an exempt business lender to UK limited companies and LLPs only, not to sole traders or individuals, and we are a lender rather than a broker. The borrower is the company, with no personal guarantees from directors. Because this is business lending outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS. The rate, term and repayments in any offer are specific to your business and shown to you before you commit.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Yes. A limited company with several directors, or an LLP with several members, can apply to Credicorp. Having more than one person involved does not change your eligibility, but it does mean a little extra care over who applies and how we identify everyone.

Who should start the application

The application should be started by someone with authority to take on borrowing for the business, such as a director or designated member. They should be confident that the application reflects what the business as a whole wants to do.

• Make sure your directors or members match the current Companies House record.
• Be prepared for us to identify the people behind the business.
• Agree internally on the purpose and amount before applying.

Why we identify the people behind the business

Even though the loan is to the company or LLP, we are required to know who controls and runs the business. This is a standard part of responsible lending and helps prevent fraud. It does not mean those individuals are personally on the hook, because we do not take personal guarantees.

Good to know

The loan is to your company or LLP, not to any individual director or member. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If your board or members are not aligned on borrowing, it is worth resolving that before you apply.

For the practical steps, see whether a co-director can apply with you, director approval requirements and what information to prepare before applying.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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A holding company, or a trading company that sits within a group, can apply to Credicorp. The important point is that the borrower must be a single, named UK limited company or LLP, and the borrowing must be for that entity's genuine business purposes.

Apply as the right entity

Make sure you apply in the name of the company that will actually use the funds and be responsible for repaying. Mixing up a parent and a subsidiary can slow things down, because the application details need to match the Companies House record of the borrowing entity.

• Use the registration number of the specific company that is borrowing.
• List the directors or members of that entity, not the wider group.
• Be clear about how that company will use the funds.

What we look at within a group

We consider the trading activity and money movement of the applying entity. A pure holding company with no trading activity of its own may have less to show than an operating subsidiary, so think about which entity is the natural borrower.

Good to know

We do not take personal guarantees from directors or members. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If you are unsure which group entity should apply, your accountant can help you decide before you start.

For nearby eligibility questions, see which business types can apply, why we check Companies House and what information to prepare before applying.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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A newly incorporated company can apply, but a short trading history means we have less information to assess. That does not rule you out; it simply shapes what we look at and the kind of offer we can make.

The challenge with new companies

Lending responsibly means understanding how a business performs over time. A company that has only just started trading has not yet built that picture, so we may have less to go on than for an established business.

What helps

• An active business bank account you can connect by Open Banking
• Real trading activity, even over a short period
• An accurate, up-to-date Companies House record
• A clear purpose for the finance that fits the business

If we cannot lend yet

If your company is too new for us to assess confidently, we may not be able to offer finance at this stage. Building a few months of genuine trading through your business account often makes a later application stronger.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

For more detail, see how soon after incorporation a company can borrow, how much trading history we look at and which business types can apply.

See also: Can a charity or charitable company apply?, Can a CIC or community interest company apply?, Can a co-director apply with me?.

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A newly formed holding company can apply, but the assessment will focus on the underlying trading activity within the group rather than the holding entity alone. The key question is whether there is a genuine, active business generating revenue — regardless of which legal entity sits at the top.

What we look at in a holding structure

If your holding company was incorporated recently to sit above one or more established operating subsidiaries, we will want to understand the relationship between entities: how cash flows between them, who holds the trading contracts, and which company the facility will ultimately benefit. In many cases, the appropriate applicant is the operating subsidiary rather than the holding company.

When the holding company is the right applicant

• The holding company itself trades or has trading contracts in its own name.
• It has its own bank account with regular, documented receipts.
• Intercompany loans or dividends flowing from subsidiaries are clearly documented and consistent.

Preparing your application

Provide a brief group structure chart showing which entities exist and their relationships. Include bank statements and accounts for both the holding company and the relevant operating subsidiary if possible. If the holding company is newly incorporated but the operating business beneath it has years of history, that trading history is relevant and we will want to see it. Being upfront about the structure from the outset saves time for everyone.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can my company apply while it is mid-restructure?, What strengthens a Credicorp application?, Can I apply if my company has a short trading history?

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Yes — Credicorp does consider applications from recently incorporated limited companies and LLPs. The key factor is not simply how long you have been registered, but the quality of the financial evidence you can provide.

What counts as trading history?

A company incorporated six months ago with a healthy, consistent flow of business income and a clean bank record will typically be assessed more favourably than an older company with erratic cash flow. We look at the evidence of actual trading — invoices paid in, regular outgoings, VAT returns — rather than the date on your certificate of incorporation alone.

What to expect as a new company

• Initial credit limits may be more conservative than for an established business.
• We will rely heavily on Open Banking data and any management accounts you can provide.
• A Credicorp Slice product — spreading a single specific bill at a flat 6% fee — can be a practical starting point, as the exposure is limited and clearly defined.

Strengthening your application

Connect your business bank account via Open Banking, provide at least three months of transaction history, and give a clear description of your trading model. If you have contracts or confirmed orders, these can also support the assessment even if not formally required.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Applying mid-financial year with no new filed accounts, What documents do I need to apply?.

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The borrower must be a UK-registered limited company or LLP. A company that is registered overseas is not eligible to borrow from Credicorp, even if it trades in the UK. What matters is the entity that holds the loan, and that must be a UK Ltd or LLP.

Overseas-based directors or members

It can still be possible to apply where a director or member is based outside the UK, as long as the borrowing entity itself is UK-registered. We will need to identify those individuals as part of normal checks, which may take a little longer if they are overseas.

• The borrowing entity must be registered at Companies House.
• We identify directors or members wherever they are based.
• The borrowing must be for the UK entity's business purposes.

Why the UK entity is the key

Lending to a UK-registered Ltd or LLP gives a clear legal borrower under UK law. A purely overseas company does not fit how we are set up to lend.

Good to know

We do not take personal guarantees from directors or members, including those based overseas. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If your UK presence is not yet incorporated, you cannot apply until it is.

You may also want to read which business types can apply, the application journey and what information to have ready.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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No. Credicorp lends only to UK incorporated businesses, meaning private limited companies and limited liability partnerships (LLPs). Sole traders, ordinary (non-incorporated) partnerships and individuals are not eligible to borrow from us.

Why we only lend to incorporated businesses

Credicorp is an exempt business lender. Our lending is to companies and LLPs for business purposes and sits outside the FCA consumer credit regime. Sole-trader and personal borrowing falls under that consumer regime, which is not what we are set up to provide. Because the loan is to a registered business rather than a person, there is a clear legal borrower at Companies House.

If you trade as a sole trader

If you currently trade as a sole trader, you may at some point choose to incorporate as a limited company. That is a decision to take with your accountant, based on your tax position and how you want to run the business, not something to do purely to access borrowing.

• Only an existing UK Ltd or LLP can apply.
• We do not take personal guarantees from directors or members.
• This lending is not covered by the Financial Ombudsman Service or FSCS.

What to do next

If your business is already a limited company or LLP, you can start an application using your Companies House registration number. If it is not, you cannot apply until it is incorporated.

Related eligibility articles explain which business types can apply, what exempt business lending means and what information to prepare before applying.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Yes. Credicorp lends to UK limited liability partnerships (LLPs) as well as to private limited companies. Both Credicorp Flex and Credicorp Slice are available to an LLP, provided the borrowing is for genuine business purposes.

Who applies on behalf of the LLP

An application should be started by a designated member of the LLP, or by a member with authority to take on borrowing for the partnership. The loan agreement is with the LLP itself, not with any individual member.

• Have your LLP registration number from Companies House ready.
• Make sure the named members on the application match the current Companies House record.
• Be clear about the business purpose of the funds.

What we look at

For an LLP we consider the partnership's trading activity, how the LLP manages its money day to day, and the purpose of the funds, in the same way we would for a limited company. The rate and term you are offered are shown in your offer if your application is approved.

Important to know

Because Credicorp is an exempt business lender, this borrowing sits outside the FCA consumer credit regime. That means it is not covered by the Financial Ombudsman Service or FSCS. We do not take personal guarantees from members. If you are unsure whether an LLP is the right structure for borrowing, speak to your accountant before you apply.

For more LLP detail, see whether an LLP applies the same way as a limited company, the difference between applying as a Ltd and an LLP and the application journey.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Yes. Limited liability partnerships (LLPs) are eligible alongside limited companies, because both are incorporated entities registered at Companies House. The application journey is essentially the same, with a few differences in the terms used.

What is the same

• You apply in the LLP's name, with its Companies House number
• You verify the LLP's finances by Open Banking or statements
• You choose between Credicorp Flex and Credicorp Slice
• The finance is to the LLP, with no personal guarantee from members

What is different

An LLP has designated members rather than directors. We confirm these against Companies House in the same way we confirm a company's directors. The person applying needs the authority to commit the LLP, which may be set out in your members' agreement.

Authority within the LLP

Agree internally who will lead the application before you start, particularly if your members' agreement requires more than one member to authorise borrowing. This keeps the process smooth and avoids delays.

As with companies, this is business finance outside the consumer-credit regime and is not covered by the Financial Ombudsman Service or FSCS. We lend only to UK limited companies and LLPs, never to individuals.

Related articles cover whether an LLP can apply for Credicorp Flex or Slice, the Ltd versus LLP application difference and which business types can apply.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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You can apply for additional borrowing while your company or LLP is still repaying an existing facility, but it is assessed carefully. Repaying one loan well does not automatically mean a second will be approved.

What we look at

The central question is whether further borrowing is affordable and sensible for the business on top of what it already owes. We look at how the existing facility is being managed and at your recent trading.

• Whether repayments on the existing facility are up to date.
• Your recent business bank activity.
• The purpose of the additional funds.

Why we may say no

Responsible lending sometimes means declining additional borrowing even when an existing facility is in good standing, because taking on more would stretch the business too far. That is a protection, not a punishment. Where additional borrowing is approved, its rate and term are shown in that offer.

Good to know

Each facility is to your company or LLP, with no personal guarantees from directors or members. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If you are finding the first facility a stretch, talk to us rather than borrowing more to cover it.

Related guidance covers having more than one loan with us, how multiple applications affect each other and how we decide whether to lend.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Credicorp offers two products, Credicorp Flex and Credicorp Slice. You are welcome to look at both, but in most cases it is best to apply for the single product that fits what your business is trying to do, rather than submitting two applications at once.

Why one application is usually better

Applying for both at the same time can be confusing to manage and does not increase your chances. A clear, single application with a well-defined purpose is easier for us to assess and for you to track. If you genuinely need a different product later, you can look at that as a separate step.

• Decide what the funds are actually for first.
• Choose the product that matches that purpose.
• Keep the purpose of the borrowing clear and specific.

If you're not sure which to choose

The product pages explain how Flex and Slice work so you can match them to your need. The rate and term for whichever you choose are shown in your offer if you are approved.

Good to know

Whichever product you use, the loan is to your company or LLP, with no personal guarantees from directors or members. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS.

For choosing a product, see how to choose between Flex and Slice, Credicorp Flex and Credicorp Slice explained and how multiple applications affect each other.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Yes. Credicorp products are designed to work alongside one another. Many companies hold a Business Loan for a specific capital purchase and a Credicorp Flex facility for day-to-day cash-flow management at the same time.

Applying for multiple products together

If you want to apply for more than one product in the same session, you can select your preferred combination during the online application. The information you provide is shared across both assessments, so you will not need to re-enter company or banking details. A combined assessment means a single decision on your overall credit position rather than two separate processes.

Applying for a second product when you already have one

If you are already a Credicorp customer and want to add a product — for example, adding a Slice facility while a Business Loan is live — you can apply through your dashboard. We take your existing repayment track record into account, which can work in your favour.

Credicorp Slice alongside other products

Slice is bill-specific and short-term, so it sits outside your revolving Flex limit. You can request a Slice spread at any point, regardless of whether a Business Loan or Flex facility is active, as long as the combined exposure remains within our underwriting parameters for your company.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Reapplying after a declined application, How long does a business loan application take?.

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A county court judgment (CCJ) or other adverse entry on your company's credit record will not automatically result in a decline. Credicorp makes lending decisions based on the full financial picture of your company, and recent, positive trading evidence can carry significant weight alongside older adverse markers.

How we approach adverse credit history

We look at factors including:

• How old the adverse entry is and whether it has been satisfied
• The pattern of trading since the adverse event — consistent incomings and well-managed outgoings suggest recovery
• The size of the facility requested relative to the company's current turnover
• Whether the company is current on all other obligations

What to disclose

Be straightforward in the application. If a CCJ is on record, our checks will find it; undisclosed adverse history does more damage to an application than disclosed history with a clear explanation. A brief note on what caused the issue and what has changed since is genuinely useful context for our underwriters.

Starting smaller

If your company has recent adverse history, a smaller initial facility — or a Credicorp Slice request for a single specific bill — can be a lower-risk starting point. A positive repayment track record with Credicorp strengthens any subsequent application for a larger facility.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Reapplying after a declined application, Can a newly incorporated company apply?.

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Yes, you can apply even if your company has been trading for a relatively short time. Credicorp assesses the overall picture of your business rather than relying solely on years of filed accounts.

What we look at when accounts are limited

When formal accounts are sparse, we place more weight on recent bank statements, management accounts, and the trajectory of your revenue. A company that is three months old but showing consistent inbound payments and a clear business model is a stronger candidate than one with several years of flat or erratic turnover.

Which products suit early-stage businesses?

Credicorp Flex — our revolving credit facility — can suit companies that need flexibility while their revenue pattern is still establishing itself: draw what you need, repay, and redraw up to your limit. Credicorp Slice, which spreads a single bill across three or four weekly instalments at a flat 6% fee, is particularly useful if you have one specific supplier payment to manage rather than an ongoing cash-flow gap. A Business Loan may be available once your revenue is more predictable.

What you can do to strengthen your position

• Provide three to six months of business bank statements showing regular receipts.
• Include management accounts if your year-end accounts are not yet filed.
• Be ready to explain your revenue model and any signed customer contracts or purchase orders.
• Make sure your Companies House filing is current and your registered address is correct.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What does a soft search show on your company credit file?, What strengthens a Credicorp application?, Does stating a specific purpose help my application?

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Applying for a loan is not a commitment to take it. At every step right up until the money actually leaves us, you stay in control — you can ask for a different amount, walk away from an offer with nothing owed, or change your mind in the days after funding. Here is exactly what is possible at each stage, and where the lines are.

Before you sign: ask for a different amount

If you have applied for one amount but realise the company needs a little more or a little less, you do not have to start again. Tell us through the in-application chat or by email and we will look at whether a different amount works against the affordability picture. Two things to know:

• Lower is usually straightforward. Asking for less than you originally requested is generally easy to accommodate, because it sits comfortably inside what the assessment already supported.
• Higher is a fresh look. A larger amount has to be re-checked against the company's cash flow, so it is not automatic — we will only offer up to what the business can comfortably afford. Sometimes the answer is "this much, not more, not yet".

If we present a set of choices rather than one figure, you simply pick the one that fits — see can I have more than one offer? for how parallel offers work and how to compare them.

An offer is an option, not an obligation

When an offer is ready, it is yours to take or leave. Reaching offer ready places no obligation on the company whatsoever — you can read the terms, take your time, and decline if it is not right. There is no fee for declining, it costs the company nothing, and it is not held against you on a future application. If none of the offers suit, tell us and we will discuss whether something else is possible rather than treating it as a dead end.

What "accepted" actually means

It helps to separate three moments that can feel like one:

Offer ready

We have made an offer for you to review. Nothing is committed. You can change the amount, decline, or ask us to look again.

Accepted (signed)

You have signed the Business Loan Agreement. This sets up the payout — but the funds have not yet moved, and a member of our team still confirms the disbursement.

Funded

A person has confirmed the payout and the money has reached the company's bank account. From here, the 14-day withdrawal window below applies.

After funding: the voluntary 14-day withdrawal window

Even once the money has landed, you are not locked in. We offer a voluntary 14-day window in which you can withdraw from the agreement — you return the amount we advanced plus the small amount of interest accrued to that day, and the loan is treated as not having gone ahead. There is no early-settlement charge for using it, and using it is never held against you.

We are deliberately clear about what this is: it is a policy we choose to offer, not a statutory consumer cooling-off right, because lending to a company sits outside FCA consumer-credit regulation. For exactly how the window works, when it starts and how to use it, read the 14-day withdrawal right (voluntary).

If you simply want to clear it early

Withdrawing is for changing your mind in the first couple of weeks. If instead the loan has done its job and you just want to pay it off ahead of schedule, that is a different route and usually saves you money, because interest is charged only for the days you actually hold the balance. Ask us for a settlement figure and we will set out exactly what to pay.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Yes. Rather than a single take-it-or-leave-it offer, we typically present a small set of choices — different amounts and different terms — when the file supports more than one option. You can compare them in the portal side by side, pick the one that works for your business and sign that one.

What you will see

Each offer shows the amount, the term in days, the repayment schedule, the total cost of the credit, and the key figures you need to decide. They are real, signable offers; they are not estimates.

Choosing

Pick the one that fits your cash flow. A shorter term costs less in total but each payment is larger; a longer term spreads it out but costs more overall. There is no penalty for picking the cheaper one and there is no bonus for picking the longer one — it is the choice that genuinely suits you.

If none of them work

You are not obliged to accept any of them. If the offers do not fit, tell us through the in-application chat or by email and we will discuss whether something else is possible.

Before choosing, read how to choose between Flex and Slice, what happens after you accept an offer and how we decide whether to lend.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Yes, you can reapply after a decline. A declined application is a point-in-time decision based on the information available at that moment, not a permanent bar on your company. The question is what has changed — or what you can now demonstrate — since the original assessment.

Understand why you were declined before reapplying

We will tell you the principal reason for a decline. Common reasons include insufficient trading history, a CCJ that was not explained, inconsistent bank statement activity, or a loan amount that appeared disproportionate to turnover. Each of these can be addressed. Reapplying immediately without any change is unlikely to produce a different outcome — use the feedback as a checklist.

How to strengthen a reapplication

• Allow time for your trading position to improve if the issue was revenue or account activity — typically two to three months of cleaner statements makes a meaningful difference.
• If the decline related to a CCJ, provide evidence it has been satisfied and a short explanation of how it arose.
• If turnover was the issue, consider applying for a smaller facility or a product better matched to your current scale — for instance, Credicorp Slice for a single bill rather than a revolving Flex facility.
• Address any Companies House issues: overdue confirmation statements, incorrect officer records, or a dormant status that does not reflect active trading.

When to contact us before reapplying

If you are unsure whether the change in your circumstances is sufficient to warrant a new application, contact our team. A brief conversation can save you an unnecessary application and the associated credit check.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What strengthens a Credicorp application?, What does a soft search show on your company credit file?, How long does a Credicorp approval decision last?

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A decline is not permanent. Our credit assessment is based on your company's position at the time of application, and that position can change. Many companies that were initially unsuccessful go on to be approved after addressing the underlying factors.

Understanding why you were declined

We will tell you the primary reason for the decision in your decline notification. Common reasons include insufficient trading history, cash-flow irregularities visible in bank data, or a credit profile that does not yet meet our current parameters. You can also contact our team to discuss the decision in more detail.

When can I reapply?

We recommend waiting at least three months before reapplying, and using that time to address the specific issues raised. For example, if cash flow was the concern, three to six months of more consistent incomings and outgoings will strengthen a new application materially. If it was trading history, waiting until you have a fuller set of filed accounts may make a significant difference.

What to do differently the second time

• Connect via Open Banking rather than uploading statements, so we see a complete and up-to-date picture.
• Ensure your Companies House records are current — any changes to directors or registered address should be filed before you apply.
• Consider whether a smaller initial amount or a shorter term would fit your company's current profile more comfortably.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What slows down a business finance application?, What documents do I need to apply?.

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Many of our customers come to us through a recommendation from another business owner, and we are grateful when that happens. We do operate a referral programme and the current terms — what the referrer receives, what the new applicant receives, how a referral is recorded — are published in the customer portal under Refer a friend.

How to refer someone

1. Sign in. Go to your portal account
2. Open Refer a friend. Find the page under your account menu
3. Send the link. Share your unique referral link with whoever you have in mind
4. Track the referral. When they apply through that link, the referral is automatically credited to your account

What we do not do

We do not pressure customers into referring. We do not offer rewards that depend on a particular outcome (we offer them on a successful loan being drawn down, which is a normal arrangement, but we do not offer rewards for getting someone to apply when the loan is not right for them).

If you have any question about a referral that does not seem to have been recorded, the in-portal chat is the quickest way to ask.

See also: Can a co-director apply with me?, Can a company in a CVA or with a repayment plan apply?, What happens when your company falls into arrears.

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Applying for business finance sometimes means checking a detail, speaking to a co-director, or finding the right account to connect. You do not have to complete everything in one sitting.

Pausing part-way through

If you need to step away, the details you have entered are kept so you can return and continue rather than starting over. When you come back, you carry on from where you stopped.

Why you might pause

• To confirm your Companies House details are current
• To agree internally which director will lead the application
• To choose the business account you want to connect by Open Banking
• To gather any document we have asked for

Coming back to finish

Returning promptly is worth it. Information such as your trading picture is most useful when it is current, and a long gap can mean we ask you to refresh something. If you are unsure how to resume, contact us and we will help you pick up the thread.

We lend only to UK limited companies and LLPs, the loan is to the company with no director personal guarantee, and this is business finance outside the consumer-credit regime, not covered by the Financial Ombudsman Service or FSCS.

See also: Why might an application be declined?, Why do you need to know what the finance is for?, How do I choose between Flex and Slice when applying?.

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Yes. You can withdraw your application at any point before you have accepted an offer, and there is no obligation to go ahead. Starting an application does not commit your company or LLP to borrowing.

How to withdraw

The simplest way is to tell us you no longer wish to proceed. You can do this through your application or by contacting our support team, quoting your application details so we can find it quickly.

• Let us know before you accept any offer.
• Quote your application reference if you have one.
• Confirm you want the application stopped.

What happens to your information

If you withdraw, we stop assessing the application. We keep limited records as required for our own legal and regulatory obligations, but you can ask us about your data at any time. Withdrawing does not prevent you from applying again later if your needs change.

Good to know

Because we do not take personal guarantees and the loan would be to your company or LLP, there is nothing personal tied up in an unaccepted application. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS. If you simply have questions before deciding, you can pause rather than withdraw and come back to it.

See also: Can I change the amount or cancel after I've applied?, What information should I have ready before I start?, What are the steps in the application journey?.

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It may be possible for your company or LLP to hold more than one facility with Credicorp at the same time, but it is not automatic. Any additional borrowing is assessed on its own merits and on what is sensible for your business.

What we consider for additional borrowing

When you already have a facility and apply for more, we look at how the existing borrowing is being managed alongside your current trading. The aim is to make sure further borrowing is affordable and responsible for the business, not just available.

• How your existing facility is being repaid.
• Your recent trading and money movement.
• The purpose of the new funds.

Why we don't simply stack borrowing

Lending responsibly means we will sometimes decline additional borrowing even where the business is in good standing, if taking on more would not be in the business's interest. Where an additional facility is approved, its rate and term are shown in that offer.

Good to know

Each facility is to your company or LLP, with no personal guarantees from directors or members. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS.

For repeat borrowing, see applying for a second loan while repaying the first, how multiple applications affect each other and whether applying more than once hurts your chances.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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It depends on the nature of the restructure. Operational changes — such as rebranding, pivoting your service offering, or moving to a new holding structure — are generally fine to disclose and proceed. Formal insolvency-adjacent processes are a different matter.

Restructures that do not prevent an application

• Changing your trading name or registered office.
• Transferring the business into a newly incorporated holding company, provided the operating entity applying to us has continued trading.
• Reducing headcount or closing a product line while the core business continues.
• Changing directors, provided the company remains solvent and in good standing at Companies House.

Situations where we need more information

If your company is subject to a formal arrangement — such as a Company Voluntary Arrangement (CVA), administration, or creditor negotiations — we will need full details before we can proceed. In most cases, active formal insolvency proceedings will pause an application until the outcome is clear. This protects the company as much as it protects us.

What to disclose in your application

Always describe the restructure honestly in your application notes. Omitting a material change in company structure is the most common reason an application is declined at a late stage. Providing a brief summary — what changed, when, and why — speeds up underwriting and avoids unnecessary back-and-forth. If you are unsure whether something counts as material, include it and let us ask the follow-up.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What does a soft search show on your company credit file?, Can I apply if my company has a short trading history?, What strengthens a Credicorp application?

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The loan is to your company, so the company must have the authority to take it on. Whether every director needs to be involved depends on how your business makes decisions.

Authority to borrow

Most companies grant directors authority to enter commercial contracts on the company's behalf. Your articles of association, shareholders' agreement or board resolutions may set out who can commit the company to finance. It is your responsibility to make sure the person applying has that authority.

When co-directors should be involved

• If your governance requires a board decision for borrowing
• If more than one director must authorise commitments above a certain level
• If you simply want shared visibility and accountability

Our part

We may ask for confirmation that the person applying is authorised, and we verify directors against Companies House. We do not require every director to personally guarantee the loan, because we take no personal guarantees at all. The obligation sits with the company.

If you are a sole director, you can apply and accept on the company's behalf. If you share control, agree internally who will lead before you start, so the application runs smoothly. As business finance outside the consumer-credit regime, this is not covered by the Financial Ombudsman Service or FSCS.

For related authority checks, read whether a co-director can apply with you, companies with multiple directors or members and why we check Companies House.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Two of the most common questions before applying are "do I have to be VAT-registered?" and "have I been trading long enough?" The short answers are no, you do not need to be VAT-registered, and there is a clear minimum trading time you can check yourself. This article sets out the concrete eligibility thresholds so you can tell, before you start, whether your business can apply.

The four things you need to apply

Eligibility comes down to four straightforward requirements. If your business meets all four, you can apply; if it falls short on one, the others will not make up for it. They are deliberately plain so you can check them against your own situation in a minute.

1. A UK limited company or LLP. The borrower has to be a body corporate registered at Companies House — a limited company or a limited liability partnership. We lend to the company itself, not to you as an individual.
2. At least 6 months trading. Your business needs a minimum of six months of trading history, so there is enough activity for us to assess. This is measured from when the company actually started trading, not necessarily from the incorporation date.
3. A UK business bank account. The company must hold its own UK business bank account, in the company's name. This is how we look at the business's cash flow and how any loan would be funded and repaid — it cannot be a personal account.
4. A genuine business purpose. The borrowing must be for the business — stock, a supplier bill, equipment, a short cash-flow gap — and not for personal spending. You confirm the purpose as part of applying.

Notice what is not on the list: VAT registration, a minimum turnover figure, or a perfect credit file. Those are covered below.

VAT registration is not required

You do not need to be VAT-registered to apply. Many perfectly healthy small companies trade below the VAT threshold and are not registered, and that is completely fine — being registered (or not) is neither a requirement nor a tick in your favour. What matters is the four points above, not your VAT status.

How the six-month trading rule works

The trading-time threshold is a minimum of six months. The key point is that this runs from when the company genuinely started trading — taking on customers, making sales, moving money through its business account — rather than from the day it was incorporated. A company can be registered at Companies House for a while before it actually begins to trade, and it is the trading that we count.

The reason for the threshold is simple: a short run of real trading gives us enough to look at to make a fair, evidence-based decision about what the business can afford. A company that started trading only a few weeks ago has very little history to assess, which is why we ask for at least six months. If you are not quite there yet, the position can change as your trading history builds.

What else we look at (and what we don't)

Meeting the four requirements means you can apply; it does not, on its own, guarantee an offer. Once you apply, we assess the company's affordability from its bank activity and a credit check on the business, so that any amount we offer is one the business can comfortably manage. We explain what goes into that in what we look at when we decide, and how long it takes in how quickly will I get a decision.

Just as importantly, here is what we do not require: there is no minimum turnover figure to clear, no need to be VAT-registered, and no personal guarantee from any director — the company is the borrower, and the loan is not a personal debt on your own credit file. We are an exempt business lender under Article 60B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001: we lend to companies for business purposes, which sits outside FCA consumer-credit regulation, so this is not consumer credit and the Financial Ombudsman Service and FSCS do not apply.

Who this is and isn't for

If you trade as a sole trader, you cannot apply as structured, because a sole trader is not a separate legal entity from the individual — the borrowing would in effect be to you personally, which is a different kind of lending we do not provide. The eligibility difference between limited companies, LLPs and sole traders, and why the legal structure matters, is explained in full in limited company, LLP or sole trader: lending eligibility compared. That article is the educational background; this one is the practical "can my business apply?" checklist.

If you would like more on the kind of lender we are and the products available, see what kind of lender is Credicorp.

Ready to check your own business

Run your business through the four requirements at the top: UK limited company or LLP, at least six months trading, a UK business bank account, and a genuine business purpose — with VAT registration not needed. If you meet all four, you are eligible to apply, and the decision then turns on the company's affordability. If you want to get everything together first, what documents you need to apply walks through the up-front checklist.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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When you apply, we need to see how the company's main bank account behaves over roughly the last six months. There are two ways to share that, and people often ask which to pick. The honest answer is that both lead to the same decision — the difference is mostly speed and preference. Here is how to choose.

The two routes, side by side

• Open Banking (read-only). Where it is offered, you authorise a regulated provider on your own bank's login screen, and the statements come straight to us. It is the quickest route and there is nothing to upload or mistype. It is read-only — it cannot move money — and you can switch it off at any time.
• Upload statements yourself. You download PDF or CSV statements from your bank and add them to the application. This is fully supported and, for many applicants, the default. It works even if your bank does not support Open Banking, or you simply prefer not to connect.

Which should you choose?

Choose Open Banking if you want the fastest path and you are happy to authenticate with your bank — it keeps the same-day-decision window as wide as possible. Choose uploading if your bank does not offer Open Banking, the connection will not complete, you do not have online banking, or you would simply rather share the files yourself. Neither choice counts for or against you; we read the same six months either way, and we never move money from the account.

If you upload, what we need

• The last six months of statements on the business account the loan would be paid to.
• Complete months, downloaded directly from your bank as PDFs or CSVs — not screenshots or photographs.
• Uploaded into the application at the step provided.

Uploaded statements take a little longer to process than a live connection, which is the only practical trade-off. If your bank only lets you download a few months at a time, upload what you have and tell us — we will follow up rather than block the application. See what happens if you cannot connect your bank.

Is Open Banking safe, and can I revoke it?

Yes on both. We never see your banking password, the access is read-only, and every provider is FCA-regulated. A connection lasts up to 90 days before it must be renewed, and you can revoke it instantly from your portal or your bank's app, with no effect on a loan you have already signed. See what Open Banking is and is it safe and how consent and revocation work.

What we do with what we see

However you share them, the statements are read and categorised to assess the company's affordability — see what information goes into a lending decision and how we verify bank statements. We are reading the account, never moving money from it.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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If your company is marked dormant at Companies House, it is unlikely to qualify for borrowing until it is genuinely trading again. We lend to support active businesses, so we need to see real trading activity behind an application.

What "dormant" means here

A dormant company has no significant accounting transactions during a period. With nothing flowing through the business, there is very little for us to base a lending decision on. The same is true of a company that has been incorporated but has not yet started to trade.

If your company has just become active

A company that has recently moved from dormant to actively trading can apply. The key is that there is genuine activity now. We look at recent money movement, the purpose of the funds, and your current Companies House details.

• Make sure your Companies House status reflects that you are trading.
• Be ready to show recent business bank activity.
• Have a clear reason for the borrowing.

Good to know

We do not take personal guarantees from directors or members. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS. If you are turned down while dormant or only just active, it is reasonable to apply again once trading is established.

See also: Does my company's filing status at Companies House matter?, Applying as a newly incorporated company and Getting through the quiet trading slump after a busy season.

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A previous decline does not permanently bar your business from borrowing with Credicorp. We keep records of past applications, but each new application is assessed on your business's position at the time you apply, not just on what happened before.

How we treat your history

We do keep a record of earlier applications and decisions, which is normal and required. But a fresh, well-prepared application that shows genuine change in your trading can lead to a different outcome. The earlier decision is context, not a fixed verdict.

• Let your trading position move on before you re-apply.
• Keep your Companies House details accurate.
• Be honest and consistent across applications.

What we don't want to see

Resubmitting the same request repeatedly with no change does not help and tends to repeat the same result. A considered second application after real progress is far more likely to succeed. If you are approved, the rate and term are shown in your offer.

Good to know

We do not take personal guarantees from directors or members. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS. You can ask us about the information we hold on your business at any time.

See also: Can a company with arrears elsewhere still apply?, How do multiple applications affect each other? and Bridging loan, term loan, or credit facility: what's the difference?.

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Applying more than once is perfectly normal, and a previous decision does not lock you out forever. What does not help is submitting lots of rushed, near-identical applications in quick succession without anything having changed.

Why repeated identical applications don't help

If nothing about your business or the request has changed, re-submitting the same application straight away is likely to lead to the same outcome. It is better to understand why a decision went the way it did and to let something genuinely change first.

• Wait until your trading position or circumstances have moved on.
• Make sure your Companies House details are current.
• Be clear and accurate about the purpose of the funds.

The better approach

If you were declined, give it time and apply again when your business has more to show, for example stronger recent trading. A considered second application is far more useful than several hurried ones. If you are approved, the rate and term are shown in your offer.

Good to know

We do not take personal guarantees from directors or members. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If you keep getting the same outcome, it usually means the underlying picture needs to change, not the number of attempts.

See also: I withdrew my application — can I start again later?, Can I borrow again after repaying my loan? and Can a non-UK company or overseas director apply?.

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Many strong businesses apply between their financial year-end and the Companies House filing deadline, meaning their most recent filed accounts may be 6–18 months old. This is entirely normal and will not automatically prevent an approval.

What we use when filed accounts are out of date

When your last filed accounts are more than approximately 12 months old, we will look at:

• Management accounts: A simple profit-and-loss and balance sheet for the current trading year, even in draft form, is usually sufficient.
• Bank transaction data: Via Open Banking or uploaded statements, we can see real trading activity in the current period, which often tells us more than accounts filed many months ago.
• VAT returns: Where available, VAT returns confirm turnover figures for recent quarters.

Companies in their first financial year

If you have not yet filed your first set of accounts, we can still assess you using bank data and any management accounts you have prepared. A short trading history will affect the amount we can offer initially, but it is not an automatic barrier to applying.

Timing your application

If your year-end accounts are due to be filed imminently and they show a strong trading year, it may be worth waiting a few weeks so we can see them. That said, if you need finance now, apply now — mid-year applications are assessed every day and the gap is manageable with good supporting data.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What documents do I need to apply?, Applying with Open Banking — what to expect.

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Yes, your Companies House record matters. We lend to UK limited companies and LLPs, so an active, accurate and reasonably up-to-date record makes your application smoother and helps us verify who we are dealing with.

What we check

We confirm that the business is a real, registered Ltd or LLP, that it is active rather than dormant or in the process of being struck off, and that the directors or members named on your application match the record.

• Your company is active, not dissolved or being dissolved.
• Directors or members are current and correct.
• Your registered details are consistent with what you tell us.

Why overdue filings can cause delays

If filings are overdue or the record looks out of date, it can slow your application down while we make sense of the position, or it can count against you. Putting your filings in order before you apply is worth the effort.

Good to know

A tidy Companies House record is not the only thing we look at; recent trading matters too. The loan is to your company or LLP, with no personal guarantees. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If your record needs updating, do that with Companies House first, then apply.

See also: How long should I keep my statements for audit and Companies House?, Does a dormant or newly active company qualify? and Why a credit search is part of the decision.

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Yes — stating a clear, specific purpose for the funds strengthens your application. It is not a requirement for every product, but it gives underwriters useful context and often reduces the number of follow-up questions we need to ask.

Why purpose matters in underwriting

When we understand what the funds will be used for, we can assess whether the loan is proportionate to the need. A company borrowing to bridge a 60-day invoice payment gap presents a different risk profile to one borrowing to purchase equipment or hire staff. Matching the product to the purpose — for instance, using Credicorp Slice to spread a specific supplier bill, or Credicorp Flex for recurring operational gaps — also tends to produce better outcomes for the borrowing company.

Purposes that work well with each product

• Credicorp Slice: A specific, known invoice or bill — for example, a quarterly software licence, an agency retainer, or a trade supplier payment. Slice spreads the cost over three or four weekly instalments at a flat 6% fee.
• Credicorp Flex: Recurring operational needs where the exact timing and amount vary — payroll bridging, stock purchases, client project costs.
• Business Loan: A defined capital need with a fixed repayment horizon — equipment, fit-out costs, or a single large investment.

What to include when stating your purpose

Keep it factual: name the expenditure, give an approximate figure, and indicate the timeline. A sentence or two is sufficient. Avoid vague descriptions such as "working capital" alone — pair them with specifics, for example "working capital to bridge payment from client X, expected within 45 days."

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What strengthens a Credicorp application?, Can I apply if my company has a short trading history?, How long does a Credicorp approval decision last?

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Once you have applied, you are never left guessing. Your application moves through a small number of clear stages, and you can see the current one at any time. Here is where to look, what each stage means, and what — if anything — you need to do.

Where to see your current stage

There are two places that always show the same, up-to-date status:

• Signed in to the portal. Your application's current stage is shown on your dashboard the moment you sign in. This is the definitive view and it updates as the assessment progresses. See how to access your customer portal if you need a hand getting in.
• The email or message we send. When your stage changes — for example when a decision is ready, or when we need something from you — we send you an email or a secure message so you do not have to keep checking. The message points you back to the portal to act.

What the common stages mean

You will see one of a small set of stages. They are deliberately plain-spoken.

Received

Your application has reached us and is in the queue. Nothing is needed from you yet.

In assessment

We are working through the affordability checks — reading the company's bank activity, identity and business credit picture. This is usually the quickest stage.

Referred

A person is taking a closer look because the automated assessment did not land on a clean yes or no. This is not a decline — see below.

Offer ready

We have an offer for you to review in the portal. Take your time reading the terms before you accept.

Declined

On the information available, we did not think the borrowing was right for the company at this point. We tell you why, and you have options.

How long a decision takes

Decisions are fast because we are the lender, not a broker — your application is assessed by us directly rather than being passed around the market. For a UK limited company with a connected bank account and a clean profile, an outcome can arrive within minutes; a referral to a credit officer can take up to a working day. For the full breakdown of timing by route, see how quickly will I get a decision?

If your application is referred

A referred stage means a member of the team is taking a closer look — often we just need one more piece of information to say yes with confidence. It is not a rejection, and it is not a mark against you personally. For what happens during a referral and how you can help it along, read what 'refer' means and what happens next.

If we ask for more information or a document

Sometimes the quickest way to move an application forward is for us to confirm a detail or read a document. If you see a request like this in the portal, acting on it promptly is usually what unblocks your decision. For exactly how to provide what we have asked for, see how do I send you a document you asked for.

If the application is declined

A decline is not a dead end. We give you a clear, specific reason rather than a vague rejection, and where the decision was made by automated means you have the right to ask a person to review it. You can also apply again — there is usually a short cooldown first, which exists to protect the company from borrowing it cannot comfortably afford. The detail is in two articles:

• What happens if your application is declined — the reasons, your right to human review, and what to improve.
• The 30 to 90 day reapply cooldown, explained — how long the wait is and how to use it well.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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During your application you choose between Credicorp Flex and Credicorp Slice. The best choice is the one that matches how your business actually needs to use the money, so it helps to start from the purpose.

Start with what you need

• Do you need one defined amount, or ongoing flexibility over time?
• Is the cost a one-off, or does it rise and fall with your trading?
• How does your cash flow behave across the year?

We explain the difference as you go

At the point where you select a product, we set out clearly how Flex and Slice work so you can decide with the facts in front of you. The rate, term and repayments in your offer are specific to your business and to the product you choose.

Not sure?

If you are unsure, describe what the finance is for and ask us. We would rather help you land on the right fit than have you take a product that does not match the job. Nothing is committed until you review and accept your offer.

Both are business finance for UK limited companies and LLPs, with no director personal guarantee, outside the consumer-credit regime and not covered by the Financial Ombudsman Service or FSCS.

Useful related articles include Credicorp Flex and Credicorp Slice explained, whether to apply for Flex and Slice at the same time and whether you can have more than one offer.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Under the UK GDPR you have the right to ask for a copy of the personal information we hold about you, and to ask us about how we use it. The formal name for this is a Subject Access Request (SAR).

How to ask

Three equally good routes:

• Inside the customer portal, on the Support tab, choose "Get a copy of my data".
• Use the General Support Enquiry form and write that you want a SAR.
• Email our privacy team directly using the address on our Contact Us page.

What you receive

A copy of the personal information we hold about you, the categories of recipients we have shared it with, the retention periods that apply, and a clear pointer to your other data rights (correction, deletion, restriction and objection). The information is sent securely.

Timeframe and cost

We will respond within one month. Where a request is complex we may extend this by up to two further months, telling you why. There is no charge for a reasonable request.

Identity check

For your protection we confirm your identity before releasing personal information. If we already have a verified record of you (you have applied for or held a loan with us), this is usually quick. For requests that come in cold we may need an additional document — we will tell you exactly what.

See also: How do I request a copy of my data?, How do I make a data subject access request?, How do I request a statement of account?.

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Sometimes, during or shortly after your application, we ask for a specific document so we can confirm a detail and move your case forward. This is a normal part of the process and usually means we are close to a decision rather than turning you away. This article explains where a genuine request appears, how to send the document safely, and what happens once it reaches us.

Where a genuine request appears

If we need something from you, the request shows up in two places you can trust: as a task or notice inside your portal when you sign in, and as a secure message on your account. We may also send a short heads-up by email or text to let you know there is something waiting — but that heads-up will only ever ask you to sign in to your portal in the normal way. It will never contain a link that takes you straight to a login or upload page, and it will never ask you to reply with the document attached.

What we ask for depends on what needs confirming. Common examples include:

• Proof of identity for the director applying — for example a current passport or UK driving licence.
• Proof of address — such as a recent utility bill or bank letter showing your name and address.
• A bank statement for the company's main business account, where we need a particular month or a complete document we could not read automatically.
• Company evidence — for instance confirmation of your role, or a document tying the application to the limited company or LLP that is borrowing.

The exact item, and the reason for it, will be stated in the request itself when you sign in. If you are ever unsure whether a request is genuine, do not act on the message in front of you — open your portal directly and check there.

How to send it securely through your portal

Always send the document through the portal, where the upload is encrypted and attached straight to your case. Please do not send documents as attachments to an ordinary email: regular email is not secure, it is easy to misaddress, and it separates your file from your application.

1. Sign in to your portal directly. Type the address yourself or use a link you have saved — not a link from a message you have just received.
2. Open the request. Go to the task, notice or secure message that names the document we have asked for, so the upload is matched to the right item.
3. Upload the file. Choose the document from your device and attach it at the step provided. You will see a confirmation once it has been received.
4. Check it has gone through. The request should update to show the document is with us. If it does not, try again or contact us before assuming it has arrived.

Accepted formats and getting a clear upload

For most documents a clear PDF works best — many banks and providers let you download statements and letters as PDFs directly. A clear photo or scan (such as a JPG or PNG) is fine for things like ID and proof of address. Whatever the format, the test is simple: we should be able to read every part of the document without guessing. These tips help your upload go through first time:

• Show the full document in frame. Capture all four corners and the whole page — nothing cut off, folded over or hidden under a thumb.
• Make sure it is in date. ID must be current and not expired; statements and bills should be recent, as named in the request.
• Keep it legible. Lay the document flat in good, even light, avoid glare and shadows, and hold the camera steady so the text is sharp.
• Send the original, not an edited copy. Do not crop out, retouch or cover any detail — an unaltered document is processed fastest.
• Prefer a direct download. For statements and letters, a PDF downloaded straight from your bank or provider is clearer and more reliable than a photograph of a screen.

If a file will not upload or is too large, contact us rather than emailing it — we would far rather help you send it safely than have it arrive by an insecure route.

How this differs from the application checklist

This is not the same as gathering everything you need before you apply. The application checklist is the standard set of things every applicant prepares up front — director ID, your company details, and the company's recent bank activity. A document request is a follow-up for one specific item, raised because something needs confirming on your particular case after you have started.

If you are at the start of the journey, or want to be ready before you begin, see what documents you need to apply and, for how we confirm the director's identity, ID verification when you apply. Those cover the up-front checklist; this article is about responding when we ask for one more thing along the way.

What happens after we receive it

Once your document is uploaded, it is attached to your case and reviewed against the reason we asked for it. In many cases a single missing item is the only thing standing between us and a decision, so sending it promptly and clearly is the quickest way to keep things moving. If what you send answers the question, your case carries on; if we still need something, we will tell you exactly what, in the same secure way.

A document request is also common when an application has been set aside for a closer look rather than given an instant yes or no. If that applies to you, what 'refer' means and what happens next explains the review and how supplying the requested item helps us reach a decision.

Staying safe: what we will never ask for

Sending documents to a lender is exactly the kind of moment scammers try to imitate, so it is worth knowing our firm lines. We will never ask you for your PIN, your online-banking or portal password, or a one-time security code — not by phone, text, email or any link. We will never tell you to move money to a "safe account", and we will never need your password to receive a document. A document goes up through your portal; a password or code never needs to leave you at all.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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If your company or LLP has more than one application in progress, or an existing facility plus a new request, we look at the whole picture rather than each one in isolation. The goal is to make sure any combined borrowing remains affordable and responsible.

We assess the combined position

Two requests that each look fine on their own might be too much together. By considering everything in play, we avoid approving borrowing that would overstretch the business. This is part of lending responsibly.

• Existing facilities and how they are being repaid.
• Any other application currently open.
• The total the business would be committed to.

Keep it simple where you can

It is usually clearer to focus on one well-defined request at a time. Several overlapping applications can be harder for you to track and do not improve your chances. Where borrowing is approved, the rate and term for each are shown in that offer.

Good to know

Each facility is to your company or LLP, with no personal guarantees from directors or members. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS. If you are not sure how much your business can sensibly take on, talk to us before applying again.

Related articles cover applying for a second loan while repaying the first, having more than one loan with us and whether applying more than once hurts your chances.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Our decision is about whether the finance is right for your company and whether the company can comfortably repay it. We look at the business as a whole rather than at any one figure in isolation.

What we consider

• How your company trades, based on Open Banking data or statements
• Business credit information held about the company
• Confirmation of the company and its officers at Companies House
• What the finance is for and whether the product suits that purpose

Responsible lending

We want finance to help your business, not stretch it. That means we may decline, or offer something different from what you asked for, if that is the more sensible outcome for the company. A considered decision protects both sides.

What we do not do

We do not take personal guarantees from directors, and we do not base the decision on directors' personal finances as security. The borrower is the company. We will explain the headline reasons behind a decision where we can.

Because this is business lending outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS. The rate, term and repayments in any offer are specific to your business and shown to you before you commit.

For the main inputs to a decision, see how Open Banking speeds up an application, what documents we may ask for and why an application may be declined.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Open Banking lets you securely share your business bank account information with us, with your explicit permission, through your bank's own secure login. It is one of the biggest factors in how quickly we can assess your application.

Why it is faster

• We see verified, up-to-date transaction data straight away
• There is no need to download, redact and upload statements
• Fewer follow-up questions, because the picture is already clear
• Less chance of mismatched or out-of-date documents

What we look at

We use the data to understand your company's trading: money in and out, regular commitments and how the business is performing. This helps us shape an offer that genuinely fits your cash flow rather than relying on broad assumptions.

You stay in control

You authorise the connection through your bank, you can see what you are sharing, and you can withdraw consent. We only access the information needed to assess and manage your finance. Connecting is read-only: it does not let us move money from your account.

If you would rather not use Open Banking, you can upload statements instead, though this can take a little longer to review. This is business lending outside the consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

For related guidance, read what Open Banking is and whether it is safe, whether to upload statements or connect by Open Banking and how we decide whether to lend.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Speed depends largely on how quickly we can verify your company's financial position. For most established limited companies connecting via Open Banking, same-day decisions are common. If we need additional information, a decision typically follows within one to two business days.

Stages of the application

• Online form: Takes around 10–15 minutes to complete.
• Bank data review: Automated if you use Open Banking; a few hours longer with uploaded statements.
• Decision: You will receive confirmation by email and in your Credicorp dashboard.
• Agreement and funding: Once you accept the terms and the agreement is signed, funds are typically released the same or next business day.

What can slow things down?

Applications that require additional documents, have a very short trading history, or involve a larger facility may take longer. See our article on what slows an application down for the full list of common causes.

Credicorp Slice is faster still

For a Slice application — spreading a single bill over three or four weekly instalments — the process is even shorter because the amount and purpose are fixed from the outset. Upload or forward the invoice and you can usually have an answer within the hour.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What slows down a business finance application?, Applying with Open Banking — what to expect.

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A Credicorp approval is typically valid for a defined window after the decision is issued. If you do not draw down within that window, the approval lapses and a fresh assessment is required. The exact duration is stated in your approval notification.

Why approvals have an expiry

Business circumstances change quickly. An approval is based on the financial position of your company at the point of assessment — including your current credit profile, revenue, and outstanding obligations. After a few weeks, that snapshot may no longer be accurate, and it would be unfair to both parties to hold open a commitment that is no longer grounded in current data.

What to do if your approval is close to expiring

If you received an approval but have not yet drawn down, contact us before the expiry date. In many cases we can refresh the assessment quickly, particularly if nothing material has changed in your company's position. Do not assume the approval renews automatically — it does not.

What changes can void an approval before expiry

• A CCJ registered against the company after the approval date.
• A change in director or company structure that was not disclosed at application.
• A significant deterioration in your bank account activity.
• Entering a formal insolvency process.

If any of these apply, notify us before drawing down. Drawing on an approval where a material change has occurred without disclosure can have consequences for the facility.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What does a soft search show on your company credit file?, What strengthens a Credicorp application?, Can my company apply while it is mid-restructure?

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There is no fixed lockout period after a declined application. You can apply again, but the right time to do so is when something about your business has genuinely changed, rather than the day after a decline.

Wait for something to change

A second application is most worthwhile when the picture we assess has moved on. Re-applying immediately, with the same information, usually leads to the same result and is not a good use of your time.

• A few more months of solid trading activity.
• A clearer or more modest borrowing purpose.
• Corrected or updated Companies House details, if something was out of date.

How to make the next application stronger

Before you re-apply, think honestly about why the first request did not succeed and what you can show now that you could not before. Sharing recent business bank activity through our secure process helps us see the current position. If you are approved next time, the rate and term are set out in your offer.

Good to know

We do not take personal guarantees from directors or members. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS. If you are unsure whether enough has changed to re-apply, it is usually worth waiting a little longer.

See also: How soon after incorporation can we borrow?, The 30–90 day reapply cooldown, explained, Can my business have more than one loan with you at once?.

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This is one of the first things people want to know, and the honest answer has two parts: there is the range we lend within, and there is the amount you are actually offered — which is set by what your company can comfortably afford, not by the top of the range. This article explains both, the difference between a one-off Business Loan and a Credicorp Flex limit, what drives the figure we put in front of you, and how repaying on time can grow what's available the next time you come back.

A one-off Business Loan: small amounts, short terms

The standard Credicorp product is a single short-term Business Loan. It is deliberately small and deliberately short — designed for a specific, near-term business need such as covering a supplier, smoothing a timing gap before a customer pays, or handling a one-off cost. Terms run over a short window measured in days, anywhere from 14 to 84 days, and the loan is repaid across that window on a schedule you see in full before you sign.

For the headline range — the smallest and largest amounts, and the shortest and longest terms — see the figures on our main site at Business Loans. We keep the exact numbers on one authoritative page so they are always current. This is short-term working-capital borrowing; for larger sums a mainstream SME lender is usually a better fit, and we will say so rather than stretch a product that is not designed for it.

Credicorp Flex: a limit, not a lump sum

Flex is shaped for a different need. Instead of a single amount over a set term, Flex is a revolving credit limit: an agreed ceiling you can draw against, pay down, and draw against again, repeatedly, without reapplying each time. You are charged only for what you actually draw and hold, not for the headroom you leave unused.

A Business Loan amount

A single sum advanced once, repaid over a fixed short term. When it is paid off, the loan is closed — there is nothing to draw again without a fresh application.

A Flex limit

A reusable ceiling. You can take part of it, repay, and take more again as your needs ebb and flow. The limit is the maximum you can owe at any one moment, not a lump sum you must take all at once.

So "how much can I borrow" means slightly different things across the two products. On a Business Loan it is the size of the single advance; on Flex it is the limit you can revolve within. If you are weighing the two, see Flex vs a one-off Business Loan: which to choose.

What sets the amount we offer

This is the part that matters most, and it is the same principle for both products: we lend up to what the company can comfortably afford, judged against its cash flow — not automatically the maximum of the range. The range is a ceiling; affordability is what sets your figure within it.

When we assess an application we are reading the shape of the business's money: the regular income coming in, the outgoings and existing commitments going out, how steady that pattern is, and how much genuine headroom there is to take on a new repayment without strain. A company with strong, steady cash flow may be offered toward the upper end of the range; a tighter or more variable picture may mean a smaller amount, or a shorter term, so the repayment sits comfortably within what the business can manage.

Because every offer is affordability-led, two superficially similar companies can be offered different amounts, and the same company can be offered different amounts at different times as its circumstances change. Whatever the figure, you see the amount, the term, the repayment schedule and the total cost of the credit in full before you commit — nothing is hidden until after you sign.

How on-time repayment can grow what's available next time

Your track record is part of the picture, and it works in your favour. Repaying on time is the clearest signal a business can give that it manages credit well, and a strong, demonstrated history of affordability can mean a larger amount becomes available the next time you apply. The reverse is also true — a tighter cash-flow picture can mean less — because we are always lending up to what the company can comfortably afford at the time.

Nothing here is automatic or guaranteed: there is no fixed ladder, and every offer is freshly assessed and shown in full before you commit. But a clean repayment record is genuinely the best thing you can do to widen what's open to you. For the detail, see how on-time repayment grows your available amount.

Where your own figures live

This help centre is account-blind by design — we cannot see your application, your limit or your offer from here, and we deliberately keep no account figures in these pages. Anything specific to you — the amount you have been offered, your Flex limit, your remaining headroom, your schedule — lives only in your signed-in portal and on the documents issued with your agreement, where it is kept accurate to your account. If you want to discuss what might be possible before applying, use the General Support Enquiry form.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

Open this answer →

We focus on recent, real trading activity rather than insisting on a fixed number of years in business. The aim is to understand how your company or LLP trades today and whether the borrowing makes sense for you.

Recent activity matters most

The most useful picture comes from how money has been moving through your business lately. That tells us more than the headline age of the company. A business that has traded for a long time but has gone quiet, and a newer business that is trading strongly, are very different situations, and we treat them that way.

• Recent business bank activity, shared securely.
• The purpose of the funds and how the business will use them.
• Your current Companies House status as a Ltd or LLP.

Why we don't just count years

A single fixed rule, such as a set number of years trading, would unfairly exclude businesses that are doing well. By looking at the substance of your trading we can make a fairer decision. If you are approved, the rate and term are set out in your offer.

Things to remember

We do not take personal guarantees. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If your trading history is thin today, building up a few more months of activity before re-applying can strengthen your position.

See also: Can a newly formed company apply?, Does a dormant or newly active company qualify?, What credit score do I need for a business loan?.

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Decision speed depends on which route the application takes and how clean the inputs are.

The fastest case

An applicant who is a UK limited company, connects via Open Banking, has clear ID and a clean credit profile, and whose bank statements pass our affordability rules cleanly, can expect a decision within minutes. That is the design target of the application flow and it is achievable for most customers.

PDF upload

Where statements are uploaded as PDFs instead, the processing adds time. Allow a few hours within working hours.

Human review

Where the file is referred to a credit officer — because the score is borderline, because there are vulnerability signals, because the situation is unusual, or because we need to ask a question — allow up to one working day. We will keep you updated in the portal at every step.

Out-of-hours

Applications submitted out of hours are queued. The automated steps still run, so the application can be ready for the credit officer to act on first thing the next working morning.

See also: How long does a lending decision take?, Can I withdraw my application before a decision?, Do all directors need to approve the application?.

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There is no fixed minimum age your company has to reach before it can borrow from us. We do not wait for a particular number of months on the clock, and we do not require a set of filed annual accounts at Companies House before we will look at an application. What we need is enough of a picture to lend responsibly, and a newer company can often give us that sooner than people expect.

It is about trading, not the incorporation date

The day your limited company or LLP was registered tells us very little on its own. A business incorporated last week and a business incorporated two years ago can both be in the same position if neither has moved much money yet. So rather than counting from the incorporation date, we look at how the business actually operates: money coming in, money going out, and whether the borrowing makes sense for where you are now.

How Open Banking stands in for filed accounts

A brand-new company will not have a year of filed accounts, and that is fine. When you connect your business bank account by Open Banking, we can see real, current trading activity directly — often far more up to date than accounts that describe a period already months in the past. A few weeks of genuine activity through your business account can tell us more than a first set of accounts would. This is why connecting your bank is the single most useful thing a young company can do, and you can read more in How does Open Banking speed up my application?

So how soon, in practice?

You can apply as soon as the business is genuinely trading through its own bank account. If the company has been incorporated but has not started trading at all, there is little for us to assess yet, and a dormant or barely active company is harder to lend to — see Does a dormant or newly active company qualify? The honest answer is that the trigger is activity, not age. Once money is moving in a way that reflects a real business, you are in a position to apply.

What we look at for a young company

• Active, current trading visible through Open Banking — the strongest signal for a new business.
• An accurate, up-to-date Companies House record for the company and its directors or members.
• A clear, sensible purpose for the finance that fits the stage your business is at.

We do not need a long track record, but we do weigh whatever history exists. For more on that, see How much trading history do you look at?

If it is too soon right now

If your company is so new that there is almost nothing to see, we may not be able to make an offer yet. That is not a permanent no — building even a short run of real trading through the business account usually makes a later application stronger. We never ask a younger business to make up for thin history with a director personal guarantee, because we do not take personal guarantees at all.

We lend only to UK limited companies and LLPs, not to sole traders or individuals, and we are a lender rather than a broker. For who can apply, see Which business types can apply to Credicorp? As exempt business lending outside the FCA consumer-credit regime, this finance is not covered by the Financial Ombudsman Service or FSCS.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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If you have applied with us before — and the previous loan was managed in good standing — we treat that as the starting point for a fresh application, not as a blank page. The full new-customer flow is not needed.

What is re-used

• Your identity and director details, with a quick confirmation that nothing has changed.
• The company details, with a quick check against Companies House to refresh anything that has.
• Your contact information, where you have asked us to keep it.

What we still need

• Fresh bank statements (or a fresh Open Banking connection) covering the most recent six months — affordability is always assessed on current data.
• Confirmation of the new loan purpose and the amount you want to borrow.
• A new Key Information Sheet (KIS) and a new Business Loan Agreement to sign — every loan is its own agreement, even if the company is the same.

The whole returning-customer flow typically takes a few minutes inside the portal, and the decision tends to be quicker because the picture is already familiar to our credit team.

See also: How to apply for a Credicorp loan, step by step, What information do I need to apply for Slice? and Do I need to be VAT-registered or trading a certain time to apply?.

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An offer from Credicorp is not a commitment. If you decide the borrowing is not right for your business, you do not have to accept it. You can let the offer lapse or tell us you do not wish to proceed.

You're in control until you accept

Until you formally accept an offer, nothing is drawn down and your company or LLP takes on no obligation. There is no penalty for declining an offer you have been given.

• You can let the offer expire without doing anything.
• You can tell us directly that you are declining it.
• You can ask questions first if something is unclear.

If you might want it later

Offers are time-limited, so an offer you decline now may not be available later on the same terms. If your circumstances change, you can apply again, and any future offer will reflect the position at that time, with the rate and term shown in that offer.

Good to know

Because the loan would be to your company or LLP and we take no personal guarantees, declining an offer has no personal consequences for directors or members. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If you are hesitating because of the cost, look closely at the figures in your offer before deciding.

See also: Why don't you take a personal guarantee from directors?, What happens after I accept my offer?, How to read your offer document before you accept.

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Withdrawing an application does not stop you applying again in future. If your needs change, or you simply were not ready before, you are welcome to start a new application when the time is right for your company or LLP.

Starting again after a withdrawal

A new application is assessed on your business's position at that time. If some details are still on file from before, you may not have to start completely from scratch, but you should expect to confirm that everything is current.

• Check your Companies House details are up to date.
• Be ready to share recent business bank activity again.
• Have a clear, current purpose for the funds.

Why a fresh look matters

Because we lend based on your current trading, an application a few months after a withdrawal reflects how the business is doing now, not how it was before. That can work in your favour if trading has improved. If you are approved, the rate and term are shown in your offer.

Good to know

We do not take personal guarantees from directors or members. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS. If you only paused rather than fully withdrew, ask us whether your earlier application can simply be resumed.

See also: What happens when payments resume after a pause?, Does applying more than once hurt my chances? and What a referred application means.

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When you apply, you share information about your company so we can assess and manage the finance. Protecting that information is something we take seriously, and you stay in control of what you share.

What we collect

• Company details, confirmed against Companies House
• Business bank account information, where you connect by Open Banking or upload statements
• Contact details for the people managing the application

How we use it

We use your information to make a lending decision, set up and run your facility, meet our legal obligations and keep your account secure. We do not use it for purposes you would not expect from a business lender.

Open Banking consent

Open Banking connections are made through your bank's own secure login, with your explicit permission. The connection is read-only, so it cannot be used to move money from your account, and you can withdraw consent.

Your rights

You can ask for a copy of the information we hold about your company and the people connected to it. Because we lend to limited companies and LLPs for business purposes, this finance sits outside the consumer-credit regime and is not covered by the Financial Ombudsman Service or FSCS. Our handling of personal data is still governed by UK data protection law.

See also: How Credicorp protects your company's data, Keeping your devices secure for business finance, Can a CIC or community interest company apply?.

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This comes up a lot before applying: "is my turnover high enough?" The short answer is that there is no minimum turnover figure to clear. We do not publish a revenue threshold, and you will not be turned away because your sales sit below some number. What we look at instead is whether your business meets a few plain eligibility points, and then whether the borrowing is affordable against how the company trades.

Why there is no turnover threshold

A single fixed turnover rule would be a blunt instrument. Two companies can report the same annual figure and be in completely different shape: one steady and comfortable, the other stretched thin. A flat threshold would wave the second one through and shut the first one out — the opposite of a fair decision. So rather than asking "is your turnover above £X?", we look at how money actually moves through the business and whether a new repayment would sit comfortably within that. Turnover is one signal among several, not a gate you pass or fail at the door.

What actually decides whether you can apply

Eligibility comes down to a handful of plain points rather than a revenue figure:

• The borrower is a UK limited company or LLP registered at Companies House. We lend to the company, not to you as an individual, and take no personal guarantee.
• The business has a short run of real trading behind it, so there is enough recent activity to assess — this is about genuine trading, not the company's age.
• The company holds its own UK business bank account, in the company's name, so we can see how it trades and how a loan would be funded and repaid.
• The borrowing is for a genuine business purpose — stock, a supplier bill, equipment, a short cash-flow gap — not personal spending.

Notice what is not on that list: a minimum turnover, VAT registration, or a flawless credit file. For the full checklist, including how the trading-time point works, see do I need to be VAT-registered or trading a certain time to apply.

Affordability, not a revenue figure

Meeting those points means you can apply; it does not, on its own, guarantee an offer. Once you apply, we assess the company's affordability from its bank activity and a check on the business — the income in, the outgoings out, how steady the pattern is, and how much room there is to take on a repayment without strain. A modest but steady cash flow can support borrowing well; a larger but erratic one might support less. More on how that works is in how do you decide whether to lend to my business.

What this means for the amount you are offered

Because every offer is affordability-led, the figure we put in front of you is set by what the company can comfortably manage — not by your turnover, and not automatically by the top of our range. A strong, steady picture can mean more is available; a tighter one can mean a smaller amount or a shorter term. Whatever the figure, you see the amount, term, schedule and total cost in full before you commit. For how the range and your specific offer relate, see how much can my business borrow, and for how long.

If your trading is light right now

If your business is newer or trading quietly, you are not excluded by a turnover rule — but a thin recent history gives us less to assess, which can mean a more cautious offer or none yet. A few more months of real activity before applying can strengthen your position. We weigh recent activity more heavily than the company's age, as explained in how much trading history do you look at.

The kind of lending this is

Credicorp lends to UK limited companies and LLPs for business purposes, with the company as the borrower. This is exempt business lending under Article 60B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 — not regulated consumer credit, not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme, and with no personal guarantee. To talk something through before applying, use the General Support Enquiry form.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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A short trading history does not automatically rule you out. We look at how your business actually trades and manages money, not only the date your company or LLP was registered at Companies House.

What we consider for newer businesses

If your business was incorporated recently, the strongest thing you can show is genuine, current trading activity. We look at money moving through the business, the purpose of the funds, and whether the borrowing is realistic for where the business is now.

• Recent business bank activity that shows real trading.
• A clear, sensible reason for the borrowing.
• Up-to-date Companies House details for directors or members.

What can make a new application harder

If a business has only just incorporated and has little or no trading activity yet, we have less to base a decision on. That does not mean a refusal, but it can mean the offer reflects what we can see today. If you are approved, the rate and term are shown in your offer.

Good to know

We never take personal guarantees from directors or members, so a newer business is not asked to compensate with personal security. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS. If you are turned down now, it is often worth applying again once you have more trading history.

See also: Can a newly formed company apply?, Applying as a newly incorporated company and How do Slice instalments actually work?.

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If your business has restructured, for example moving activity into a different limited company or LLP, your application needs to reflect the entity that exists today. The borrower must be the current, correct legal entity registered at Companies House.

Apply as the entity that exists now

We assess and lend to a specific company or LLP. If the entity that traded historically is not the one applying now, make that clear, and apply in the name of the entity that will actually use and repay the funds.

• Use the registration number of the current borrowing entity.
• Make sure directors or members match the current Companies House record.
• Be ready to explain the recent trading of the new or current entity.

How a recent restructure affects assessment

A newly used entity may have a shorter visible trading record, even if the people behind it are experienced. We look at the recent activity of the applying entity. If approved, the rate and term are shown in your offer.

Good to know

We do not take personal guarantees from directors or members. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS. If a restructure is in progress, it is usually cleaner to apply once it has settled and Companies House is up to date.

See also: Can a holding company or group company apply?, What if my company's details have recently changed? and Can a non-UK company or overseas director apply?.

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The Credicorp application is designed to be straightforward. Here is the journey from start to decision so you know what each stage involves and where you might be asked to do something.

1. Tell us about your company

You enter your company details and we match them against Companies House. You also tell us the amount you have in mind and what the finance is for.

2. Choose your product

Based on what you need, you continue with Credicorp Flex or Credicorp Slice. We explain the difference so you can pick the one that fits.

3. Verify your business finances

You connect your business bank account by Open Banking, or upload statements if you prefer. This helps us understand your trading picture.

4. Review your offer

If we can lend, we present an offer showing the rate, term and repayments. The figures are specific to your business. Nothing is committed until you accept.

5. Accept and set up

When you are happy, you confirm and we arrange the funds. Because the loan is to the company, no director personal guarantee is taken.

This is business finance outside the consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply. We make this clear before you accept.

See also: What information should I have ready before I start?, Can I withdraw my application before a decision?, Our structure changed — does that affect our application?.

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Credicorp lends only for genuine business purposes. Because we are an exempt business lender, the borrowing must be for your company or LLP's commercial needs, not for personal spending. We ask what the funds are for so we can lend responsibly and stay within how we are set up to operate.

Typical business purposes

A business purpose is anything that supports the running or growth of your company or LLP. The exact list depends on your sector, but it is always about the business rather than the individuals behind it.

• Managing day-to-day cash flow and working capital.
• Buying stock, equipment or materials.
• Covering costs while you wait on customer payments.

What is not a business purpose

We cannot lend for personal use by a director or member, because that would be consumer borrowing, which is not what we provide. If a request looks like personal spending dressed up as a business cost, that can affect the decision.

Good to know

Being clear and accurate about the purpose helps us assess your application properly. The loan is to your company or LLP, with no personal guarantees. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If you are unsure whether your need qualifies, ask us before you apply.

See also: Can a CIC or community interest company apply?, Can a charity or charitable company apply?, Can a company limited by guarantee apply?.

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For the majority of applications you will not need a lengthy pack of paperwork. Credicorp uses Open Banking and Companies House data to do most of the heavy lifting, but having certain documents ready will prevent delays.

Core documents for all applications

• Your Companies House registration number and registered address
• The most recent 3–6 months of business bank statements (or an Open Banking connection, which replaces these)
• Your latest filed accounts or management accounts if the filed accounts are more than 12 months old
• Details of the director(s) authorised to sign on behalf of the company

When we might ask for more

For larger facilities, or where trading history is short, we may also request:

• A brief note on the purpose of the finance (useful for Credicorp Flex drawdown requests)
• A copy of the bill or invoice you are spreading (required for Credicorp Slice applications)
• VAT returns or management accounts for the current trading year

What you do not need

Because this is company lending with no director personal guarantee, we do not ask for personal tax returns, personal bank statements, or proof of personal assets. We assess the company, not the individual behind it.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How long does a business loan application take?, Applying with Open Banking — what to expect.

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The fastest applications are the ones where everything is ready before you start. Credicorp's process is short, but we still need a few things to identify your company, confirm you can borrow on its behalf, and understand whether the borrowing is affordable. This is the full checklist, with the quickest option flagged for each item, so you can gather it once and apply in one sitting.

1. Proof of your identity as a director

We carry out an identity and anti-money-laundering check on the person applying. Have a current photo ID ready, such as a passport or a UK driving licence. This is an identity check, not a personal credit search, so it does not leave a footprint on or affect your personal consumer credit file. For the detail of how this works, see ID verification when you apply.

2. Your company details

Because we lend to UK limited companies and LLPs rather than to individuals, we need to identify the company on the Companies House register. The single most useful thing to have to hand is your company registration number (the eight-character number Companies House issued when the company was incorporated); with it, most company details populate quickly. We also need to know that you are authorised to borrow on the company's behalf, for example as a director.

3. Your business bank details

Have the details of the company's main business bank account ready — the account name, sort code and account number. This is the account we read to assess affordability, and the account any loan would be paid into, so it should be the one the company actually trades through, in the company's name rather than a personal account.

4. Recent company bank activity

To assess affordability we look at how that business account has behaved over roughly the last six months. There are two ways to share it, and both lead to the same decision.

• Open Banking (quickest). You authorise read-only access through your own bank. We can only see, not move, money, and you can revoke access at any time. This usually means a faster decision. To understand exactly what we can and cannot see, read how we verify your company's bank statements with Open Banking.
• Upload statements (alternative). If you would rather not connect your bank, you can upload official business bank statements as PDFs instead. This is just as acceptable; it simply takes a little longer to review, because a person checks them. For how to choose, see whether to upload statements or connect by Open Banking.

What we do not ask for

We assess the company's affordability, not yours personally. So we do not ask for your personal payslips, your household income, your benefits, or your personal bank statements. We also do not take a personal guarantee from you as a director, so you are not signing your own assets onto the company's debt. If anyone claiming to be from Credicorp asks for an upfront fee to release a loan, that is a scam: walk away.

Things that speed everything up

• Use the business account your company actually trades through, not a dormant or secondary one.
• Make sure your Companies House record is up to date, including the registered office and active directors.
• Apply as the director who is authorised to borrow, or have your co-director ready to confirm.
• Use a device with a camera if you are providing photo ID.

This checklist versus a later document request

The four items above are the standard up-front set — what every applicant gathers before they start, so the application can run in one sitting. They are not the same as a one-off document request, which is a follow-up we sometimes raise for a single specific item after you have applied, when something needs confirming on your particular case. A request like that always appears inside your portal or a secure message, never via a random link or by asking you to email a file.

A note on what comes after the documents

Once we have your identity, your company and your bank activity, we run a business credit check on the company and make a decision. If we can lend, you will see an offer with your Key Information Sheet (KIS), which sets out the amount, term, total cost of credit and the full repayment schedule before you sign the Business Loan Agreement. You can always see the current amounts, terms and costs on our business loans page first.

This borrowing is to a company for business purposes, so it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS. If you want free, independent help for the business while you decide, Business Debtline (businessdebtline.org, 0800 197 6026) is a good place to start. Gather the items above and you can move through the application quickly and confidently.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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For many applications we can verify what we need electronically, so you may not be asked for documents at all. When we do ask, it is to confirm something specific about the company. Here is what might come up.

Documents we may request

• Recent business bank statements, if you have not connected by Open Banking
• Proof of the company's trading address
• Identity confirmation for directors or designated members
• Evidence of the company's structure, such as where there are recent changes at Companies House

What we will not ask for

Because we lend to the company and take no personal guarantees, we do not ask directors for personal asset or income statements as security. We are assessing the business, not your personal finances.

Sending documents to us

If we need anything, we will tell you exactly what and why, and give you a secure way to send it. Clear, current and complete documents help us decide faster, so check that names and dates match your Companies House record before you send.

This is business finance for UK limited companies and LLPs, outside the consumer-credit regime, and not covered by the Financial Ombudsman Service or FSCS.

Before applying, check what information to prepare. If the request is about bank data, see how Open Banking speeds up your application and whether to upload statements or connect by Open Banking.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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A soft search retrieves a snapshot of your company's credit profile — payment history, outstanding credit, public filings, and similar data — without recording a visible footprint on the file that other lenders or creditors can see. Only your company can see that a soft search was made.

What information a soft search covers

• County Court Judgements (CCJs) registered against the company.
• Current credit facilities and outstanding balances reported to business credit agencies.
• Payment performance indicators where available.
• Companies House status: active, dissolved, or struck off.
• Director and officer information cross-referenced against public registers.

It does not give us access to your bank account or tax records — those are provided separately by you as part of the application.

When does a hard search happen?

If you proceed beyond the initial assessment and we issue a formal credit decision, a hard search may be recorded. We will tell you clearly before this happens. A hard search is visible to other lenders and remains on your company's credit file for a period, so it is worth being selective about full applications. Our soft-search stage is specifically designed to let you explore your options without that commitment.

Does a soft search affect your credit score?

No. A soft search has no effect on your company's credit score or rating. You can go through our initial eligibility check repeatedly without any impact on your file.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What strengthens a Credicorp application?, How long does a Credicorp approval decision last?, Can I apply if my company has a short trading history?

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Lending is built around the idea that you will repay. Sometimes circumstances change and that becomes harder — a lost contract, a late-paying customer, a sudden cost. When that happens, the most important thing you can do is tell us early.

What we can do

• A payment freeze for a short, agreed period while you sort things out.
• A payment arrangement that spreads the missed amount across the rest of the loan, or extends the term.
• A hardship variation for longer-term changes — see our hardship article.
• Refinancing the existing loan into new terms that better fit your current cash flow.

What you can expect

We do not apply charges that are not in your agreement. We do not chase aggressively. We do not pass the loan to a third party for collection without first trying to agree something with you. If vulnerability is in the picture, the file is routed to our customer-care team and treated according to our vulnerability policy.

Free help

Independent advice for businesses is available from Business Debtline (businessdebtline.org, 0800 197 6026). You do not need our permission to speak to them. For a full guide on the support we offer, see help if you are struggling to make a payment.

See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.

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Credicorp is a business lender. We provide finance only to UK limited companies and LLPs for genuine business purposes. Lending of this kind falls outside the regime that governs consumer credit, which is why you will see us described as an exempt business lender.

What "exempt" means here

Consumer-credit rules are designed to protect individuals borrowing for personal reasons. Because our borrower is always a company or LLP, and the purpose is always business, that framework does not apply to our agreements in the same way.

What this means for you

• Our agreements are not regulated consumer-credit agreements
• There is no recourse to the Financial Ombudsman Service
• The finance is not covered by the Financial Services Compensation Scheme (FSCS)
• We lend to the company, and take no personal guarantee from directors

What stays the same

Being exempt does not mean we lend carelessly. We still aim to lend responsibly, present clear offers showing the rate, term and repayments specific to your business, and treat your data in line with UK data protection law. If something goes wrong, you can still raise it with us directly through our complaints process.

If you are unsure whether business finance is right for your company, take time over the decision and ask us anything before you accept.

See also: Which business types can apply to Credicorp?, Can a sole trader or ordinary partnership apply?, What is an exempt business lender?.

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The Key Information Sheet (KIS) is a short summary of your loan that we give you before anything is signed. This is business lending to a limited company, so it is not a regulated consumer document — but we use a clear, one-page summary anyway, because you should be able to see the whole deal at a glance.

What it covers

• Who the lender is and how to reach us.
• The amount the company would borrow and the term.
• The total amount payable and the total cost of the credit.
• The fees that apply and when.
• The repayment schedule.
• The 14-day withdrawal period we offer as a matter of policy, beginning the day after the agreement is signed.
• The right to settle early.
• What happens if a payment is missed.
• How to complain and where to find free, independent business debt advice.

What it does not replace

The KIS is a summary. The full terms are in the Business Loan Agreement itself, which you also see before signing. The two documents say the same things; the KIS sets them out in plain English on one page, the agreement sets them out in full.

You can download the KIS as a PDF and keep it. If you would like to talk it through before signing, please contact us — we are happy to do that on the phone or by email.

See also: What the Key Information Sheet (KIS) shows, I am a returning customer — do I need to do the whole application again?, What does Credicorp do if I become unable to pay?.

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Accepting your offer is the point at which your company commits to the finance. Up to then, nothing is binding. Once you accept, we move into setting the facility up so your business can use it.

Confirming the agreement

You confirm acceptance of the offer, which sets out the rate, term and repayments specific to your business. Because the borrower is the company, the agreement is between Credicorp and your limited company or LLP, and no director personal guarantee is taken.

Setting up the facility

• We finalise the details and prepare the account
• We confirm where funds will be sent, normally your company's business account
• We set out how and when repayments will be collected

Receiving the funds

Once setup is complete, we arrange for the funds to reach your business. The exact timing depends on the product and your bank.

Managing the account

From there you can manage the facility through your account, where you will find your statements and repayment details. If anything changes for your business, contact us early.

This is business finance outside the consumer-credit regime, so it is not covered by the Financial Ombudsman Service or FSCS.

See also: What happens after you accept an offer, I have an offer but don't want to go ahead — what now?, Why might an application be declined?.

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Where Open Banking is offered it can be the quickest route, but it is optional and never the only route. Uploading your statements yourself is fully supported — for many applicants it is the default. If you are not using Open Banking — your bank does not support it, the connection failed, you would rather not, or you do not have online banking — you can upload PDF or CSV statements straight into the application.

What we need

We need the last six months of statements on the business bank account that the loan would be paid to. They should be:

• downloaded directly from your bank as PDFs (not screenshots and not photographs);
• complete months, not partial windows;
• uploaded into the application — there is a step for this.

What happens next

Once uploaded, the statements are read and categorised by our system in the same way as Open Banking data, and the decision continues from there. The only practical difference is timing: PDF processing takes a little longer than a live connection, so the same-day-decision window is narrower.

If you have a partial set of statements (for example because the bank only lets you download three months in one go), upload what you have and use the in-application chat to tell us. We will follow up rather than block the application.

See also: Do I upload bank statements or connect by Open Banking?, How long does a lending decision take? and How we verify your company's bank statements with Open Banking.

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Many businesses use a trading name that is different from their registered company or LLP name. That is completely normal, and it does not stop you applying. The important thing is that the application is in the name of your registered legal entity at Companies House.

Registered name versus trading name

Your registered name is the official one on the Companies House record and on your loan agreement. Your trading name is what customers might see day to day. We lend to the registered entity, so that is the name and registration number we need.

• Apply using your registered company or LLP name and number.
• You can tell us your trading name so things match your bank activity.
• Make sure your directors or members match the registered record.

Why this avoids delays

If your bank statements or paperwork show a trading name, letting us know how it links to the registered entity helps us reconcile everything quickly. Mismatches that are not explained can slow the assessment.

Good to know

The loan is to the registered company or LLP, with no personal guarantees from directors or members. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If your offer is approved, the rate and term are shown there.

See also: Can a co-director apply with me?, Our structure changed — does that affect our application?, Updating your registered company details.

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We confirm your company against the Companies House register, so if your business has recently changed name, address, or its directors or members, those changes need to be reflected on the register for our checks to match cleanly.

Changes that can affect an application

• A new company name
• A change of registered office or trading address
• Appointing or removing a director or designated member
• Changes to persons with significant control

Update the register first

Where you can, file the change at Companies House and let it appear on the public record before you apply. If what you enter does not match the register, our verification can stall and we may come back to you for confirmation.

If a change is still in progress

If a change has been filed but not yet shown, it is usually best to wait until it appears. If timing matters, contact us and explain the situation so we can advise on the right moment to apply.

Keeping your record accurate also protects your company, by making it harder for anyone to apply in your name without authority. This is business finance for UK limited companies and LLPs, outside the consumer-credit regime and not covered by the Financial Ombudsman Service or FSCS.

See also: Updating your registered company details, Our structure changed — does that affect our application? and How arrears affect your company's future borrowing with us.

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You do not need to prepare a thick folder of paperwork to apply. Most of what we need we can verify electronically. Still, having a few details to hand keeps things moving and reduces the chance we come back to you mid-decision.

About your company

• Your registered company name and Companies House number
• Your registered office and trading address
• The nature of your business and what the finance is for

About the people

• Details of directors or designated members, matching Companies House records
• Contact details for whoever will manage the account

About your finances

• Access to your business bank account, ideally one you can connect by Open Banking
• An idea of the amount and the purpose, so we can match you to Flex or Slice

We do not ask for personal guarantees and we lend to the company, so you will not need personal asset statements from individual directors. If we need anything extra after you apply, we will tell you exactly what and why. Because this is business finance outside the consumer-credit regime, the Financial Ombudsman Service and FSCS do not apply, and we set that out during the journey.

See also: What information do I need to apply for Slice?, What information do I need to apply for Flex? and What's the difference between applying as a Ltd and an LLP?.

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Open Banking is a UK-regulated framework that lets you give a regulated firm permission to do one of two things with your bank account: read your statements (an AISP service) or initiate a payment on your behalf (a PISP service). It was introduced by UK competition rules and is supervised by the Financial Conduct Authority.

How we use it

Where it is offered, you can choose to connect your account through Open Banking read-only, via a regulated AISP, so we can look at your business bank statements. It sits alongside — it does not replace — uploading your statements yourself, which is a fully supported route and the default way to share them. If you connect, the information we see is the same as an upload — six months of transactions on the business account — but it comes straight from your bank, so there is nothing to upload and nothing to mistype.

Is it safe?

• You authorise the connection through your own bank's login screen. We never see your banking password.
• The connection is read-only. An AISP cannot move money out of your account, even if it wanted to.
• You can revoke the connection at any time, either inside our portal or directly in your bank's app.
• Every regulated AISP is on the FCA register and has to meet strict security and conduct rules.

You can always upload instead

Open Banking is optional, and it is only available on some applications. Uploading your statements yourself is a fully supported route — for many applicants it is the default — so you can simply upload PDF or CSV bank statements straight into the application. The decision uses the same information; it just takes a little longer because the files need to be processed. Our Our Technology and How We Lend pages explain the full picture.

See also: How does Open Banking speed up my application?, Do I upload bank statements or connect by Open Banking?, Which business bank accounts can I connect?.

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The Financial Conduct Authority (FCA) is the UK regulator for most consumer-facing financial firms. It maintains a free, public register at register.fca.org.uk where you can look up any regulated firm by name or by its Firm Reference Number (FRN).

Why it matters to you

The register tells you:

• whether a firm is currently authorised;
• what permissions the firm holds (what it is allowed to do);
• the firm's address and contact details;
• any disciplinary history.

If you ever want to verify that you are dealing with the genuine Credicorp Limited, the first stop is Companies House (company number 16093826); the FCA register lists firms authorised for consumer-facing activities. The FCA's ScamSmart warnings list also flags clone firms — people imitating real lenders. If anything you receive does not match what is on the register, please contact us using the details on this site before acting on it.

Our framing

Credicorp Limited provides commercial lending to UK incorporated bodies corporate, which is outside FCA consumer-credit regulation because a company is not an individual or a relevant recipient of credit under Articles 60B and 60L of the FSMA Regulated Activities Order 2001; Credicorp is not authorised or regulated by the FCA for consumer-credit lending and this product is not covered by the Financial Ombudsman Service or the FSCS. The firm's regulated status and FRN — where applicable — are stated on the relevant regulatory page on this site. If a particular product is offered under a different permission, that is stated in the product's own pre-contract information.

See also: What is the exempt business lending market?, Do all directors need to approve the application?, How to read your Key Information Sheet (KIS).

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Most delays are avoidable. Understanding what can hold up a decision lets you prepare in advance and keep the process moving.

Common causes of delay

• Mismatched company details: The name, registration number, or address you enter must match Companies House exactly. Discrepancies trigger a manual check.
• Manual bank statement uploads: PDF statements take longer to process than an Open Banking connection. Scanned or low-resolution files may need to be re-submitted.
• Accounts more than 12 months old: If your most recent filed accounts are out of date, we will ask for management accounts, which adds time if these are not already prepared.
• Missing signatory authority: The person completing the application must be authorised to bind the company. If they are not listed as a director at Companies House, we will need written confirmation.
• Queries from our credit team: For larger amounts or shorter trading histories, an underwriter may contact you for clarification. Responding promptly keeps things on track.

How to keep your application moving

Use Open Banking rather than uploading statements, double-check your Companies House details before you start, and have management accounts ready if your last filed accounts are more than a year old. Keep an eye on your inbox and your Credicorp dashboard during the review period — we will flag any outstanding items there.

Slice and Flex applications

A Credicorp Slice application is usually simpler because the invoice defines the amount; attach a clear copy of the bill from the outset. For a Flex facility, having at least six months of clean banking history available will generally avoid further queries.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How long does a business loan application take?, What documents do I need to apply?.

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The strongest applications combine clean, current financial records with a clear narrative about why the company needs finance and how it will service the repayments. None of these require a perfect credit history — they require honesty and preparation.

Documentation that speeds up a decision

• At least three months of business bank statements, with the account name matching your registered company.
• Filed accounts from Companies House, or management accounts if your year-end is recent.
• A consistent trading address and up-to-date officer information on Companies House.
• VAT returns where applicable — these confirm turnover independently of your bank statements.

The narrative elements that matter

Underwriters are not just reading numbers — they are forming a view of the company. A brief, clear statement of purpose (see our article on applying for a specific purpose) removes ambiguity. If there are blemishes in your history — a late payment, a period of low turnover, a previous CCJ that has since been satisfied — address them directly rather than hoping they go unnoticed. A short explanation is far better than a surprise discovery mid-process.

Signals that weigh in your favour

• Revenue that is growing or stable over the past six months, visible in bank statements.
• A clear relationship between the amount requested and your typical monthly turnover.
• No outstanding CCJs, or CCJs that are satisfied and explained.
• A loan amount proportionate to the stated purpose.
• Directors with a consistent and verifiable address history.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can I apply if my company has a short trading history?, What does a soft search show on your company credit file?, Does stating a specific purpose help my application?

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Credicorp lends to both UK private limited companies (Ltd) and limited liability partnerships (LLPs). The application is broadly the same for either, but a few details differ because the two structures are set up differently at Companies House.

What's the same

• The loan is to the business, not to any individual. We do not take personal guarantees from directors or members.
• You'll need your Companies House registration number and details of who is applying.
• We look at trading activity, how money moves through the business, and the purpose of the funds.
• Both Credicorp Flex and Credicorp Slice are available, and the rate and term appear in your offer.

What differs

A limited company is owned by shareholders and run by directors, so we identify the directors and significant shareholders. An LLP is run by its members, so we identify the members, including designated members. The person who starts the application should have authority to take on borrowing for that structure.

Outside the consumer regime

Whichever structure you use, this is exempt business lending. It is not covered by the Financial Ombudsman Service or FSCS. Sole traders and individuals cannot borrow from us, because we only lend to incorporated businesses. If you are unsure which structure your business uses, your Companies House record or your accountant can confirm it.

See also: What information should I have ready before I start?, Who can hold a Credicorp account?, Why do you check Companies House details?.

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Our mobile experience is a progressive web app — a website that looks and feels like a native app once you add it to your phone's home screen. Open credicorp.co.uk/app on your phone to use it.

Adding it to your phone

On iPhone, open Safari, go to credicorp.co.uk/app, tap the Share icon, and choose Add to Home Screen. On Android, open Chrome, go to the same address, open the menu and choose Add to Home screen. After that, it behaves like any other app on your phone — its own icon, full-screen mode, and push notifications if you opt in.

What you can do in it

• Track your application and read messages from us.
• Sign documents, including the Key Information Sheet (KIS) and the Business Loan Agreement.
• Make a payment.
• See your statements and download them as PDFs.
• Reach our support team through the in-app chat.

The full portal

If you would rather use a desktop browser, the same portal is at credicorp.co.uk/portal. Everything in the mobile app is in the desktop portal too — they share the same account and the same data. Use whichever suits you.

See also: How to access your customer portal, Why does cashflow get tighter when my company is growing?, What happens after I accept my offer?.

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When you connect by Open Banking, you choose your bank from a list and log in through that bank's own secure screens. Most UK business current accounts are supported because Open Banking is a UK-wide standard that the major banks take part in.

What works best

• A business current account in your company's name
• The account your company actually trades through day to day
• An account you have online or app access to

Use the company's main account

Connect the account where your real trading happens, not a dormant or rarely used one. We are trying to understand how the business operates, so a quiet account gives us an incomplete picture and can slow your decision.

If your bank is not listed

If you cannot find your provider or the connection will not complete, you can upload recent business bank statements instead. Reviewing documents takes a little longer, but it lets us move forward.

Personal accounts

We need to see the company's finances, so a director's personal account is not a substitute. Because we lend to limited companies and LLPs only, the account should belong to the business. This is business finance outside the consumer-credit regime and is not covered by the Financial Ombudsman Service or FSCS.

See also: How long does a lending decision take?, Do I upload bank statements or connect by Open Banking? and What happens if I cannot connect my bank?.

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Credicorp is a business lender. We provide finance to UK limited companies and limited liability partnerships (LLPs) for genuine business purposes. The borrower is always the company or LLP itself, never an individual.

Who can apply

• Private limited companies (Ltd) registered at Companies House
• Limited liability partnerships (LLPs) registered at Companies House

Who cannot apply

• Sole traders and self-employed individuals
• Ordinary (unincorporated) partnerships
• Private individuals borrowing for personal reasons
• Charities, clubs and unincorporated associations

Because we lend to incorporated entities for business purposes, our lending sits outside the FCA consumer-credit regime. That means it is not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS). We explain this clearly during the application so you know how your finance is regulated.

Why the company is the borrower

We assess and lend to the business as a legal entity. We do not take personal guarantees from directors, so the obligation to repay sits with the company. If you are unsure whether your structure qualifies, the quickest check is your Companies House registration: if your business has an Ltd or LLP company number, you are eligible to apply for Credicorp Flex or Credicorp Slice. You can check your eligibility in a couple of minutes before you start a full application.

See also: Does Credicorp lend to sole traders or individuals?, Who can apply for Credicorp Slice? and Can a sole trader or ordinary partnership apply?.

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Because Credicorp lends to the company — not to any individual director — the application must be completed and signed off by someone with the legal authority to bind the company to a financial agreement.

Who qualifies

• Registered directors: Anyone listed as an active director at Companies House has the authority to apply on behalf of the company.
• Company secretaries and authorised signatories: If your company has formally authorised someone other than a director to enter financial contracts, they may apply, but we will ask for evidence of that authority (for example, a board resolution).
• LLP designated members: For LLPs, designated members have equivalent authority.

Multiple directors

If your company's articles require two directors to authorise financial commitments above a certain threshold, both will need to countersign the loan agreement. This is uncommon for smaller facilities but worth checking your articles before you start. Our agreement process supports electronic signatures, so a co-signature can be obtained quickly.

What we verify

We cross-reference the applicant's name against the Companies House register as part of the standard check. If there is a discrepancy — for example, your name at Companies House differs from the name on your ID — resolving it before you apply will avoid delays.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What slows down a business finance application?, What documents do I need to apply?.

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Companies House is the UK's official register of companies and LLPs. Because we lend only to incorporated businesses, it is our natural starting point for confirming who you are.

What we confirm

• That your company or LLP is registered and active
• Its registered name, number and registered office
• The current directors or designated members
• Persons with significant control, where relevant

Why it matters for you

Confirming these details protects your business. It helps make sure that the people applying have the authority to commit the company, and it reduces the risk of someone applying in your company's name without permission.

Keep your record current

If your Companies House record is out of date, our checks may not match what you enter and your application can stall. Before applying, it is worth confirming that your registered office, director list and company name on the register are accurate. If you have recently appointed or removed a director, allow the change to appear on the public register first.

We lend to the company itself and take no personal guarantees from directors. As business finance outside the consumer-credit regime, this lending is not covered by the Financial Ombudsman Service or FSCS.

See also: Keeping your company details current with us during the term, Does my company's filing status at Companies House matter? and Applying as a newly incorporated company.

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Part of applying is telling us what the finance is for. This is not a formality. The purpose helps us match you to the right product and lend in a way that genuinely supports the business.

Why purpose matters

• It helps us recommend Credicorp Flex or Credicorp Slice
• It lets us shape an offer that fits how the cost will fall
• It supports responsible lending by checking the finance suits the need

Business purposes only

Because we lend only to limited companies and LLPs for business purposes, the finance must be for the business, not for personal use by a director. Common purposes include managing cash flow, buying stock, covering equipment, or bridging a timing gap between work done and payment received.

Be straightforward

A clear, honest description of the purpose helps us help you. If your plans change after you apply, tell us, because the right product for one purpose may not be the best fit for another.

The rate, term and repayments in any offer are specific to your business. This is business finance outside the consumer-credit regime, with no director personal guarantee, and is not covered by the Financial Ombudsman Service or FSCS.

See also: How do you decide whether to lend to my business?, Can I save my application and finish it later?, Why might an application be declined?.

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Many business lenders ask directors to personally guarantee a company's borrowing, which can put a director's own assets at risk if the company cannot repay. Credicorp does not do this. We lend to the company, and the obligation to repay sits with the company.

What this means for you

• You are not asked to sign a personal guarantee as a director
• The agreement is between Credicorp and your limited company or LLP
• We assess the business, not your personal finances as security

How it shapes our assessment

Because we are relying on the company rather than a director's personal backing, our decision focuses closely on how the business trades and whether it can comfortably repay. That is why connecting your business account by Open Banking, and keeping your Companies House record current, matters so much.

Directors' responsibilities

Not taking a personal guarantee does not change a director's normal duties to act properly on behalf of the company. The person applying still needs the authority to commit the business.

This is business finance for UK limited companies and LLPs, outside the consumer-credit regime, and not covered by the Financial Ombudsman Service or FSCS.

See also: Do all directors need to approve the application?, How do you decide whether to lend to my business?, What documents might you ask me to provide?.

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If we are unable to offer finance, it is because, on what we have seen, the lending would not be the right outcome for your company. We make these decisions to protect your business as much as ours.

Common reasons

• The applicant is not a UK limited company or LLP
• Too little trading history for us to assess confidently
• Business credit information that suggests now is not the right time
• The company's records at Companies House do not match what was entered
• We could not verify the business finances through Open Banking or statements

What you can do

Check that your Companies House details are current, make sure you connect the account your company actually trades through, and confirm the amount and purpose genuinely fit the business. Sometimes a cleaner picture changes the outcome.

If you disagree

We will explain the headline reasons where we can. Because this is business lending outside the consumer-credit regime, there is no recourse to the Financial Ombudsman Service or FSCS, but you are welcome to contact us to discuss the decision or ask for the information we hold about your company.

See also: Can I save my application and finish it later?, How do you decide whether to lend to my business?, Can I withdraw my application before a decision?.

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When you apply, we assess your company's ability to take on and repay business finance. Part of that involves looking at credit information held about the business. It is reasonable to want to understand what this means for your company's profile before you apply.

What we check

• Information about the company held by business credit reference agencies
• Your trading activity, which you share through Open Banking or statements
• Companies House records to confirm the company and its officers

Company versus personal credit

We lend to the company, not to you as an individual, and we do not take personal guarantees from directors. Our core assessment is about the business as a legal entity rather than the personal credit files of its directors.

Footprints

Searches can leave a record on a company's business credit file, in the same way they do for any commercial finance enquiry. A single, well-considered application is a normal part of running a company. We will be clear at the point of application about the checks involved so there are no surprises.

Because this is business lending outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS. If you want a copy of the information we hold, you can ask us at any time.

See also: How do you decide whether to lend to my business?, What documents do I need to apply?, Our structure changed — does that affect our application?.

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Changing accountants does not disqualify your company, but it can prompt questions if it creates a gap in your financial records or leaves recently filed accounts unsigned. Being upfront about the change and providing bridging documentation will resolve most concerns quickly.

Why underwriters notice an accountant change

When we review your application, we look at the continuity and consistency of your financial records. A change of accountant mid-year may mean that management accounts are prepared in a different format, or that there is a period not yet covered by any professional sign-off. That gap is not a red flag in itself — we simply need to understand what happened and when.

Documents that help bridge the gap

• A brief note from your new accountant confirming they have taken on the engagement and the date from which they are responsible.
• Management accounts or a profit-and-loss summary covering the transition period.
• Bank statements that overlap with your last set of filed accounts, so the revenue picture is unbroken.
• Your most recent filed accounts from Companies House, even if prepared by your previous firm.

Timing your application

If you have recently changed accountants and your new firm is still onboarding your records, it may be worth waiting a few weeks until they can produce even a brief set of management accounts. That said, if the need is urgent — for example, a supplier invoice due under Credicorp Slice — apply now and let us know the context. We will work with what you have.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can I apply if my company has a short trading history?, What strengthens a Credicorp application?, How long does a Credicorp approval decision last?

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The application is designed to be quick and largely self-service, so much of it you complete online at your own pace. That said, you are never on your own, and there are points where speaking to us helps.

What you do yourself

• Entering your company details
• Choosing between Credicorp Flex and Credicorp Slice
• Connecting your business account by Open Banking
• Reviewing and accepting your offer

When we may get in touch

We may contact you if we need to confirm something, such as a document, an authority to apply, or a detail that does not match your Companies House record. If anything in your application needs a closer look, we will reach out rather than simply decline.

When you can reach us

If you have a question at any stage, you can contact us for help, whether that is choosing a product, sorting out an Open Banking connection, or understanding your offer. We would rather you ask than guess.

We lend only to UK limited companies and LLPs, the loan is to the company with no director personal guarantee, and this is business finance outside the consumer-credit regime, not covered by the Financial Ombudsman Service or FSCS.

See also: How do I check the status of my application?, Can I withdraw my application before a decision?, Do all directors need to approve the application?.

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Part of our lending decision is automated, and the outcome is authoritative — but it is never the final word if you disagree. Under Article 22 of the UK GDPR you have the right not to be subject to a solely automated decision that significantly affects you, and to ask for a person to be involved. This article explains how to use that right.

What you can ask for

• A human re-review. A member of the lending team re-examines the application, taking into account anything you want to add.
• An explanation. We will set out, in plain English, the main factors that drove the outcome. We cannot disclose model internals that would help someone game our fraud controls, but you are entitled to understand the reasons.
• A contest with new evidence. If something has changed or was missed, you can submit further evidence. Contests go to a senior underwriter who did not take the original decision.

How to ask

Open the support tab in your customer portal and tick the option that says your message concerns an automated decision. That routes it straight to the right team rather than the general queue. If you would rather not use the portal, you can email Support from the address registered to the account, or use the General Support Enquiry form and tell us it relates to an automated lending decision.

How long it takes

We respond to a request about an automated decision within two business days. If your contest needs a senior underwriter to look at fresh evidence, we will tell you that and keep you updated rather than leave you waiting in silence.

What it does not do

Asking for a review does not count against you and does not affect any future application. It also has no effect on the director's personal credit file — this is business lending to the company, and asking us to look again is simply part of being treated fairly. A review may confirm the original outcome, adjust it, or change it; what matters is that a person genuinely looks.

If the outcome was a decline

A decline is meant to be honest and specific, not a closed door. As well as asking for a review, it is worth reading what happens if your application is declined, which covers the common reasons and how to come back with a stronger application. And if a smaller amount might have worked, see why your company might be offered less than it asked for.

See also: Can I find out why I was declined?, Can I reapply after a decline?, Does a CCJ against my company affect eligibility?.

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Once an offer has been issued, the terms — including the loan amount, repayment term, and any conditions — are set on the basis of the assessment carried out at that point. Whether a change is possible depends on the nature and scale of what you want to alter.

Minor reductions in loan amount

If you want to borrow less than the offered amount, this is generally straightforward to accommodate without a full re-underwrite, provided the purpose and repayment term remain the same. Contact us before drawdown and we can issue an amended offer. As an illustration, if you were offered £150,000 but now need only £110,000, that kind of reduction is typically handled administratively — this is illustrative and not a quote.

Increases to the loan amount

A request to borrow more than the amount in the existing offer requires a fresh assessment. Affordability and bureau checks are run at a specific point in time, and an increase in borrowing changes the risk profile materially enough that we cannot simply extend the existing offer. The new assessment will use data current at the point you request it, which may result in the same, a better, or a less favourable outcome than the original.

Changes to repayment term

Shortening the term increases the monthly repayment, which may push the facility outside the affordability parameters used in the original assessment. Extending the term reduces the monthly cost but increases total interest payable and may change the pricing. Both scenarios typically require at least a partial re-review. If you are considering a term change, contact us before the offer expires so we can advise on the quickest path to revised terms.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How long is a loan offer valid?, How long does a lending decision take?.

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Yes. If we could not make an offer to your limited company or LLP, you can ask us to explain the main factors behind the decision. We want you to understand the outcome rather than be left guessing.

What we can share

We can tell you the principal reasons the assessment did not support an offer, in plain terms. Examples include limited headroom against existing commitments, irregular income, or a requested amount that was large relative to trading.

What we cannot share

We cannot hand over the exact internal scoring or model weightings, as that would not be meaningful and would risk the integrity of the assessment. But the explanation will be specific enough to be useful.

How to ask

• Contact our support team and quote your application reference
• Ask for the main reasons behind the decision
• If you believe relevant information was missing, ask for a human review

Credicorp is an exempt business lender to UK companies and LLPs. The Financial Ombudsman Service and FSCS do not apply, but we will always explain a decision when you ask.

See also: Is my loan decision made by a computer?, Can I ask a person to review an automated decision?, What to do if your business-loan application is declined.

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Yes. A decline reflects one application at one moment, so your limited company or LLP can apply again in future. The key is to reapply when something meaningful has changed.

When reapplying makes sense

• Your trading has become steadier or stronger
• You have reduced or cleared existing commitments
• A temporary issue, such as a returned payment, is now well behind you
• You can now connect a business bank account you did not before

When to wait

Reapplying immediately with the same information usually produces the same result. If nothing has changed, give the business time so the picture genuinely improves before trying again.

Make the next application count

• Request an amount that comfortably fits your trading
• Ensure your company details are accurate and current
• Provide a complete picture so the assessment is not working with gaps

Credicorp is an exempt business lender to UK companies and LLPs only. The Financial Ombudsman Service and FSCS do not apply.

See also: Understanding a decline, Does a previous decline stay on record when I re-apply?, How to prepare your company before you apply.

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A decline is not a permanent bar. You are welcome to reapply, and many companies that were declined at one point subsequently receive an offer once their circumstances change. The key is understanding what drove the original decline and addressing it before reapplying.

How long should I wait before reapplying?

There is no fixed mandatory waiting period, but reapplying immediately after a decline rarely changes the outcome because the underlying data will not have shifted. As a general guide:

• If the decline was due to trading history, wait until another set of management or filed accounts is available that demonstrates a longer track record.
• If the decline was due to a CCJ or default, wait until that adverse entry is satisfied and the correction is reflected in bureau records — this can take four to six weeks after settlement.
• If the decline was due to affordability, a meaningful improvement in revenue or reduction in existing debt obligations will strengthen a fresh application.

What changes between applications

When you reapply, we run a fresh assessment using data current at the point of the new application. A previous decline does not carry a weighting in our model — each application is assessed on its own merits at the time it is reviewed. However, if multiple applications are submitted in quick succession, bureau data may record the enquiries, which can themselves be a signal worth being aware of.

Should I contact us before reapplying?

If you are unsure whether the circumstances that led to the decline have sufficiently changed, you are welcome to contact our team before submitting. We cannot pre-approve an application in advance, but we can often tell you whether the specific reason for your decline is something that a reapplication could now address.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Why was my application declined?, What data do you use to make a lending decision?.

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A county court judgment (CCJ) against your limited company or LLP does not, on its own, rule you out. It is one signal the assessment weighs alongside everything else it can see about how the business trades. We do not operate an automatic decline for a company with a CCJ on record.

How a CCJ is weighed

The decision engine reads a CCJ in context rather than treating it as a single pass-or-fail flag. The same judgment can carry very different weight depending on the wider picture of the business.

• How recent the judgment is, and whether it has been satisfied or settled
• The size of the judgment relative to how your company trades
• Whether it looks like a one-off event or part of a pattern of missed commitments
• How the business has handled its obligations since the judgment was registered

A small, older, satisfied CCJ against a company that has traded steadily since carries far less weight than several recent unsatisfied judgments against a business already under strain. No single entry decides the outcome by itself — the engine looks at the signals together. You can read more in how our AI decision engine works.

What context helps

If your company has a CCJ, the most useful thing you can do is let the assessment see the full, current picture so the judgment is read fairly.

• Connect your main business bank account so recent, healthy trading is visible
• Make sure the judgment is marked as satisfied on the register if you have paid it
• Keep your other commitments up to date and run income through the business account
• Choose a borrowing amount and term that sit comfortably against current trading

These are the same honest steps that support any application — there is more in what can strengthen your application. A CCJ sits alongside your other obligations, so it helps to understand how existing debt affects the decision too.

If the CCJ tips the balance

Where a judgment leaves the overall picture finely balanced, the application may be referred for a closer human look rather than declined outright — see what a referred application means. At that stage you can add context the data does not show, such as a dispute that was resolved or a one-off issue that has since passed.

If we still cannot make an offer, we will explain the main reasons when you ask, and a CCJ will not be the whole story on its own.

Important to know

Credicorp lends only to UK limited companies and LLPs for business purposes, as a lender rather than a broker. We assess judgments registered against the company, not against you personally, and we never take personal guarantees from directors. As an exempt business lender we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

See also: Can I ask a person to review an automated decision?, Can I find out why I was declined?, Can I reapply after a decline?.

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It is a fair question. If we do not take a personal guarantee, why would a director's personal credit matter at all? The short answer is that the lending decision is about the company, not the director. We lend to your limited company or LLP, the obligation to repay sits with the company, and we do not rely on a director's personal finances as security. For the background to that approach, see why we do not take a personal guarantee.

What the decision is actually based on

The assessment looks at how the business trades and whether it can comfortably repay. The signals that carry weight are company-level: your trading activity through the business account, your filed Companies House record, and business credit information about the commitments the company already holds. These are the things that shape the outcome and the amount we can offer. You can read more in what information the decision uses and why a credit search is part of the decision.

So is a director's personal credit file pulled?

The credit search that feeds the decision is a business search, recorded against the company rather than against any director personally. We are not assessing a director's personal credit score as the basis for lending, and we do not place a guarantee on a director's own assets. That is the whole point of lending to the company.

Where a director still comes into it

A couple of director-level checks are separate from credit scoring and exist for good reason:

• Identity and authority. We confirm who is applying and that the person has the authority to commit the business. This is verification, not a judgement on personal borrowing.
• Public director information. Matters such as a current disqualification, or director details filed at Companies House, can be relevant to whether the company itself is sound to lend to. This looks at the business, not a personal credit rating.

None of this turns into a personal guarantee, and none of it puts a director's home or personal savings on the line for the company's borrowing.

Keeping it fair and consistent

Because the decision is driven by the business rather than by anything about a director as an individual, similar companies are treated in a similar way. If you believe an outcome relied on incorrect information, you can ask us to explain the main reasons and request a human review. See is the decision fair and unbiased and how to ask for a human review.

Credicorp is an exempt business lender to UK limited companies and LLPs. This is business finance outside the consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply, and internal review is the route for challenging an outcome.

See also: Can I find out why I was declined?, Can I reapply after a decline?, Does a CCJ against my company affect eligibility?.

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Not every adverse event carries the same weight. Some are read in context alongside everything else about how your company trades; one, a live winding-up petition, is close to a hard stop. This article is honest about that difference, because there is little point letting you apply for finance the assessment is almost certain to refuse.

A live winding-up petition is treated very differently from a CCJ

A winding-up petition is a formal court application by a creditor to have your limited company compulsorily liquidated — closed down and its assets distributed. It is one of the most serious things that can sit against a company, and it is a different order of signal from a county court judgment. A CCJ records a debt; a winding-up petition is an active attempt to end the company itself.

Where a CCJ is one input among many that the engine weighs in context — see whether a CCJ against your company affects eligibility — a current, undischarged winding-up petition will, in almost all cases, mean we cannot make an offer. Lending fresh money to a company that a creditor is actively trying to wind up would not be responsible, and in practice the company's bank account is often frozen once a petition is advertised, so the funds could not be used as intended anyway.

What the assessment is actually checking

The decision looks for whether a petition is live and unresolved rather than treating any historical mention as permanent. The position can change, and the engine reads the current state.

• Whether a petition has been presented and is still outstanding against the company
• Whether it has been dismissed, withdrawn, or the underlying debt settled
• How the company's bank account and trading look right now from Open Banking data
• Whether the wider picture suggests a one-off dispute or genuine, ongoing insolvency

If a petition has been properly dealt with and the company is trading again, that is a materially different situation from a petition that is still in force. We assess where things stand today, not where they stood at the worst moment.

How CCJ history fits in

CCJ history, by contrast, is rarely an automatic refusal on its own. A small, older, satisfied judgment against a company that has traded steadily since carries far less weight than several recent unsatisfied ones, and judgments sit alongside your other obligations rather than overriding them. The detail is in the CCJ eligibility article and in how existing debt affects the decision. A pattern of recent judgments can, of course, tip a finely balanced application towards a referral or a decline — but a single historical CCJ usually will not.

If a petition has been resolved

If a winding-up petition against your company has been dismissed or withdrawn and the underlying issue is settled, you are not barred from applying. Let the assessment see the full, current picture: connect your main business bank account so recent healthy trading is visible, make sure any related judgments are marked satisfied, and choose an amount and term that sit comfortably against how the company trades now. Where the overall position is borderline rather than clear-cut, the application may be referred for a closer human look instead of declined outright — see what a referred application means — and that is your chance to add context the data alone does not show.

If your company is genuinely in difficulty

If a petition is live because your company is in real financial trouble, taking on more borrowing is rarely the answer, and our job is not to push finance that makes things worse. The right step is independent advice and, if you already borrow from us, an early conversation about options. Whether a company in a CVA can apply covers formal repayment arrangements, and what happens if your company is wound up or enters administration explains the process and where to get free, confidential help.

Important to know

Credicorp lends only to UK limited companies and LLPs for business purposes, as a lender rather than a broker, and we never take personal guarantees from directors — a petition or judgment is assessed against the company, not against you personally. As an exempt business lender we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

See also: Can I ask a person to review an automated decision?, Can I find out why I was declined?, Can I reapply after a decline?.

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It is sensible to ask how an application affects your company's credit profile before you apply. Here is a straightforward answer for limited companies and LLPs.

What is recorded

When we assess an application we may carry out a business credit search, and that can be recorded against the company. We will tell you the type of search before we run it so there are no surprises.

What is not affected

• Nothing is recorded against any director personally; we take no personal guarantees
• Asking us a question or getting general guidance does not trigger a search

Once you borrow

If you take up an offer, how the company manages the borrowing can become part of its credit picture over time. Meeting repayments on time supports a healthy business credit profile, while missed payments can do the opposite.

Apply with intent

Because a search may be recorded, it is worth applying when you genuinely intend to borrow and have chosen an amount that fits your trading.

Credicorp is an exempt business lender to UK companies and LLPs only. The Financial Ombudsman Service and FSCS do not apply.

See also: Will applying affect my company's credit profile?, Will applying for a Credicorp loan affect my credit file?, Does a director's personal credit affect the decision if there is no personal guarantee?.

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When you apply for a business loan with us, we conduct a search of your company's commercial credit file with one or more UK credit reference agencies. That search is recorded on the company's bureau file and is visible to other lenders who subsequently search the same file.

What type of search do we carry out?

We carry out a full credit search as part of underwriting. Unlike a soft or quotation search, a full search is visible to other commercial lenders. Multiple full searches in a short period can sometimes be interpreted by other lenders as a sign that a company is actively seeking credit from several sources simultaneously, which may affect their assessment. This is a common feature of commercial credit — not unique to our process.

Do we search director personal credit files?

No. Our lending decision is based on the limited company or LLP as a legal entity. We do not run a personal credit search on directors, and we do not require a director personal guarantee as a condition of lending. The search is a company-level commercial enquiry only.

How long does a search stay on the company file?

Commercial credit searches typically remain visible on a company's bureau record for twelve months from the date of the search, after which they drop off automatically. They do not accumulate as permanent adverse entries. If the application results in a loan being taken, the facility itself will be reported to the bureau as an active credit commitment throughout its term and closed upon full repayment.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What data do you use to make a lending decision?, Can I reapply after a decline?.

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Short answer: the length and continuity of your business banking history give the assessment more to read from, but they are not a pass-or-fail test on their own. We are not counting how many years the account has existed — we are looking at whether the recent record is genuine, complete and steady enough to show how the company trades today.

What "time at bank" actually means here

This is a different question from how long your company has traded or when it was incorporated — those are covered separately in how much trading history we look at. Time at bank means the depth and continuity of the account itself: how many months of real activity are visible, whether the picture runs unbroken, and whether the account you connect is genuinely the one the business runs on day to day.

When you share your account by read-only Open Banking, the connection typically returns several months of history at once. A longer, unbroken run lets the assessment see your full rhythm — busy months and quiet ones, when invoices land, how outgoings fall — rather than a narrow snapshot. That depth makes a decision fairer, because context stops a slow month being misread.

Why continuity helps the read

A continuous account tells an honest, joined-up story. The assessment reads roughly the last six months for the rhythm of income, regular outgoings, and any signs of strain such as repeated returned payments — the same signals set out in how your bank data affects the decision. The more complete that run is, the more confidently those patterns can be read in proportion rather than guessed at.

Gaps are where confidence drops. If trading income runs through one account for part of the period and a different account for the rest, the visible history looks thinner than the business really is. That is not a black mark — it just leaves less to read, which can make an offer more cautious.

What a thin banking footprint means in practice

A thin footprint is any situation with little continuous activity to assess. None of the cases below is an automatic decline — they simply mean the assessment has a smaller record to work from, so it leans more on what it can see and may reflect that in the amount or term offered.

• A newly opened account. The business may trade well, but only a short run is visible yet. A few more months of activity strengthens the read.
• A recent switch. If you have moved bank recently, the new account may only show a short history. Connecting the account with the longest continuous record gives more depth.
• Income routed elsewhere. If takings have flowed through a personal or secondary account, the main business account understates the trading. Running income through it going forward closes that gap.

How much this weighs against everything else

Banking depth is one signal among several, never the whole decision. It sits alongside how the company trades and its business credit file — the full list is in what information goes into a lending decision. A shorter account history can be balanced by strong, regular income and a clean credit record; equally, a long-standing account will not carry an application whose figures do not support the repayments. The single question never changes: can this company comfortably repay this amount.

If your banking history is thin today

Let the assessment see the fullest, most current picture available: connect your main business bank account rather than a secondary one, and choose Open Banking so the history comes through cleanly — see how we verify bank statements and Open Banking. If only a short run is visible right now, building up a few more months before applying often does the most.

Important to know

Credicorp lends only to UK limited companies and LLPs for business purposes, as a lender rather than a broker, and we read your account on a read-only basis — we never move money through the connection. We assess the company, not the director personally, and take no personal guarantees. As an exempt business lender we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply to this borrowing.

See also: Can I ask a person to review an automated decision?, Can I find out why I was declined?, Can I reapply after a decline?.

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Short answer: your industry is read for context, not used as a list of "yes" and "no" sectors. The assessment is built around one question — can this company comfortably repay this amount on this schedule — and the sector you trade in helps it read the rest of your picture sensibly. It is one signal among many, never an automatic decline on its own.

What your SIC code actually is

Your SIC code (Standard Industrial Classification) is the code on your Companies House record that describes what your business does — for example construction, retail, hospitality, professional services or manufacturing. You chose it when you incorporated, and you can hold more than one. We can see it because it is part of the public company record, the same place we read your filings and registered details.

It is worth making sure the code on file genuinely describes what you do day to day. A SIC code that does not match your actual trading — left over from a pivot, or picked quickly at incorporation — gives a slightly misleading first impression and is easy to put right at Companies House.

How the sector is used in the decision

Industry mostly helps the assessment interpret your numbers in context rather than score you up or down by itself. A few examples of what it informs:

• Cash-flow rhythm. Some sectors are paid up front, others wait 30 to 90 days on invoices. Knowing which you are in helps us read your bank account fairly.
• Seasonality. A quiet month for a seasonal trade is normal, not a warning sign — context stops a healthy business being misread.
• Typical patterns. What "steady trading" looks like differs between, say, a wholesaler and a consultancy. The sector frames what normal looks like for you.

None of this overrides the core picture. Strong, regular income through a well-run business bank account speaks far louder than the sector label attached to it. You can see the full list of what we read in what information goes into a lending decision.

Are some industries excluded?

We do not run a simple "computer says no" by SIC code. A small number of activities sit outside what we can lend to for legal or regulatory reasons, or because they fall outside business lending altogether — but the everyday answer for the vast majority of trading companies is that your sector shapes the read, it does not gate it. Two businesses in the same industry can get very different outcomes because their trading, bank behaviour and credit file differ. Equally, the same sector will not save an application that cannot show it can afford the repayments.

If you are worried your sector counts against you

The most useful thing you can do is let the assessment see a complete, current picture so your industry is read in proportion. Connect your main business bank account, keep your Companies House record accurate, and choose an amount and term that sit comfortably against how you actually trade. These are the same honest steps in what can strengthen your application, and they matter more than the code itself. The wider logic is in how our AI decision engine works, and our commitment to consistent outcomes is covered in is the decision fair and unbiased.

Important to know

Credicorp lends only to UK limited companies and LLPs for business purposes, as a lender rather than a broker, and we assess the company rather than the director personally — we take no personal guarantees. As an exempt business lender we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

See also: Can I ask a person to review an automated decision?, Can I find out why I was declined?, Can I reapply after a decline?.

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If you believe our lending decision was reached using incorrect or outdated information — for example a CCJ that was satisfied and not updated on the bureau record, or accounts that were matched to the wrong company — you can ask us to conduct a review. An appeal is not simply a request to reconsider; it works best when there is a specific, evidenced reason to believe the underlying data was wrong.

How to submit an appeal

Contact us in writing by email, referencing your application number and the specific data point you believe to be inaccurate. Include any supporting evidence you have — for example a satisfaction certificate for a CCJ, a letter from a lender confirming a debt was closed, or a screenshot of your bureau report showing a corrected entry. Appeals submitted without supporting documentation are difficult to progress.

What the review covers

Our review will look at whether the data used was accurate at the time of the decision. We are not able to re-run the full underwriting on the basis of new financial information that did not exist at the time — for example, a strong month of trading that occurred after the decision was issued. That scenario is better addressed by a new application once the improved position is reflected in accounts.

Timescale for a review

We aim to provide a response to an appeal within five business days of receiving your written submission and any supporting documentation. If the review finds in your favour and the corrected data materially changes the assessment, we will advise on next steps, which may include issuing a revised decision.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Why was my application declined?, Can I reapply after a decline?.

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The commitments your limited company or LLP already carries are central to any decision. Affordability is about whether new repayments fit alongside what the business is already paying.

Why existing commitments matter

Every existing repayment uses part of the company's monthly cash flow. The more that is already committed, the less headroom there is for new borrowing, which directly affects what we can responsibly offer.

What we look at

• Other finance the company is repaying
• Regular obligations such as leases and supplier terms
• How reliably those commitments are being met

What this means for you

A business with light commitments and steady income usually has more room for an offer. A business already stretched may be offered a smaller amount, a different product, or declined. Reducing existing commitments before reapplying can change the picture.

The repayment in any offer reflects the headroom the assessment found. There is no fixed figure that applies to every company.

Credicorp is an exempt business lender to UK companies and LLPs only. The Financial Ombudsman Service and FSCS do not apply.

See also: Can a company with arrears elsewhere still apply?, How our AI decision engine works and Why a credit search is part of the decision.

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Credicorp offers two products to limited companies and LLPs: Credicorp Flex and Credicorp Slice. They are built for different needs, so the assessment looks at your application with each product's shape in mind.

Why the product matters

Each product repays in a different way, so affordability is judged against that pattern. A business whose cash flow suits one product may be a better fit for the other, and the assessment can reflect that in what it offers.

What this means in practice

• You may be offered one product even if you applied for the other, where it fits better
• The amount that is sustainable can differ between the two
• The terms shown reflect the product as well as your trading

Choosing well

If you are unsure which product suits your needs, our support team can talk you through how each one works before you apply. The right fit makes for a smoother assessment and a more comfortable repayment.

Credicorp is an exempt business lender. The Financial Ombudsman Service and FSCS do not apply.

See also: Why our decision can differ from your bank's, Why your offer amount can change, Why was my company offered less than it asked for?.

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Because the first assessment is automated, many applications from limited companies and LLPs receive an outcome shortly after submission. Some take a little longer when a closer look is needed.

What helps a fast result

• Connecting your business bank account so trading is visible instantly
• Company details that match Companies House records
• A complete application with nothing left blank

What can add time

• Applications referred for a human to review
• Requests for additional documents or clarification
• Information that needs to be verified against other sources

If your application is referred

A referral is not a decline. It simply means a person will look more closely before a final outcome. We will keep you informed and contact you if we need anything further.

Credicorp is an exempt business lender. The Financial Ombudsman Service and FSCS do not apply to this borrowing.

See also: Is the decision fair and unbiased?, Can I ask a person to review an automated decision?, Does how long my company has banked affect the decision?.

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Once we issue a formal loan offer to your company, it is valid for 30 days from the date shown on the offer document. If you do not draw down within that window, the offer lapses and a fresh assessment will be required before we can proceed.

Why offers have an expiry date

Our decision is based on the company's financial position and bureau data at a specific point in time. After 30 days, the picture may have changed — trading conditions shift, new credit commitments may have been taken on, or bureau data may have updated. Refreshing the assessment protects both us and the company from proceeding on the basis of stale information.

What happens if an offer lapses

If your offer expires before drawdown, contact us as soon as possible. In many cases, where nothing material has changed in the company's position, a refresh can be completed quickly — often faster than the original assessment because we already hold much of the background information. There is no automatic penalty for allowing an offer to lapse; it simply means we need to re-verify the current position before issuing a new offer.

Can an offer be extended?

In some circumstances we may be able to extend an offer by a short period if you contact us before the expiry date and there is a specific, documented reason for the delay in drawdown — for example, a property completion date or a supplier lead time. Extensions are considered on a case-by-case basis and are not guaranteed. The 30-day period and any extension terms will be stated clearly on the offer document itself.

Timescales and validity periods described here are illustrative of standard practice; the terms stated in your specific offer document take precedence.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How long does a lending decision take?, Can I change the loan amount after receiving an offer?.

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One of the most useful things to understand about borrowing from us is that your history matters. We are not only looking at a snapshot; we are building a picture of how your company manages credit. Repaying on time is the strongest signal in that picture.

Why a track record helps

When a company borrows a sensible amount and repays on schedule, it demonstrates — with evidence rather than promises — that it can comfortably carry that level of credit. That demonstrated affordability is exactly what our assessment is built to recognise, so over time a larger amount can become available to a business with a strong record.

What it does not mean

How to build a strong record

• Borrow what you need rather than the maximum, and keep to the schedule.
• If a payment is going to be tight, tell us early — agreeing an arrangement in advance is far better than a missed payment.
• Keep your business bank connection or statements up to date so we can see the current picture.

This is also why a returning customer can get a different outcome from last time. Nothing here is a guarantee, and every offer is shown in full before you commit. Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Can I ask a person to review an automated decision?, Can I find out why I was declined?, Can I reapply after a decline?.

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When your limited company or LLP applies to Credicorp, the application is assessed by an automated decision engine. It reads the information you provide and the data sources you connect, then weighs them against our lending criteria to reach a consistent outcome.

What the engine is doing

The model is looking for a realistic picture of how your business trades and whether the borrowing you have requested fits comfortably alongside your existing commitments. It considers signals together rather than relying on any single figure, so no one data point automatically decides the result.

• The pattern and stability of money flowing through the business
• Existing commitments the company already carries
• How the requested product and term sit against that picture
• Consistency between the figures you give and the data we can see

Why we use a model

Automated assessment lets us treat similar businesses in a similar way and return a decision quickly. The rate and terms in any offer reflect what the assessment indicates is affordable for your company, never a fixed price applied to everyone.

Important to know

Credicorp lends only to UK limited companies and LLPs for business purposes. As an exempt lender we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply. We never take personal guarantees from directors. For the principles behind these assessments, see how we lend.

See also: Credicorp Flex vs Credicorp Slice: how to choose, How do payments differ between Credicorp Flex and Slice? and How existing debt affects the decision.

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Plenty of healthy companies do not earn evenly across the year. A seaside cafe, a landscaper, a retailer geared to Christmas, an events firm — each takes most of its money in a few intense months and far less in the rest. The question we get asked is fair: if you happen to apply in a quiet month, does the assessment read that as weakness? The short answer is no. The engine looks at the shape of your trading year, not a single snapshot, so a predictable trough is treated as exactly that.

What the engine actually reads

Affordability is about whether this company can comfortably repay this amount on this schedule. When trading data is available — most clearly through a connected business bank account — the model reads several months of activity rather than the most recent week or two. That history lets it tell two very different things apart:

• A seasonal swing — income that dips and recovers on a repeating, explainable pattern, year after year.
• A genuine downward trend — income that is falling and not coming back, or strain such as repeated returned payments.

A quiet July for a business that always has a quiet July is information, not a red flag. What matters is that the peaks reliably arrive and are large enough to carry the repayments across the whole cycle. For more on the signals involved, see how your bank data affects the decision and what an affordability assessment looks at.

How a swing can still shape the offer

Recognising seasonality does not mean ignoring it. The shape of your year can sensibly influence the structure of an offer rather than just the yes or no:

• The amount. If repayments would be tight during your low season, the comfortable answer may be a smaller sum — see why you might be offered less than you asked for.
• The timing. Borrowing tends to sit most comfortably when it is timed against your cycle — drawing ahead of a busy season you can repay into, rather than at the bottom of a trough with the recovery still months away.
• Your record over time. Repaying earlier borrowing through a full cycle is strong evidence that the pattern holds, which is one reason a returning, on-time customer can see a different outcome from one application to the next — see why a returning customer can get a different outcome.

Helping the assessment see the pattern

You do not have to do anything special, but a few things make a seasonal pattern easier to read accurately. Connecting your business bank account through read-only Open Banking gives the fullest view, because the dips and peaks are visible in the actual numbers rather than inferred. A longer trading history helps too: a single season tells us less than two or three. And if a quiet stretch this year has an explanation that the figures alone would miss, you can always ask us to take it into account.

If you applied during a low season and want to understand the main factors behind your offer, you can ask for a human to look again — see asking a person to review your decision. Every offer is shown in full before you commit, and you are never under any obligation to take it. Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Can I find out why I was declined?, Can I reapply after a decline?, Does a CCJ against my company affect eligibility?.

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If you believe a decision on your limited company or LLP was based on incomplete or incorrect information, you can ask us to review it. An appeal is simply a fresh look by a person, taking account of anything we may have missed.

When an appeal makes sense

• Information used in the assessment was wrong or out of date
• Your business circumstances were not fully reflected
• You can provide context or documents that change the picture

How to start

• Contact support and quote your application reference
• Explain clearly what you believe was missed or incorrect
• Send any supporting documents, such as recent accounts or bank statements

What happens next

A member of our team will look at your application again alongside what you have provided. We will tell you the outcome and the reasons for it. An appeal does not guarantee a different result, but it ensures a human has considered your case properly.

Credicorp is an exempt business lender. The Financial Ombudsman Service and FSCS do not apply, so an internal review is the route for a second look.

See also: What information you can provide for a review, Do you make automated decisions about my application? and How do I correct inaccurate information you hold?.

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If you connect your business bank account during an application, the decision engine can read recent transaction history directly. This usually gives a faster and more accurate result than figures keyed in by hand.

What the assessment reads

• The rhythm and reliability of income arriving in the account
• Regular outgoings such as suppliers, wages and existing finance
• Patterns that show whether trading is steady or seasonal
• Any signs of strain, such as repeated returned payments

Why connected data helps

Live data removes guesswork. It lets us see how the business actually behaves rather than relying solely on self-reported numbers, which often means a quicker decision and an offer that fits your real cash position.

Your control and privacy

You choose whether to connect an account, the access is read-only, and we use the data only to assess and manage your borrowing. We never move money through this connection.

Credicorp lends only to UK limited companies and LLPs for business purposes. As an exempt lender, the Financial Ombudsman Service and FSCS do not apply to this borrowing.

See also: Does how long my company has banked affect the decision?, Do I upload bank statements or connect by Open Banking? and What we look at when we make a lending decision.

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When your company applies, part of the decision is automated. We think it is fairer to be open about that than to imply a person reads every line by hand. Here is exactly how it works, what the model does and does not see, and the rights you have over an automated outcome.

What the model does

An affordability and risk model reads the information you supply, the company's business credit reference data, and — where available — the signals from the business bank account you connect or upload. It produces a score and a recommended outcome: approve, decline, refer, or request more information. Because the model can do this in seconds, you usually get a fast, consistent answer rather than waiting in a queue. For the factors that feed it, see what information goes into a lending decision.

The decision is authoritative

The automated outcome is the decision, not a draft suggestion that someone later rubber-stamps. We hold ourselves to consistency: the same company facts produce the same answer, every time, without it depending on who happened to pick up your file or what mood they were in. The one step we always keep in human hands is releasing the money itself — funds are only ever paid out after a person has confirmed the payment.

It assesses the company, not you personally

The model is built around one question: can this company comfortably repay this amount on this schedule? Because the loan is to a UK limited company or LLP and we take no personal guarantee, it does not score the director's personal income, personal credit rating, household budget or benefits. An identity and anti-money-laundering check is run on the director, but that confirms who you are; it is not a personal credit search.

Your rights under UK GDPR Article 22

Under Article 22 of the UK GDPR you have the right not to be subject to a decision based solely on automated processing where it significantly affects you, and to ask for human involvement. In practice that means you can:

• ask a member of our team to review any automated outcome;
• ask us to explain, in plain English, the main factors that drove it;
• contest the decision and add new evidence for a senior underwriter to weigh.

To use any of these, open the support tab in your portal and tick that your message concerns an automated decision — see how to ask a person to review an automated decision. We respond within two business days.

Why we build it this way

Automating the assessment is what lets us decide quickly and treat two identical companies identically. Keeping a clear right to human review, and keeping the money-out step manual, is what stops "the computer said no" from ever being the end of the conversation. For our wider approach, see how we lend. Whatever the outcome, you will see your figures in full — and if we can lend, your Key Information Sheet (KIS) shows the amount, term, total cost of credit and repayment schedule before you sign. Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Can I find out why I was declined?, Can I reapply after a decline?, Does a CCJ against my company affect eligibility?.

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We take fairness in automated decisioning seriously. Our aim is for similar limited companies and LLPs to be treated in a similar way, with outcomes driven by the business's ability to repay rather than anything irrelevant.

How we support fairness

• The model assesses business and affordability signals, not protected characteristics
• Decisions follow consistent criteria so like cases get like treatment
• We review how the assessment performs and adjust where needed
• A human can review any outcome you believe is wrong

If you think a decision is wrong

Ask us to explain the main reasons, and if you believe the assessment relied on incorrect or incomplete information, request a human review. A person can look again at your case in full.

Your data rights

You have rights over the personal data involved, including the right to ask about automated decision-making. Our privacy information explains these in detail.

Credicorp is an exempt business lender. The Financial Ombudsman Service and FSCS do not apply, so internal review is the route for challenging an outcome.

See also: How long a decision takes, What Credicorp stands for: our values, How our AI decision engine works.

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A decline means that, based on the assessment at the time you applied, we could not responsibly offer your limited company or LLP the borrowing requested. We know it is disappointing, so here is what it does and does not mean.

What a decline means

It means the information available did not give us enough confidence that the company could comfortably sustain the repayments. It reflects this application, this amount and this moment, not a permanent verdict on your business.

What it does not mean

• It is not a mark against you personally; we take no personal guarantees
• It does not mean the business is failing
• It does not bar you from applying again in the future

Your options

• Ask us to explain the main reasons behind the outcome
• Request that a person reviews the decision if you think something was missed
• Reapply later once the picture has changed

Credicorp is an exempt business lender. The Financial Ombudsman Service and FSCS do not cover this borrowing, but we will always try to explain a decision clearly.

See also: Why your offer amount can change, Can I reapply after a decline?, How Flex and Slice decisions differ.

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If your application comes back as referred, that is not a rejection. It means the automated assessment landed somewhere between a clear yes and a clear no, so a person is taking a closer look. Here is what is actually happening and what you can do.

Why an application gets referred

A referral usually means one of two things: the picture is close to the line on affordability, or we are missing a piece of information that would let us say yes with confidence. Common examples are a thin or very new trading history, a figure that needs confirming, or a business bank account we have not been able to read yet.

What happens next

1. We look more closely. A member of the team reviews the application alongside the automated assessment.
2. We may ask for a little more. Often the quickest path is to connect your business bank account through read-only Open Banking, or to confirm a detail.
3. You get an answer. We come back to you, usually quickly. The outcome might be an offer, an offer for a smaller amount, or — if it is genuinely not affordable — a decline with no obligation.

You can help by having your figures to hand and connecting your bank account if asked. For how the assessment works overall, see is my loan decision made by a computer? Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Can I ask a person to review an automated decision?, Can I find out why I was declined?, Can I reapply after a decline?.

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Sometimes an application from a limited company or LLP is referred rather than decided automatically. This means a member of our team will review it before a final outcome. A referral is neither an approval nor a decline.

Why an application is referred

• The automated assessment found something it could not resolve on its own
• Figures need checking against other information
• The picture is finely balanced and benefits from human judgement

What happens during a referral

A person looks at the full application, considers the context, and may contact you for additional documents or clarification. Responding promptly helps us reach an outcome sooner.

What you can do

• Watch for any message from us requesting information
• Have recent bank statements or accounts ready if asked
• Contact support if you want an update on progress

Credicorp is an exempt business lender. The Financial Ombudsman Service and FSCS do not apply, but our team will explain the outcome of a referral clearly.

See also: What 'refer' means and what happens next, Can I apply for a second loan while still repaying the first? and Can my company request a payment holiday?.

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Affordability is the heart of every Credicorp decision. Before we make an offer to your limited company or LLP, we need confidence that the business can meet the repayments from its normal trading without straining its day-to-day running.

It is about the company, not the director

Because we lend to the business and take no personal guarantees, affordability is judged on the company's own ability to repay. We look at the money the business generates and the commitments it already has, rather than any individual's finances.

What comfortable looks like

• Repayments that the business can absorb in a typical trading month
• Headroom left over for tax, suppliers, wages and the unexpected
• A term that matches the purpose of the borrowing

Why we take it seriously

Lending more than a business can sustain helps no one. A responsible affordability assessment protects your company's cash position and is why an offer may be smaller, on a different product, or declined even when you would like more.

The repayment shown in your offer reflects what the assessment found to be sustainable. There is no set figure that applies to every business.

See also: What an affordability assessment looks at for a company, What does affordability mean?, Affordability before you apply: weighing it up yourself.

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Every offer we make is affordability-led: the central question is whether this company can comfortably repay this amount on this schedule. Because the borrower is the company and we take no personal guarantee, the assessment is about the business, not the director's personal finances.

What the assessment considers

Why we lend only what fits

Lending more than a business can comfortably afford helps nobody — it just turns a cash-flow gap into a bigger one. That is why we may offer less than you asked for, and why a strong repayment record can mean more becomes available over time. Connecting your business bank account through read-only Open Banking gives the most accurate picture, but it is optional.

For how the model and the human steps fit together, see is my loan decision made by a computer? Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Can I ask a person to review an automated decision?, Can I find out why I was declined?, Can I reapply after a decline?.

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There is no trick to passing an assessment, and we would never suggest one. But a few honest steps help the decision engine see your limited company or LLP accurately, which can support a better-fitting offer.

Give a complete, accurate picture

• Make sure your company details match Companies House records
• Connect your main business bank account so trading is visible
• Choose a borrowing amount that genuinely matches the purpose

Keep the business in good order

• Keep existing commitments up to date
• Run income and costs through the business account rather than elsewhere
• File company information on time

Be realistic about the request

Asking for an amount and term that sit comfortably against your trading is more likely to succeed than stretching for the maximum. The assessment is looking for sustainability, not ambition.

Even a well-prepared application may be offered less than requested, placed on a different product, or declined if the figures do not support it. That is the assessment doing its job.

See also: What can weaken your application, How to build a simple cash-flow forecast to stay ahead of payments and How to prepare your company before you apply.

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Some things make it harder for our decision engine to build confidence in your limited company or LLP. Knowing them in advance helps you understand an outcome that was not what you hoped for.

Things that count against an application

• Irregular or unpredictable income running through the business
• Existing commitments that already absorb most of the cash flow
• Recent signs of strain, such as returned payments or arrears
• Information that does not match what we can independently see
• A requested amount that is large relative to trading

Why these matter

Each of these makes it harder to be confident the company can comfortably meet repayments. The assessment is not judging the business as a whole; it is testing whether this specific borrowing fits right now.

What you can do

If one of these applies, it is often worth waiting until the picture improves before reapplying. Connecting your business bank account can also help where self-reported figures understate how the company actually trades.

Credicorp is an exempt business lender to UK companies and LLPs only. The Financial Ombudsman Service and FSCS do not apply.

See also: Common business loan application mistakes to avoid, What can strengthen your application and Vulnerability: how to ask for extra support.

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We use a combination of data you supply directly and data we obtain from third-party sources to form a lending decision. Understanding the sources can help you ensure the information we see is accurate and complete.

Companies House and filed accounts

We check the company's registration status, filing history, and any charges registered at Companies House. Filed accounts — whether full, abbreviated, or micro-entity — give us a view of revenue, profitability, and net asset position over prior years. Where accounts are not yet filed for the most recent period, we may request management accounts instead.

Commercial credit bureau data

We obtain a commercial credit report on the company from one or more of the major UK bureaux. This report includes payment performance on existing credit facilities, any County Court Judgements (CCJs) registered against the company, and a bureau-generated risk score. We will tell you which bureau we used if a decline is partly based on bureau data, so you can check your own report.

Information you provide in the application

The application form asks for details including the purpose of borrowing, the amount and term required, recent turnover figures, and your existing credit commitments. This information is used to assess affordability — specifically whether the company's cash flow can comfortably support the proposed repayments alongside existing obligations. Inaccurate or inconsistent information can delay or adversely affect the decision, so it is worth cross-checking figures against your management accounts before submitting.

What we do not use

We do not conduct a personal credit search on directors, and we do not require a director personal guarantee. Our assessment is of the limited company or LLP as a legal entity in its own right.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Why was my application declined?, How long does a lending decision take?.

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When your limited company or LLP accepts a Flex or Slice offer, a few final checks happen before any money is released. Understanding them helps set expectations for the last stage.

Final checks before payout

• We confirm your company and bank details are correct
• We complete any remaining verification
• A person confirms the payout, because money out is always a human step

Why a person confirms payout

Even though the assessment is automated, releasing funds is reviewed and confirmed by a member of our team. This is a deliberate safeguard against error and fraud, and it protects your business as much as ours.

If something changes

If new information comes to light between acceptance and payout that materially changes the picture, we may need to revisit the offer. This is rare, and we will explain clearly if it happens.

Credicorp is an exempt business lender to UK companies and LLPs only. The Financial Ombudsman Service and FSCS do not apply to this borrowing.

See also: What a referred application means, How long a decision takes, Why a human confirms every payout.

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If your company's circumstances change materially between the date of our offer and the date you wish to draw down the funds, you are required to notify us before proceeding. Drawing down against an offer where the underlying position has materially changed without disclosure can affect the validity of the loan agreement.

What counts as a material change?

Not every development requires disclosure, but the following typically do:

• A significant deterioration in revenue or the loss of a major contract — for example if turnover has dropped by 20% or more since the assessment was carried out (illustrative threshold, not a guaranteed figure).
• A new CCJ or default registered against the company.
• A change in company ownership or directorship, particularly where the incoming party has adverse credit history.
• The company entering a formal insolvency process, including administration, a CVA, or a winding-up petition being presented.
• The purpose of borrowing changing materially from what was stated on the application.

What we will do when you notify us

We will review the updated position and advise you promptly. In straightforward cases — for instance a minor, temporary dip in revenue that does not affect the affordability case — we may confirm the offer remains valid without amendment. In more significant cases, we may need to refresh the assessment, amend the terms, or in some cases withdraw the offer. We will always explain our reasoning.

Why disclosure protects your company

Proceeding to drawdown on the basis of circumstances that no longer reflect reality can create complications further along the loan term, particularly if a repayment difficulty arises and a question is raised about what was known at origination. Early, transparent disclosure is always the better course.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How long is a loan offer valid?, Can I change the loan amount after receiving an offer?.

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A fair question deserves a plain answer: what are we actually reading when we decide? Everything below is about your company, because the loan is to the company and we take no personal guarantee. We are not assessing the director as an individual.

1. How the company trades

We look at what the business earns and how steadily. A short-term Business Bridging Loan is repaid over a few weeks, so what matters is whether trading income comfortably covers the repayments alongside normal outgoings. We are not looking for a large company — just one whose income makes the specific amount you want affordable. A short but healthy recent trading history can be enough.

2. How the business bank account behaves

The company's main bank account tells an honest story across roughly the last six months: money in, money out, and whether the account is run in a healthy way. Regular income, an account that is not constantly at its limit, and an absence of returned payments all help. You share this either by read-only Open Banking or by uploading statements — see how we verify bank statements and Open Banking. Either way we are reading the account, never moving money from it.

3. The business credit file

We run a credit check on the company through business credit reference agencies — Experian Business, Creditsafe and Equifax Business. This shows the company's payment history with other creditors and any adverse markers against the business. We also carry out an identity and anti-money-laundering check on the director, but that is a verification step, not a personal credit search, and it does not touch the director's personal consumer credit file. See what we share with business credit reference agencies.

Behaviour, in context

Our assessment also looks at how an application behaves in context — for example the amount requested against the company's normal cash flow, the product chosen, and the pattern of any recent activity. This is read sensibly and in proportion: it is there to lend responsibly, not to catch you out. The aim is always the same single question, can this company comfortably repay this amount on this schedule.

What we deliberately ignore

We do not assess the director's personal income, personal credit score, salary, household budget or benefits, and we do not ask you to put up personal assets, because there is no personal guarantee. If a decision turned on your personal finances, that would be the wrong question for this product.

How it fits together

No single factor passes or fails on its own. A strong bank account can balance a thin credit file; steady turnover can offset a quiet recent month. That is also why we sometimes offer less than you ask for, or decline, even when parts of the picture look good — see why your company might be offered less than it asked for. For the principles behind it all, read how we lend.

See also: Can I ask a person to review an automated decision?, Can I find out why I was declined?, Can I reapply after a decline?.

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When you ask a person to review a decision on your limited company or LLP, the documents you provide make a real difference. They let us see context the automated assessment could not.

Documents that help most

• Recent business bank statements showing how the company trades
• Up-to-date management accounts or filed statutory accounts
• Evidence of contracts or orders that support future income
• An explanation of any one-off events that distorted recent figures

Why context matters

A model reads patterns. If something unusual happened, such as a large one-off cost or a delayed customer payment, plain context helps us judge whether the underlying trading is stronger than the raw data suggested.

Keep it relevant and accurate

Send information that genuinely reflects the business. Anything misleading will undermine the review rather than help it. We assess the company itself and take no personal guarantees from directors.

Credicorp is an exempt business lender to UK companies and LLPs only. The Financial Ombudsman Service and FSCS do not apply.

See also: Managing who can access your company account, How to appeal a decision and Do you make automated decisions about my application?.

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When your company applies, part of the assessment is a look at its business credit file. People often ask exactly which agencies we consult, so here is a plain answer.

The agencies we consult

We check the company's file with one or more of the main UK business credit reference agencies:

• Experian Business — commercial credit files and a delinquency score built from payment performance and public data.
• Creditsafe — company credit reports and scores widely used by lenders and suppliers.
• Equifax Business — commercial credit reporting and scoring through its business arm.

We do not always check all three on every application. Which agency or agencies we use can depend on the company and the product you are applying for. Each agency holds its own data and runs its own model, so a company can score differently with each — there is no single universal business score.

These are business agencies, not personal ones

The agencies above hold information about companies, not about you as an individual. That matters because the borrowing is recorded against the company's credit picture, not your personal consumer file, and we never take a personal guarantee. We do run an identity and anti-money-laundering check on you as a director, but that is a separate step from the company credit search. If you want the fuller picture of how these agencies work and how your own company can check its file, see business credit reference agencies explained.

Soft search, then hard search

At the early eligibility stage, any check is a soft (quotation) search. A soft search is visible to you but not to other lenders, and it leaves no mark that affects how your company is seen elsewhere. A recorded hard search happens only when you move to a full application, and we tell you about the type of search before we run it. We set out what we send back to the agencies in what does Credicorp share with business credit reference agencies?

How the file feeds the decision

The agency file is one of three inputs into the outcome, alongside how the company trades and how its business bank account behaves. No single entry decides the result on its own — we explain the wider role of the search in why a credit search is part of the decision, and how the bank-account read fits in how your bank data affects the decision.

Credicorp lends only to UK limited companies and LLPs for business purposes. As an exempt lender, the Financial Ombudsman Service and FSCS do not apply to this borrowing.

See also: Can I ask a person to review an automated decision?, Can I find out why I was declined?, Can I reapply after a decline?.

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As part of assessing your limited company or LLP, we look at business credit information. This helps us understand the commitments your company already carries and how it has handled credit in the past.

What a search tells us

• Existing finance and the obligations behind it
• How reliably past commitments have been met
• Public information filed about the company

How it shapes the offer

A strong track record gives the assessment more confidence, which can support a larger amount or a wider choice between Flex and Slice. Signs of strain may lead to a smaller offer or a referral for a closer look. No single entry decides the result on its own.

Searches and your record

We will tell you about the type of search we run before we run it. Business credit checks are recorded against the company, not against any director personally, and we never take personal guarantees.

Credicorp is an exempt business lender. The Financial Ombudsman Service and FSCS do not cover this borrowing.

See also: How existing debt affects the decision, Can a company with arrears elsewhere still apply? and Does my company's filing status at Companies House matter?.

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Our lending decision is largely automated, and the outcome is authoritative rather than a draft someone later rubber-stamps. But there is one step we deliberately keep in human hands: actually releasing the funds. No money leaves Credicorp until a person has confirmed the payment.

Why we keep this step manual

An automated assessment is the right tool for deciding consistently and quickly. Moving money is different — it is irreversible and it is exactly where fraud and error do the most damage. A human confirmation at the payout stage is a simple, strong safeguard: it is a final check that the right amount is going to the right verified account for the right, accepted offer.

What it means for timing

In practice this rarely slows you down. Once you accept your offer, funds typically reach your business bank account the same day. The human confirmation is built into that flow; it is a safeguard, not a queue you wait in. For how funding speed works, see the answer on how fast funding arrives in our applying section.

This is part of how we lend responsibly: automate the assessment for consistency, keep the irreversible step under human control. For the wider picture, see is my loan decision made by a computer? Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Can I find out why I was declined?, Can I reapply after a decline?, Does a CCJ against my company affect eligibility?.

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It can feel surprising to apply twice and get two different answers. It is not inconsistency — it is the assessment doing its job. We look at whether the borrowing is comfortably affordable at the time you apply, and a company's circumstances move.

What can change between applications

• Your track record. Repaying earlier borrowing on time is strong evidence of affordability and can mean a larger amount becomes available — see how on-time repayment grows your available amount.
• Your cash flow. A stronger period of trading can support more; a quieter one, or new commitments, can support less.
• What you asked for. A different amount or term changes the size of the repayments and therefore the affordability picture.
• The information available. Connecting your business bank account through read-only Open Banking can give a fuller, more up-to-date view than a previous application had.

If you were offered less than before and want to understand why, you can always ask us to explain the main factors and reconsider with new evidence — see asking a person to review your decision. Every offer is shown in full before you commit, and you are never under any obligation to take it. Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Can I find out why I was declined?, Can I reapply after a decline?, Does a CCJ against my company affect eligibility?.

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It is common for a limited company or LLP to get a different outcome from Credicorp than from a high-street bank, in either direction. That is not a contradiction; it reflects how lenders differ.

Why outcomes vary between lenders

• Each lender uses its own criteria and risk appetite
• Different data sources give a different read on the same business
• Products are shaped differently, so affordability is judged differently
• Timing matters; assessments reflect the picture on the day

What it means for you

A decline elsewhere does not mean we will decline, and an offer from us does not mean every lender would agree. We assess your company against our own view of sustainable borrowing.

How we differ

We lend only to UK companies and LLPs for business purposes, take no personal guarantees, and base offers on the company's own ability to repay. The rate and terms in your offer reflect that assessment, not a standard product price.

Credicorp is an exempt business lender. The Financial Ombudsman Service and FSCS do not apply.

See also: How your bank data affects the decision, How is Flex different from a business overdraft? and What we look at when we make a lending decision.

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When a lending decision comes back as a decline, it means our assessment found that the application did not meet our current criteria at this time. The reasons vary, but they fall into a small number of categories that are worth understanding before you consider next steps.

Common reasons for a declined application

• Trading history too short. We typically look for at least twelve months of filed or management accounts. Very early-stage companies may not yet have enough financial track record for us to assess repayment capacity reliably.
• Adverse credit data on the company. County Court Judgements (CCJs), outstanding defaults, or a history of late payment on existing credit facilities can reduce the confidence our model places in future repayment.
• Affordability. If the company's recent revenue or profit does not comfortably support the proposed repayments alongside existing obligations, the application is likely to be declined on affordability grounds.
• Industry or purpose outside our appetite. We do not lend into every sector, and some borrowing purposes fall outside our current underwriting appetite.
• Information gaps. Incomplete or inconsistent information in the application — for example figures that do not reconcile with filed accounts — can trigger a decline rather than a delay.

What the decision letter tells you

Our decision communication will indicate the broad category of the reason for decline. We are not always able to share every data point used — particularly where it relates to third-party bureau data — but we will tell you which bureau we used so you can obtain your own report and check for errors.

What to do if you think the decision is wrong

If you believe the decision was based on inaccurate data — for example a CCJ that was satisfied and incorrectly recorded, or accounts that were not matched to the correct company — you can contact us to raise a query. See the article on appealing a decision for how that process works.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can I reapply after a decline?, How do I appeal a lending decision?.

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Being offered less than you asked for can feel like a half-no. It is not meant that way. A reduced offer almost always means the same thing: we think the company can comfortably afford this amount, but the full amount looked tight against how the business actually trades. Here is the honest reasoning, and what you can do about it.

What a smaller offer means

Our assessment is built around one question — can this company comfortably repay this amount on this schedule? When the answer is "yes, but only up to a point", we offer up to that point rather than stretching you to the edge of your cash flow. It is the responsible-lending version of "not this much, not yet". A loan you can clearly afford is better for your business than one that leaves no room if a customer pays late.

Why it happens

• Affordability headroom. Turnover and the rhythm of money through the business bank account support a smaller repayment more comfortably than the full one.
• Recent account behaviour. Returned payments, an account run at its limit, or a thin recent period can lower the amount we are comfortable lending right now.
• Business credit file. Markers against the company can reduce the amount even where some affordability is there.
• First loan with us. We often start smaller and increase what is available as you build a clean repayment history.

For the full picture of what feeds the decision, see what information goes into a lending decision.

What you can do

• Take the smaller amount if it still does the job — you will see the figures in full first.
• Decline with no obligation; a reduced offer never commits you to anything.
• Ask us to look again. If something about the company's position was missed or has changed, you can request a human review and add evidence — see how to ask a person to review a decision.

Borrowing again later

A smaller first offer is often the start of a longer relationship, not a ceiling. As you repay on time, the amount available to your company can grow. If a reusable line would suit your cash flow better than a one-time loan, Credicorp Flex lets you draw and repay against an agreed limit. Whatever you choose, every figure is shown before you commit, and you can compare amounts and terms on our business loans page.

See also: Can I find out why I was declined?, Can I reapply after a decline?, Does a CCJ against my company affect eligibility?.

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The amount in any offer to your limited company or LLP reflects what our assessment found sustainable at the time, not simply what you requested. That is why offers can differ from your ask and change over time.

Why it can be lower than requested

If the figures suggest the full amount would stretch the business, we may offer a smaller amount that fits comfortably. A smaller offer is a responsible outcome, not a rejection.

Why it can change between applications

• Trading has strengthened or weakened since you last applied
• Existing commitments have grown or reduced
• Your repayment track record with us has built up confidence
• The product or term you chose differs from before

How to think about it

Treat the offered amount as a reflection of current capacity. Consistent, on-time repayment is the most reliable way to support a larger amount in future.

Credicorp is an exempt business lender. The Financial Ombudsman Service and FSCS do not apply to this borrowing.

See also: Understanding a decline, What an affordability assessment looks at for a company, How on-time repayment grows your available amount.

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You can request a copy of your Business Loan Agreement whenever you need it — for example, for your records or to check the terms. There is no charge for a reasonable request.

Your agreement is the document that governs your loan: it sets out the amount borrowed, the rate and how interest is applied, your repayment schedule, and any fees that can arise. If you want to understand a specific figure, the agreement is always the definitive source.

Complete the Request a Copy of Your Agreement form and we will send a copy to the contact details we hold for you. You can also ask for a statement of account if you need a current breakdown of payments and balance, or check how interest is charged on your loan.

See also: How do I add users to my company account?, Changing the main account administrator, Changing your communication preferences.

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Many businesses want their accountant or bookkeeper to see statements and documents directly, rather than forwarding everything by email. You can give an external adviser access in a controlled way.

How to do it

• Sign in as an administrator and open the Users area
• Invite your accountant using their work email address
• Choose a role that suits their work, often view-only

View-only access lets your accountant download statements and documents for bookkeeping and year-end without being able to make changes or raise requests. If they need to do more, you can choose a higher role, but it's wise to grant only what they genuinely need.

Keeping control

• Use the adviser's own email rather than sharing a company login
• Review their access at the end of an engagement
• Remove access promptly if you change advisers

Remember that your company remains the account holder and is responsible for everyone you invite, including external advisers. If you'd rather not give portal access, you can simply download documents yourself and share them, or ask our support team about the options available.

For more on access levels, see adding users to your company account, understanding user roles and permissions and where to find your account documents.

See also: Can I get a copy of my Business Loan Agreement?, Changing the main account administrator, Changing your communication preferences.

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If your business has more than one facility with us, you don't need a separate login for each. Your account brings everything together, so your team can see the whole picture in one place.

How facilities appear

• Each Credicorp Flex or Slice facility is listed separately within your account
• You can open any one to see its balance, statements and documents
• An account overview helps you see what's active at a glance

Keeping things clear

Because each facility is shown on its own, it's easy to match payments and statements to the right one when you reconcile your books. Documents are filed against the facility they relate to, so your accountant can find what they need for each one.

Users and facilities

The users and roles on your account apply across the facilities it holds, so an administrator manages access once rather than facility by facility. If you'd prefer different people to handle different facilities, set roles to match how your finance team is organised. If you're considering an additional facility, our team can explain how it would sit alongside what you already have.

See also: Understanding user roles and permissions, How do I add users to my company account?, Where to find your account documents.

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If your limited company has both a Business Loan and a Credicorp Flex facility, or is using Slice alongside another product, all of them appear under your single company account. There is no need for separate logins or multiple accounts.

How facilities are displayed

Each facility is shown as a separate card on the dashboard summary panel, labelled by product type and the date it was opened. Drawdown actions, repayment schedules, and transaction histories are kept separate per facility so your records remain clean. The overall activity feed combines events from all facilities in date order, but each event is tagged with its source product.

Running a Business Loan alongside Flex

Some companies use a Business Loan for a one-off capital purchase while keeping a Flex facility available for working capital. These run independently — the Flex limit is not affected by the outstanding Business Loan balance, and repayments on each product follow their own schedule. Your dashboard shows both clearly without conflating balances.

Adding a new facility to an existing account

If you already have an account and want to apply for an additional product, start a new application from Dashboard → Apply for Finance. Your company's existing account details pre-populate the application, and approval decisions typically reference your repayment history with us.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What information does the Credicorp dashboard show?, What happens to account access when a director leaves the company?

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Sometimes you want fewer messages without changing anything about your facility, for example during a quiet period or while a colleague is on leave. You can adjust optional notifications while keeping your account fully active.

What you can quieten

• Optional product news and service updates
• Non-essential reminders you'd rather not receive

Open the Notifications section of your account settings and switch off the optional alerts you don't want. Each user controls their own settings, so turning yours down won't affect a colleague's.

What you'll still receive

Essential service messages cannot be paused, because they relate to the operation of your agreement. These include important notices about your account and your Credicorp Flex or Slice facility, and anything we're required to send. This protects you from missing something that affects your business.

Cover while you're away

If you're going to be out of the business, it's better to make sure another active user receives important alerts than to mute everything. That way nothing time-sensitive is missed. You can turn your notifications back up whenever you like, and changes take effect straight away.

See also: Managing your notification preferences, Why am I not receiving account emails?, How do I add users to my company account?.

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The account administrator manages users, contact details and settings on your company's Credicorp account. When that person leaves or moves on, it's important to transfer those responsibilities so the account stays under proper control.

Where there is more than one administrator

If your account already has another administrator, the handover is simple. The existing administrator can promote a colleague to administrator and then remove or downgrade the person who is leaving. We recommend keeping at least two administrators at all times so you are never locked out of user management.

Where there is only one administrator

If the sole administrator is leaving before appointing a replacement, contact our support team. To protect your business, we will need to confirm that the request genuinely comes from the company before we make any change. We may ask for details that show the request is authorised by someone with authority to act for the company.

After the change

• Review the full user list and remove anyone who no longer needs access
• Check that company contact details and notification settings are still correct
• Make sure the new administrator knows how to reach our support team

The account remains the company's throughout; you are simply changing who manages it on the company's behalf.

Related account controls include adding users to your company account, removing a user from your account and understanding user roles and permissions.

See also: Can I get a copy of my Business Loan Agreement?, Changing your communication preferences, Closing your account: what to do first.

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You can choose how Credicorp gets in touch with you for different types of communication, and you can update those preferences whenever your circumstances change. This is separate from your notification content preferences — see managing your notification preferences for which types of message you receive.

What communication preferences cover

Communication preferences control the channel we use — email, phone or post — for different categories of message. They do not change the contact details themselves; if your phone number or email address has changed, update those first. See how to update your contact details.

The categories you can typically set preferences for include:

• Account notices — statements, payment confirmations, and changes to your agreement.
• Security alerts — sign-in from a new device, password changes, and suspicious activity warnings. These are always sent to at least one verified channel.
• Payment reminders — upcoming due dates and confirmation that a payment has been received.
• Service updates — information about new features, planned maintenance, or changes to how the portal works.

How to change your preferences

1. Sign in to your account at clients.credicorp.co.uk/login.
2. Go to Settings and look for Communication preferences or Contact preferences.
3. For each category, choose your preferred channel — typically email, phone or post. You can usually select more than one channel per category if you want messages to reach you in more than one way.
4. Save your changes. They take effect immediately.

Messages we will always send

Some communications are essential to the operation of your agreement and cannot be switched off or restricted to a single channel. These include important legal notices, changes that affect your facility, and anything we are required to send you by regulation. Security alerts about unusual account activity are also sent regardless of your preferences — they use every verified channel we hold for you.

Preferences are per-user

If more than one person on your team has a login, each person sets their own communication preferences. This means the finance director can receive payment confirmations by email while the office manager gets them by phone, and neither setting affects the other. See adding users to your company account if you need to set up additional logins.

When to review your preferences

Review your communication preferences whenever something changes in your business — for example:

• A key contact leaves or joins the team.
• Your company moves to a new office or changes its phone system.
• You bring in an accountant or bookkeeper who needs to receive certain notices.
• You change how your finance team works day to day.

Keeping your details safe while updating

Always update your contact details and communication preferences by signing in to the portal directly. Never make changes because an unsolicited caller, email or message told you to — that is a common fraud tactic. If you receive an unexpected message asking you to update your details, contact us through a verified channel to check whether it is genuine. See why keeping your contact details up to date matters for security and how to tell a genuine Credicorp email.

See also: Can I get a copy of my Business Loan Agreement?, Changing the main account administrator, Closing your account: what to do first.

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Closing your account is straightforward, but a little preparation saves trouble later. Working through these steps first means nothing is left behind once access ends.

Before you ask us to close it

• Check there is no outstanding balance on any Credicorp Flex or Slice facility
• Request a settlement figure if you still have a balance to clear
• Download your agreement, statements and any documents you want to keep
• Tell your accountant or bookkeeper, in case they need records first

What closing means

Once the account is closed, the logins for your users stop working and you'll no longer be able to sign in to view documents online. We will keep records for as long as we are required to for legal and regulatory reasons, but it is far easier to download what you need before closure than to request it afterwards.

How to start

When you're ready, ask our support team to close the account. We'll confirm there's nothing outstanding and let you know once it's done. If your company is being dissolved, sold or restructured, mention that too, as we may have additional steps to help things go smoothly.

See also: What happens to my data after I close my account?, What is the principal on a loan?, How to prepare your company before you apply.

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Credicorp accounts support multiple users so that finance teams, directors, and authorised signatories can each have their own secure login. Only users with administrator rights can add or remove other users.

Adding a new user

Go to Account > Users > Invite User. Enter the new user's business email address and select their permission level — either View Only (statements and balances) or Full Access (drawdown requests, repayments, and account changes). An invitation email is sent immediately and expires after 48 hours. If the invite lapses, simply resend it from the same screen.

Removing a user or revoking access

Select the user from the Users list and choose Remove Access. Their session is terminated immediately and they cannot log in again. This is the recommended first step whenever a director or employee leaves the business. If the departing user was the sole administrator, contact our support team to reassign administrator rights before removing them.

Keeping access under control

Review your user list periodically — especially after staff changes. Unused accounts with Full Access represent an unnecessary security exposure. You can downgrade a user to View Only at any time without removing them entirely, which is useful during a handover period.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Who can access my Credicorp account?, How do I update my company details in my Credicorp account?.

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Account user management is handled under Settings → Users. Only users with the Administrator role can add, edit, or remove other users — standard users can view their own profile but cannot manage others.

Adding a new user

• Select Invite user and enter their name and business email address
• Choose their role: Administrator (full access) or Standard (view and initiate drawdowns, no settings access)
• An invitation email is sent automatically — it expires after 48 hours if not accepted

New users must complete an identity verification step before their access is activated. This typically takes a few minutes using their mobile device.

Adjusting roles and permissions

You can change a user's role at any time without removing and re-inviting them. Navigate to their profile in the Users list and select a new role from the dropdown. The change takes effect immediately. If your company has a Flex facility, you can also restrict individual users from initiating drawdowns without changing their overall role — this is configured under the user's Flex permissions tab.

Removing a user

Select the user and choose Deactivate. Their access is revoked instantly. Deactivated users are retained in your audit log so you have a record of actions they took while active — this cannot be deleted. If a user was the sole administrator, you must reassign the administrator role before deactivating them.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What happens to account access when a director leaves the company?, How do I set up alerts and notifications on my Credicorp account?

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Your Credicorp account can have more than one user, so you don't have to share a single login across the finance team. An account administrator invites colleagues and chooses what each person can do.

Inviting a colleague

• Sign in and open the Users area within account settings
• Select Invite user and enter the colleague's work email address
• Choose the role that matches what they need to do
• Send the invitation; they confirm by following the link in their email

Invitations are personal to the email address you enter, so please make sure it is correct. An invitation that is not accepted within a reasonable period may expire, in which case you can simply send a new one.

Good practice

• Give each person their own login rather than sharing credentials
• Grant the lowest level of access that lets someone do their job
• Review your user list when people join or leave the business

Only people authorised by your company should be added. The account holder remains the company, and you are responsible for the actions of the users you invite. If you need help with the user list, our support team can talk you through it. To manage users, an administrator can sign in to your account and open the Users area.

For related account controls, see understanding user roles and permissions, removing a user from your account and keeping your account secure.

See also: Can I get a copy of my Business Loan Agreement?, Changing the main account administrator, Changing your communication preferences.

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To change the primary contact email for your company account, go to Settings → Contact Details → Primary Email. Enter the new address and select Send verification. A one-time confirmation link is sent to the new address — click it within 24 hours to complete the change.

Why verification is required

The primary contact email receives all account alerts, statement notifications, and formal communications from Credicorp. Requiring confirmation of the new address prevents misrouted correspondence if an address is entered incorrectly, and ensures that only someone with access to that inbox can authorise the switch.

What stays the same

Changing the contact email does not affect your login credentials if you use a different email to sign in. Login email and contact email are managed separately — update your login details under Settings → Security → Login Email if you want both to match.

Team and notification emails

If individual team members have their own notification preferences set to their personal work addresses, those are unaffected by a change to the company-level primary contact email. Each user manages their own alert address from their user profile. The primary contact email is used only for company-wide formal notices, not for individual user alerts.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I add or remove users on my Credicorp company account?, How do I set up alerts and notifications on my Credicorp account?

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You may close your Credicorp account at any time once all outstanding balances — including any drawn Flex balance, remaining Business Loan instalments, or open Slice arrangements — have been fully repaid. There is no fee for closing the account.

Before you request closure

• Confirm your balance is zero. Go to Account > Overview — all products should show a nil balance.
• Download any statements, agreements, or documents you need. Once the account is archived, retrieval requires a formal data request and can take up to 30 days.
• Cancel any standing order or recurring payment set up from your bank to Credicorp that is no longer needed.

How to submit the closure request

Go to Account > Settings > Close Account and follow the on-screen confirmation steps. You will be asked to confirm that you understand the account history will be archived and that you have downloaded the documents you need. An administrator user must complete this step — View Only users cannot close the account. Once submitted, our team will confirm closure by email within two working days.

What happens after closure

Your login credentials cease to work once the account is archived. Any unused Flex limit or approved-but-undrawn Slice arrangement is cancelled. If you wish to borrow with Credicorp again in the future, you would need to submit a new application, which is subject to credit assessment at that time.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I download statements and loan documents from my Credicorp account?, How do I update the bank account details on my Credicorp account?.

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A Credicorp loan account closes automatically once the balance has been fully repaid and any final interest or fee adjustments are settled. There is no separate "close my account" form to complete — paying the loan off is what closes it.

Settling the balance

If you want to clear your loan in full, the first step is to ask for a settlement figure. This is the exact amount needed to close the loan on a chosen date, including any interest accrued up to that point. Settlement figures are issued with a stated validity date, after which a fresh figure is needed.

Request one with the Request a Settlement Figure form. We will confirm the amount and, where early settlement reduces the interest you would otherwise pay, the rebate that applies.

Once the balance is zero

When your final payment lands and clears, your account is marked closed in our systems. You can then:

• ask for a final statement of account showing a zero balance — use the Request a Statement of Account form;
• ask us to confirm closure in writing for your records — the General Support Enquiry form is the right place to ask for this;
• let your bank know if you would like to cancel a Direct Debit that is no longer needed.

Updating business credit reference agencies

If we report to business credit reference agencies, the closure is normally reflected at their next monthly update. That is not instant — agencies typically take a few weeks to refresh — so do not be alarmed if the company's business credit file still shows the account for a short period after closure.

If something is left to settle

Where a small adjustment is outstanding (a refund of overpaid interest, a residual fee, or a final pro-rated amount) we will write to you with the detail and the amount. If something is owed to you, the Request a Refund of an Overpayment form is the quickest way to nominate the account to refund to.

Closing an account does not affect your right to see your data or to make a complaint about anything that happened while it was open. Both of those rights are explained on our Privacy Policy and complaints process and are open to you for as long as the relevant retention period applies.

Before closing, see what to do first when closing your account, what happens to your data after closure and where to find your account documents.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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If you need help with your account that you can't sort out in the portal, our support team is here for you. Reaching us the right way means we can help faster.

Ways to get in touch

• Use the contact options shown in your signed-in account, where many requests can be raised directly
• Use the contact details published on our website for email or phone
• For account-specific matters, contacting us while signed in helps us identify your account

What to have ready

• Your company name and account or facility reference
• A clear description of what you need
• Confirmation that you're authorised to act for the company, where the request involves changes

For some requests, particularly those affecting access, signatories or bank details, we'll need to confirm your identity and authority before making changes. This is to keep your company's account secure.

A note on complaints and disputes

If something has gone wrong, tell us and we'll try to put it right. Please remember that, as a business lender outside the FCA consumer-credit regime, the Financial Ombudsman Service is not available for our facilities. We still take concerns seriously and will work with you to resolve them.

For common support routes, see updating address, name or contact details, updating the authorised signatory and requesting a copy of your data.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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Your Credicorp account holds a complete document history for your facility — from your original loan agreement or Flex limit letter through to monthly statements and individual drawdown confirmations. These are available to download at any time without contacting us.

Finding your documents

• Statements — go to Account > Statements. Select the month and click Download PDF. Statements are generated on the first working day of each month covering the previous calendar month.
• Loan or facility agreement — go to Account > Documents > Agreements. Your signed agreement is stored here from the point of first drawdown.
• Repayment schedule (Business Loan) — available under Documents > Schedules. This shows each repayment date and the amount due.
• Drawdown confirmations (Flex) — each Flex drawdown generates a confirmation letter in Documents > Drawdowns.
• Slice instalment summaries — available under Documents > Slice, one PDF per bill spread.

Using documents for accounting and audit purposes

Our PDFs are digitally time-stamped and can be used directly for bookkeeping, audit evidence, or filing with your accountant. If you need a certified copy of an agreement for legal proceedings, contact support — we can provide a letter of authenticity on headed paper.

How long are documents retained?

Documents remain accessible in your account for seven years from the date of the relevant transaction, in line with standard UK business record-keeping requirements. After account closure, you should download anything you need before the account is archived.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I update my company details in my Credicorp account?, How do I manage my Credicorp account notification settings?.

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You can export your full account history from Account → Transaction History → Export. Choose a date range, then select CSV (for spreadsheet import) or PDF (for a formatted statement). The export is generated immediately and downloads to your browser.

What the export includes

• All drawdowns and the dates funds were sent
• Repayment collections, including any early repayment amounts
• Slice instalments and their settlement dates
• Flex balance at the start and end of each statement period
• Any fees applied during the period

Sharing with your accountant

The PDF export carries your company name, registered number, and facility reference — it is formatted to accompany management accounts or a year-end pack without further editing. If your accountant uses accounting software, the CSV export maps cleanly to date, description, debit, and credit columns. Column headers are labelled in the file.

Retention and historical data

Transaction records are available in the dashboard for the full term of any active or closed facility, subject to our standard data retention period. If you need records older than those visible in the export tool, contact our support team with your facility reference and the date range required.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What information does the Credicorp dashboard show?, How do I set up alerts and notifications on my Credicorp account?

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A settlement figure is the total amount required to pay your loan off in full on a specific date. The figure changes over time, so it is always quoted as valid up to a stated date.

Because interest accrues daily on the outstanding balance, the settlement amount falls the sooner you clear it. The figure we quote already reflects this, so you can see exactly what it costs to close the loan on the date you choose.

Request yours with the Request a Settlement Figure form. The figure shows any rebate of interest and any early-settlement charge — up to 28 days' interest, which we waive in many cases — so you see the exact cost before you confirm. For more, see paying your loan off early and early repayment and what you save.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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To link a new bank account, go to Settings → Payment Accounts in your Credicorp dashboard and select Add account. You will need the sort code and account number of the business current account you want to add.

Verification process

For security, we verify new bank accounts before any funds can be sent to them. Verification is done via a small penny-credit test — we send a nominal amount (typically £0.01) to the account you have listed. You confirm the reference shown in your bank statement inside your Credicorp account to complete the link. This usually takes one business day.

Which accounts are accepted?

• UK business current accounts held in the company's name
• Accounts at FCA-authorised or PRA-regulated banks and e-money institutions
• One primary disbursement account and up to two secondary accounts per facility

Personal current accounts and accounts in a director's name cannot be used — disbursements are made to the company only.

Removing or changing your primary account

You can demote your current primary account and promote a newly verified account at any time from the same settings panel. If you have an active drawdown in progress, the change will take effect from the next disbursement, not the current one.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I update my registered office address in my Credicorp account?, How do I export my Credicorp account history?

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Credicorp sends notifications for key account events — drawdowns processed, repayments collected, statements available, and account changes. You can control which of these you receive and by which channel from within the account settings.

Available notification types

• Drawdown confirmed — sent when a Flex drawdown is approved and funds are dispatched.
• Repayment collected — confirms a scheduled or ad hoc repayment has been taken.
• Statement ready — monthly notification that your account statement is available to download.
• Account changes — alerts when a user is added or removed, or company details are updated.
• Payment missed — immediate alert if a scheduled repayment fails to collect.

How to change your preferences

Go to Account > Notifications. Each notification type has an email toggle and an SMS toggle. You can enable or disable them independently. Changes save immediately — there is no separate save button. Note that Payment missed and Account changes alerts cannot be fully disabled; at least one channel (email or SMS) must remain active for these two types as they are operationally significant.

Notifications for multiple users

Each user on the account manages their own notification preferences. An administrator cannot change another user's notification settings, though they can see which users are registered. If your finance team wants consolidated alerts, consider nominating a single Full Access user as the primary notification recipient and setting others to View Only.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I reset my Credicorp account password?, Who can access my Credicorp account?.

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When someone leaves your business or no longer needs access, an administrator should remove them from the account straight away. Keeping your user list current is one of the simplest ways to protect company information.

Removing access

• Sign in and open the Users area in account settings
• Find the person in your user list
• Select Remove or Revoke access
• Confirm; their login stops working immediately

Removing a user does not delete any company records or history. Statements, documents and your loan information stay with the account. You are only withdrawing that individual's ability to sign in.

When to act quickly

• An employee has left the company
• Someone has changed role and no longer needs access
• You suspect a login may have been compromised

If the person leaving is your only administrator, promote another colleague to administrator first, or contact our support team so we can help you keep the account manageable. As the account holder, your company is responsible for keeping the list of authorised users accurate.

Before changing access, it may help to review user roles and permissions. If you are replacing someone, see adding users to your company account; if there is any security concern, read keeping your account secure.

See also: Can I get a copy of my Business Loan Agreement?, Changing the main account administrator, Changing your communication preferences.

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Under UK data protection law, individuals have the right to ask for a copy of the personal data an organisation holds about them. This is known as a subject access request, and you can make one to us.

What you can ask for

• A copy of the personal data we hold about you
• Information about how and why we use it
• Details of who we may share it with and how long we keep it

A subject access request relates to personal data about an individual. Information that is purely about your company, rather than about a person, falls outside this particular right, though you can of course access many company records directly in your account.

How to make a request

Contact us using the details on our website or in our privacy notice and tell us what you're asking for. We may need to confirm your identity before we respond, so that we don't disclose personal data to the wrong person. We aim to respond within the timescales set by data protection law.

Other data rights

You may also have rights to correct inaccurate data or, in some cases, to ask for erasure. These rights have limits, especially where we must keep records for legal reasons. Our privacy notice explains them in full.

Related account articles cover what happens to your data after account closure, where to find account documents and how to contact Credicorp support.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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You are entitled to a statement of your account, and you can request one at any time at no charge. A statement shows your payments, your current balance and any charges applied.

A statement is useful when you want to reconcile your records, confirm a payment has landed, or check the balance before asking for a settlement figure. It is a snapshot of the account as it stood on the date it was produced.

Use the Request a Statement of Account form and tell us whether you would like it by email or post. We aim to send statements within five working days. You can also download your statements yourself, or check whether a payment has reached us.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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If you have forgotten your password or have been locked out after too many failed attempts, you can reset it yourself in under two minutes from the Credicorp login page — no need to contact support for a standard reset.

Step-by-step password reset

• Go to the Credicorp login page and click Forgotten password?
• Enter the email address associated with your account and click Send reset link.
• Open the email (check your spam folder if it does not arrive within a few minutes) and click the link.
• Choose a new password. It must be at least 12 characters and include at least one number and one special character.
• Log in with your new password immediately — the reset session closes once you authenticate.

If you no longer have access to the email address

Contact Credicorp support with proof of identity (Companies House number and the last four digits of your registered bank account). We will update the email address on file and then send you a fresh reset link. For security, this process takes one working day.

Preventing future lockouts

Use a business password manager rather than reusing passwords across services. Enable two-factor authentication (2FA) in Account > Security — this reduces your exposure even if a password is compromised. After five incorrect login attempts the account is locked for 15 minutes automatically.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: I cannot log in to my Credicorp account — what should I do?, How do I manage my Credicorp account notification settings?.

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If you've forgotten your password or simply want to change it, you can reset it yourself in a few steps. You don't need to contact us for a routine reset.

If you've forgotten your password

• Go to the sign-in page and select Forgot password
• Enter the email address linked to your user account
• Open the reset link we send and choose a new password
• Sign in with your new password

For security, the reset link is time-limited. If it has expired, just request a new one. We will only ever send the link to the email address already registered to your user account.

If you want to change a password you remember

Sign in and open your profile or security settings, then choose to update your password. Pick something strong and unique that you don't use on other sites.

If the reset email doesn't arrive

• Check your spam and junk folders
• Confirm you used the correct email address
• Ask your IT team to allow messages from our official domain

Still stuck, or no longer have access to the registered email? Contact our support team. We'll need to confirm your identity and authority before making changes, to keep the account safe.

If email delivery is the issue, see why account emails may not be arriving. For broader sign-in protection, read keeping your account secure or how to contact Credicorp support.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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Account alerts are configured under Settings → Notification Preferences. You can choose to receive alerts by email, SMS, or both, and you can set different preferences for different event types.

Available alert types

• Drawdown confirmed — sent when funds leave our account towards yours
• Repayment collected — confirmation when a scheduled repayment or Slice instalment clears
• Flex balance threshold — notifies you when your available Flex headroom drops below a figure you set
• Statement ready — monthly or cycle-end statements available to download
• Account access — alerts when a new user logs in or account details are changed

Who receives alerts?

Each user on the account can manage their own notification preferences independently. An account administrator can also set company-wide defaults that apply to any new users added. If you are the sole account user, alerts go to your registered email and mobile number by default.

Threshold alerts for Flex

If your company uses Credicorp Flex, you can set a headroom threshold — for example, receive an alert when less than 20% of your facility limit remains available. This is particularly useful if multiple team members can initiate drawdowns. Navigate to Flex → Alert Thresholds to configure this separately from your general notifications.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What information does the Credicorp dashboard show?, Can I manage multiple Credicorp facilities from one account?

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Keeping the company's contact details up to date is one of the most useful things you can do. We send important communications by post, by email and (when you have agreed) by text message, and we cannot reach you if those routes are out of date.

What to do

The quickest way to update the details we hold is the Update Your Contact Details form. The form covers:

• the company's correspondence address (including a temporary forwarding address);
• a new phone number, or removal of one you no longer use;
• a new email address;
• a change of director contact, or a new authorised contact for the account;
• preferred contact times or channels.

For straightforward changes we will normally update the record within two working days and write to confirm. If a change affects how a Direct Debit is reported (rare — only when bank details change) we will tell you what to expect.

If the company changes its name

If the company changes its registered name at Companies House, we need to update our records to match the legal entity on the loan. Please use the Update Your Contact Details form, tell us the new name and the date of the change, and we will check it against the Companies House register. Once confirmed, statements, settlement figures and future correspondence will be issued in the company's updated name. The loan itself stays with the same legal entity — a change of name does not change who is liable.

If a director changes

If a director leaves or joins, or an existing director changes their own name, tell us through the same form. We may ask for confirmation from Companies House and a fresh identity check on any new director, so our records and our anti-money-laundering checks stay current.

Telling other places too

Updating us is one step. After a company name change you will also want to update the company's bank, HMRC, its invoices and website, and anyone the company contracts with. Companies House guidance at gov.uk sets out the formal process for changing a company name.

If anything is unclear, please contact us — and if a director has additional support needs around how we communicate, please tell us using the Additional Support Needs form so we can accommodate them.

Related account articles cover registered company detail changes, bank detail updates and where to find account documents.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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You can update most company details directly inside your Credicorp online account. Changes to legally significant information — such as your registered company name following a Companies House amendment — are reviewed by our team before they take effect, usually within one working day.

What you can update yourself

• Trading address and correspondence address
• Main business telephone number
• Primary contact name and job title
• VAT registration number

Changes that require a review

Registered company name changes, Companies House number corrections, and changes to your SIC code require supporting documentation (for example, a Certificate of Incorporation on Change of Name). Upload the document through the Company Details section and our team will confirm once verified. Do not attempt to use new banking details or increase your facility limit until the review is complete.

Why keeping details current matters

Our credit decisions and facility reviews draw on your company profile. Outdated information can slow automated checks, delay drawdowns, or trigger a manual hold on your account. If your company has undergone a restructure — for example, converting from an LLP to a limited company — contact us directly, as this may require a new application.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I add or remove a user on my Credicorp account?, Who can access my Credicorp account?.

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If your business has changed bank accounts, you'll want to make sure the account we use for your Credicorp facility is up to date. Because bank details are sensitive, we handle these changes carefully.

What changing bank details affects

• The account used for any disbursement
• The account from which repayments are collected, where applicable

How to make the change

You can start the request from your account settings or by contacting our support team. To protect your business against fraud, we will verify the new details before they take effect. This may include confirming the request comes from an authorised person at your company and checking that the new account is in your company's name.

Important security note

We will never ask you to change your repayment or disbursement details in response to an unexpected email or phone call. If you receive a message claiming to be from us asking you to redirect payments, do not act on it. Instead, contact us using the details on our website. Verifying changes like these is how we help keep your company's money safe.

Once the change is confirmed, you'll receive confirmation in your account documents.

You may also need to update your contact details or update registered company details. For fraud-prevention basics, see keeping your account secure.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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It is important that we always hold your current phone number, email address and postal address. Out-of-date details can mean you miss statements, notices or messages about your account.

Keeping your details current also helps us verify it is really you when you call, and means time-sensitive items — such as a settlement figure or a response to a request — reach you without delay.

The quickest way to update them is the Update Your Details form on our Forms & Requests page. We will confirm once the change has been applied. If you have changed your business name or registered address as well, use update your address, name or contact details, and see how we verify it is really you on the phone.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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You can update your registered office address through the Settings → Company Details section of your Credicorp online account. The change is applied to all future correspondence, statements, and formal notices from that point forward.

What you will need

• Your new registered office address as it appears at Companies House
• The effective date of the change (must match your CH filing)
• Proof of the update if requested — a Companies House confirmation is usually sufficient

Why the address must match Companies House

Because lending is made to the company, we are required to hold the address exactly as registered. If your CH record has not yet been updated, complete that filing first, then return to your Credicorp account to make the change. Mismatched addresses can delay disbursements or trigger a manual verification step.

How long does it take?

Address changes made before 16:00 on a business day are typically processed the same day. You will receive a confirmation email to your account's registered contact address once the update is live. If you have an active Flex facility or outstanding Slice instalments, the new address will appear on your next scheduled statement.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I link a new bank account to my Credicorp account?, What information does the Credicorp dashboard show?

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An authorised signatory is a person your company has empowered to act on its behalf in dealings with us, such as agreeing changes to your facility. When that person changes, the account needs to be updated so we know who has authority.

When you might need to change it

• A director or finance lead with authority leaves the business
• Your company appoints someone new to handle its finance arrangements
• Your board changes who is authorised to act

How we handle the change

Because a signatory can make decisions that bind the company, we verify these changes carefully. We'll need confirmation that the new arrangement is genuinely authorised by your company, for example by someone with existing authority or appropriate evidence of the appointment. This protects your business from unauthorised changes.

Signatory versus user access

It's worth knowing the difference between a signatory and a portal user. A user can sign in and view or manage the account online according to their role. A signatory has authority to act for the company in its agreement with us. Someone may be one, both or neither. To start a change, contact our support team and we'll guide you through what's needed.

Related changes include changing the main account administrator, updating registered company details and updating address, name or contact details.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing your communication preferences.

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Credicorp disburses funds only to a verified UK business bank account held in your company's name. If you change your business bank account — for example, switching from one bank to another or opening a new account — you must update and re-verify your details before your next drawdown.

How to submit a bank account change

• Log in and go to Account > Banking Details > Update Bank Account.
• Enter the new sort code and account number.
• Upload a recent bank statement (dated within the last 90 days) showing your company name, sort code, and account number. A PDF downloaded from your online banking is acceptable.
• Confirm the change. You will receive an email acknowledging the request.

What happens during verification

Our operations team checks that the account is a UK business account held in the same company name as your Credicorp account. If the names differ — for example, due to a trading name — include a covering note explaining the relationship. Verification typically completes within one working day. Until verification is confirmed, any pending drawdown will be held; repayments can still be made from either account during this period.

If you need an urgent drawdown

If you have an active Flex facility and an urgent drawdown need while the new details are being verified, contact support to discuss options. We cannot override the verification step, but we can prioritise the review if you notify us promptly.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I update my company details in my Credicorp account?, How do I add or remove a user on my Credicorp account?.

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Not being able to get into your account is frustrating, and most of the time it comes down to something small and easily fixed. This page walks through the quick checks to try first, how to recover access if the password really is the problem, and — just as importantly — how to be certain you are on the genuine site before you type your details in anywhere.

Quick self-checks to try first

Before anything else, run through these. They clear up the large majority of sign-in problems in a minute or two.

• Check the email address. Sign in with the exact email address your account is registered to. A different address — a personal one instead of the business one, or an old inbox — simply will not match.
• Watch for Caps Lock and autocorrect. Passwords are case-sensitive. Caps Lock left on, or a phone keyboard auto-capitalising the first letter, is one of the most common causes of a "wrong password" message.
• Be wary of saved or autofilled details. A browser or password manager may be filling in an old password, or details for a different site. Clear the fields and type them yourself to be sure.
• Your session may simply have expired. For security, we sign you out after a period of inactivity. If a page that worked earlier now asks you to sign in again, that is expected — just sign in fresh.
• Try once more, slowly. Re-enter the email and password carefully, then submit. Avoid hammering the button — repeated rapid attempts can trip a temporary lock designed to keep your account safe.

How to reset or recover your access

If the checks above have not worked, the password itself is the most likely culprit. You can reset it yourself without needing to call us.

1. Type the portal address yourself. Go to credicorp.co.uk and open the sign-in page directly, rather than clicking a link you were sent.
2. Use the "forgotten password" link. On the sign-in page, choose the option to reset your password. You will be asked for the email address on the account.
3. Check your inbox for the reset link. We send a secure link to that email address. If it is not there within a few minutes, look in your spam or junk folder, and confirm you used the right address.
4. Set a new, strong, unique password. Choose something you do not use anywhere else. A few random words together are easy to remember and hard to guess.
5. If you are locked out, give it a short while. A temporary lock after several failed attempts usually clears on its own after a short period. If you still cannot get in after resetting, contact us through the official site and we will help.

How we confirm it is really you when you ask for help

If you do need to contact us about getting back in, we will first confirm we are genuinely speaking to you before discussing anything account-specific. This protects you from impersonation — and it is also why we will only ever help you reset access through our own secure process, never by you sharing a password with us.

We typically ask for a small set of details such as your name, date of birth and the address we hold, and a couple of digits from your account or reference number — never the whole thing. What we will never ask for is your full password, your card's long number, or a one-time code. For exactly how this works, see how we verify it is really you on the phone.

Keeping your login secure afterwards

Once you are back in, a few simple habits keep things safe going forward:

• Use a strong, unique password for the portal — not one you reuse on other sites.
• Turn on any extra login step the portal offers, so a password alone is not enough to get in.
• Secure the email account your sign-in is registered to. Whoever controls that email can often reset other logins, so protect it just as carefully.
• Sign out on shared or public devices and avoid saving the password in a browser someone else uses.

There is more on all of this in keeping your portal login secure.

This help site never asks you to sign in

One thing worth knowing: this help centre is account-blind. It holds no logins and stores none of your personal details — we cannot see your balance, your account, or whether you are signed in, and nothing you read here is tied to your identity. The only place you sign in is the portal on credicorp.co.uk. If a page that looks like ours asks you to "log in to read this" or to "verify your account" to view help, that is a warning sign of a fake.

If you still cannot get in

If you have run the checks, reset your password and confirmed you are on the genuine site but still cannot sign in, contact us through the official credicorp.co.uk site and we will help you recover access securely. Use the General Support Enquiry form or the details on our Contact Us page — and if a phone call is difficult for any reason, our Additional Support Needs form lets us note that on your account.

Credicorp Limited lends to UK limited companies and LLPs for business purposes. This is exempt business lending, not regulated consumer credit, so the borrower is the company rather than an individual — but the security of your portal login matters just as much, and the guidance above applies in full.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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Login problems are almost always solvable without contacting support. Work through the checks below in order before raising a ticket.

Common causes and quick fixes

• Wrong email address — your Credicorp login is tied to the business email you registered with, not a personal address. Try any alternative business email addresses you may use.
• Account locked after failed attempts — after five incorrect password entries, the account is locked for 15 minutes. Wait, then try once more or use the Forgotten password? link.
• Browser cache or cookies — clear your browser cache, or try an incognito/private window. Outdated session cookies occasionally prevent the login page from loading correctly.
• Two-factor authentication (2FA) code not arriving — check that your registered mobile number is current. Authenticator app codes can fail if your device clock is out of sync; re-sync it in your phone's date/time settings.
• Account not yet verified — new users must click the verification link in their invitation email before they can log in. Request a fresh invite from your company's account administrator.

When to contact support

If you have worked through the above and still cannot log in — particularly if you suspect unauthorised access or your email address has changed — contact our team directly. Include your Companies House number in your message so we can locate your account quickly and securely.

Security notice

Credicorp will never ask for your password by email, phone, or chat. If you receive any such request, do not respond and report it to us immediately.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I reset my Credicorp account password?, Who can access my Credicorp account?.

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Your account holds important information about your company's borrowing, so keeping it secure protects your business. A few habits make a real difference.

Protect your sign-in

• Use a strong, unique password that you don't reuse elsewhere
• Never share your login; give each colleague their own user account instead
• Be cautious of emails or calls asking you to confirm passwords or codes

Manage access carefully

• Give each user only the access their role needs
• Remove people promptly when they leave or change role
• Review your user list regularly so no old accounts linger

Spot anything unusual

If you notice activity you don't recognise, a login you didn't expect, or you think a password may have been exposed, change the password immediately and contact our support team. We will never ask you to disclose your full password, and we will never ask you to move money to keep it safe.

Because we lend only to companies, your account and its security sit outside the FCA consumer-credit regime, but the same common-sense protections apply. Looking after access is part of looking after your company's finances.

Useful next steps include resetting your password, adding users safely and removing access when someone leaves.

See also: Can I get a copy of my Business Loan Agreement?, Changing the main account administrator, Changing your communication preferences.

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Notifications keep you informed about activity on your company account, from upcoming payments to new documents. You can tailor many of these to suit how your finance team prefers to work.

What you can adjust

• Reminders about upcoming or scheduled payments
• Alerts when a new statement or document is available
• Updates about requests you have raised with us
• Optional product news and service updates

You can manage these from the Notifications section of your account settings. Each user can set preferences for their own login, so the right people get the messages that matter to their role.

Messages we will always send

Some communications are essential to the operation of your agreement and cannot be switched off. These include important notices about your account, changes that affect your Credicorp Flex or Slice facility, and anything we are required to send you. Turning off optional updates does not affect these service messages.

Keeping contact details current

Notifications are only useful if they reach you. Make sure the email addresses and any phone numbers on the account are correct and monitored, and review them whenever someone joins or leaves your team. To choose which channel we use for each type of message — email, phone or post — see changing your communication preferences. For security notifications specifically, see what your account activity alerts are telling you.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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Roles let you match each colleague's access to their job. Rather than everyone seeing and changing everything, you decide who can manage the account, who can act day to day, and who can only look.

Typical roles

• Administrator — manages users and roles, updates company contact details, and oversees account settings as well as everyday tasks
• Standard user — handles day-to-day activity such as viewing balances and statements and raising requests, without managing other users
• View-only — can see balances, statements and documents but cannot make changes or raise requests

Choosing the right role

A useful principle is least privilege: give each person only the access they need. Your bookkeeper or accountant might suit view-only access, while a finance manager may need standard or administrator rights. You can change someone's role at any time as their responsibilities change.

Keep at least one administrator on the account so user management never gets stuck. We recommend two, so cover is in place if one person is away or leaves the business. Whatever the role, the account itself remains the company's, and the company is responsible for what its users do.

Next, see how to add users to your company account, remove a user from your account or give your accountant access.

See also: Can I get a copy of my Business Loan Agreement?, Changing the main account administrator, Changing your communication preferences.

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Your account is held in your company's name, so it's important that the legal and contact details we hold match your records at Companies House. Keeping them current means your statements, notices and correspondence reach the right place.

Details to keep up to date

• Registered company name and number
• Registered office address
• Trading address, if different
• Main business contact details

How to update them

You can update many details from the Company details area of your account settings. Some changes, particularly a change of company name or number, may need to be confirmed by our team so that documents and agreements stay properly aligned with the right legal entity. If we need supporting evidence, such as confirmation of a name change at Companies House, we will tell you what is required.

Why it matters

Accurate details help us serve any legal notices correctly and make sure important information about your Credicorp Flex or Slice facility is not missed. If your company is undergoing a more significant change, such as a restructure or sale, contact our support team so we can advise on what that means for your account.

For nearby changes, see updating address, name or contact details, updating the authorised signatory and updating your bank details.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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Because lending is made to the company rather than to any individual director, a director leaving has no effect on the facility itself — repayment schedules continue as normal and the outstanding balance does not change. What you do need to manage is that person's user access to the online account.

Removing a departing director's access

Any account administrator can go to Settings → Users → Manage Access and deactivate the departing director's login immediately. Deactivation is instant — they will no longer be able to view balances, initiate drawdowns, or download statements from the moment you confirm the change. We recommend doing this on or before their last day.

Assigning a replacement administrator

If the departing director was the sole account administrator, you must promote another authorised user to administrator role before removing them. If no other users exist on the account, contact our support team with your company's facility reference, the name of the departing director, and details of the authorised signatory who should take over. We will complete an identity verification step to ensure continuity of access without compromising security.

Updating signatory information

If your company's authorised signatories at Companies House have changed as a result of the director leaving, update those details under Settings → Company Details once the CH filing is confirmed. This keeps our records aligned with the current company structure.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I add or remove users on my Credicorp account?, How do I update my registered office address in my Credicorp account?

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Repaying your facility in full is good news, and it doesn't mean your account is closed automatically. Your account stays in place so you can access your history and, if you wish, borrow again in future.

What happens after final repayment

• Your balance shows as settled once the final payment clears
• You'll receive confirmation that the facility has been repaid
• Your statements, agreement and documents remain available to download

Your account stays open

Keeping the account open means your records are there when you need them for bookkeeping, audits or year-end, and it makes any future application simpler because your business is already set up with us. There's no obligation to borrow again, and an open account with a settled balance costs you nothing.

If you want to close it

If you'd prefer to close the account once everything is settled, you can ask us to do so. Before you close it, download any documents you want to keep, because access ends when the account is closed. Our support team can confirm there's nothing outstanding and guide you through it.

See also: How do I close my Credicorp account?, What happens to my data after I close my account?, How do I update the authorised signatory on the account?.

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When you close your account, we don't simply delete all your information straight away. Some records we are legally required to keep for a period, even after an account is closed.

What we keep, and why

• Records of your agreement and repayments, to meet legal and regulatory obligations
• Information needed to deal with any later queries, audits or disputes
• Anything we must retain under tax, anti-money-laundering or other applicable law

We keep this information only for as long as we have a lawful reason to, then dispose of it securely. Closing the account does mean you'll lose online access, so download anything you want to keep beforehand.

Your data rights

Under UK data protection law you have rights over your personal data, including the right to ask for a copy of it or, in some cases, to ask us to erase it. Erasure rights are not absolute: where we are required to keep records, we cannot delete them until that period ends. You can read more in our privacy notice or contact us to make a request.

As a business lender, our service sits outside the FCA consumer-credit regime, but our data protection responsibilities still apply in full.

See also: How do I request a copy of my data?, What happens if there is a data breach?, What happens to my account when I repay in full?.

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The Credicorp dashboard is your central view of everything happening across your company's account. It loads on login and refreshes in real time, so the figures you see reflect the current state of your facilities rather than the previous day's snapshot.

Summary panel

• Business Loan — outstanding principal, next repayment date and amount, and a repayment progress indicator
• Credicorp Flex — total facility limit, current drawn balance, and available headroom; one-click drawdown button if headroom is available
• Credicorp Slice — active Slice arrangements showing bill reference, total spread, instalments paid, and next instalment date

Recent activity feed

Below the summary panel, the activity feed shows the last 30 transactions across all facilities in reverse chronological order. Each entry shows the date, type (drawdown, repayment, fee), facility it relates to, and amount. Select any entry to see full detail including the payment reference and the bank account involved.

Upcoming payments

A forward-looking panel shows the next seven days of scheduled repayments or Slice instalments. This updates automatically when you make an early repayment or adjust a Flex drawdown. You can also export this view as a calendar file to import into your finance team's diary.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I export my Credicorp account history?, Can I manage multiple Credicorp facilities from one account?

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If you notice unfamiliar activity — a drawdown you did not request, an unknown user added to the account, or a login from a device or location you do not recognise — treat it as a potential security incident and act straight away.

Immediate steps

• Change your password immediately using the Forgotten password? flow, which invalidates all existing sessions across every device.
• Review the audit log — go to Account > Activity Log to see a timestamped list of every login, drawdown request, and settings change in the last 90 days.
• Remove any unfamiliar users — go to Account > Users and revoke access for anyone you do not recognise.
• Contact Credicorp support immediately — call or email us and ask for an account freeze. We can pause all drawdown activity while you and our team investigate. Provide your Companies House number for fast verification.

What Credicorp will do

Once we receive a security incident report, we freeze outbound transactions, flag the account for our security team, and send you a written timeline of all recent account events. We will work with you to establish whether any transactions need to be disputed and, where appropriate, refer the matter to Action Fraud.

Prevention

Enable two-factor authentication (2FA) under Account > Security — it is the single most effective control against account takeover. Ensure that every user on the account uses a unique, strong password and that access is revoked promptly when staff leave.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: I cannot log in to my Credicorp account — what should I do?, How do I reset my Credicorp account password?.

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Your important account documents are stored securely in one place, so you can find what you need without searching through old emails. Everything sits within your signed-in account.

What you'll find

• Your credit agreement and any related terms
• Statements of account
• Notices and letters we have sent you
• Confirmations of changes you have requested

Finding and downloading documents

Sign in and open the Documents area of your account. Documents are usually listed with the most recent first, and you can download them as PDFs to save or share with your accountant. If you need a document that isn't shown, our support team can help you locate or reissue it.

Keeping copies

It's good practice to download and store key documents in your own records, especially your agreement and statements, so your finance team always has them to hand for bookkeeping, audits or year-end. Which documents a colleague can see depends on their user role, so view-only users will still be able to read and download what they have access to.

See also: How to download your loan documents, Can I manage more than one facility from a single account?, Can my company use Flex and Slice together?.

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Your Credicorp account belongs to your company, not to any one individual. During onboarding, the person who completed the application is automatically set as the first administrator. From that point, your company controls who can see or act on the account.

Two permission levels

• View Only — can see balances, statements, repayment schedules, and drawdown history. Cannot initiate transactions or change account settings.
• Full Access — can request drawdowns on a Flex facility, make repayments, update company details, and manage other users. Treat this level as equivalent to having a company credit card.

Who should hold Full Access?

Typically this is one or two directors or a designated finance manager. Avoid granting Full Access to contractors or temporary staff. If an authorised signatory changes — for example following a directorship change registered at Companies House — update your user list promptly.

Shared or generic logins are not permitted

Each user must have their own email address and login. Shared credentials obscure the audit trail and can complicate any dispute over a transaction. Credicorp may suspend an account where we detect concurrent sessions under the same login from different devices.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I add or remove a user on my Credicorp account?, I cannot log in to my Credicorp account — what should I do?.

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A Credicorp account is a business account. It is opened in the name of a UK limited company or limited liability partnership (LLP) that borrows from us for genuine business purposes. The account, like the borrowing itself, belongs to the company rather than to any individual.

Who is eligible

• UK-registered limited companies (Ltd or PLC)
• Limited liability partnerships (LLPs) registered with Companies House
• Businesses borrowing for trade, growth, equipment, stock or working capital

Who is not eligible

• Individuals borrowing for personal or household use
• Sole traders and ordinary (non-LLP) partnerships
• Charities and other bodies that are not the entity types above

Because we lend only to incorporated businesses for business purposes, your agreement sits outside the FCA consumer-credit regime. That means the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS) do not apply. We also do not take personal guarantees from directors: the obligation is the company's.

If you are unsure whether your business qualifies, our team can confirm eligibility before you apply for Credicorp Flex or Credicorp Slice.

See also: Who is eligible for Credicorp Flex?, What is a business loan?, Can a sole trader or ordinary partnership apply?.

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If you have stopped seeing emails from us, or never received the ones you expected, the cause is usually a delivery or settings issue that's quick to sort out.

Quick checks

• Look in your spam, junk and clutter folders
• Confirm the email address on your account is correct and spelled properly
• Check that the relevant notifications are switched on in your settings
• Make sure your mailbox is not full and that mail is not being auto-filtered

Add us to your safe senders

Ask your IT team or email provider to allow messages from our official domain so they are not blocked or quarantined. Business email systems sometimes hold or reject messages from outside the organisation, which can stop genuine account emails getting through.

Check the right person is set up

Notifications go to the users on the account. If a colleague who used to receive alerts has left, their emails will stop. Make sure an active, monitored address is set to receive the messages you need, and consider having more than one person receive important alerts.

If everything looks correct and emails still aren't arriving, contact our support team and we'll help track down where messages are going.

For related settings, see managing notification preferences, resetting your password and how to contact Credicorp support.

See also: How do I add users to my company account?, Can I get a copy of my Business Loan Agreement?, Changing the main account administrator.

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Arrears describes the state of an account when one or more payments that were due have not been made. If a scheduled collection on your Credicorp Flex or Slice facility does not succeed and the amount is not paid by another means, your account is said to be in arrears until it is brought up to date.

What it means in practice

• The overdue amount is owed in addition to your normal upcoming payments.
• Your account is treated as not up to date with us.
• Charges may apply as set out in your agreement, and the position can affect future borrowing decisions.

How to clear arrears

You clear arrears by paying the overdue amount — by bank transfer with your statement reference, by card where supported, or through an agreed arrangement with us. Once the account is back up to date it is no longer in arrears.

Related point

Because Credicorp lends only to companies and takes no personal guarantees from directors, arrears sit with the company rather than with directors personally. Even so, they are worth avoiding: contacting us before a payment fails is almost always better than letting an account fall into arrears. As an exempt business lender we are outside the FCA consumer-credit regime, so consumer protections such as the Financial Ombudsman Service do not apply.

See also: What happens if my company misses a payment?, What payment methods can my company use?, Settlement figure (glossary).

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If your Credicorp payment falls at an awkward point in your company's cash-flow cycle, for example just before customer invoices typically settle, you may be able to move it to a date that works better. Aligning the payment with when money reliably arrives makes collections far smoother.

How to request a new date

• Sign in to your account portal or contact your account team.
• Tell us the new date you would like each month.
• Give us enough notice before the next collection so the change can take effect in time.

What to keep in mind

Moving the date can occasionally change the gap between one payment and the next, which may slightly affect interest accrued under your agreement for that period. We will explain any effect before confirming. If you have an active Direct Debit, we update the instruction so collections move to the new date automatically.

Timing the request

Requests made close to a collection date may not take effect until the following payment. To avoid a payment being taken on the old date, ask in good time and we will confirm when the new date starts.

Credicorp lends only to UK limited companies and LLPs for business purposes, outside the FCA consumer-credit regime.

See also: Can I change my repayment date?, Can I change the date my payment is taken? and Warning signs your company may be heading for payment trouble.

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Yes — if your usual due date does not line up with when money reliably lands in your business account, you can ask us to move it. Many companies prefer a date a few days after their main customer receipts or invoice settlement run.

How to request a change

• Contact our support team through your online account or by phone before the next collection is due.
• Tell us the new date that works for your cash-flow cycle and why.
• We will confirm the change and reissue your Direct Debit notice so you know when the next collection will land.

Things to keep in mind

A date change is a change to the schedule, not to the total you owe or the rate shown in your offer. Moving a date can slightly shorten or lengthen the gap before the next collection, which can affect how that collection is calculated on a Credicorp Flex facility. We will explain any effect before we confirm.

Give us enough time

Direct Debit changes need to be processed before the next collection is prepared, so request the change in good time rather than right before a due date. If a collection is already in progress, the new date will usually take effect from the following cycle. If you are changing the date because of a cash-flow problem rather than preference, please tell us — we would rather help early than treat a payment as missed.

For related payment timing guidance, see changing your payment date, Direct Debit notice periods and what to do if cash flow is tight this month.

See also: Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?, Can I pay extra towards my balance?.

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Yes. A one-off extra payment and your regular Direct Debit are separate things. You can pay a lump sum whenever your company has spare cash, and your scheduled Direct Debit carries on as normal.

How to make a one-off payment

• Pay by bank transfer using your statement reference, or by card through your online account where supported.
• Do not cancel or alter your Direct Debit — leave it in place so your scheduled payments continue.
• Keep the confirmation from your bank in case you need to query allocation.

What happens next

The extra payment reduces your outstanding balance. Depending on your product and your instruction, it can lower a future scheduled amount or bring forward when the facility clears. On Credicorp Flex, it reduces your drawn balance and your next Direct Debit is recalculated and renotified. If you want a particular outcome, tell us when you pay.

A useful habit

Treating overpayments as a separate, occasional action — rather than fiddling with your Direct Debit each time — keeps things simple and avoids the risk of accidentally stopping your scheduled collections. If you want to make extra payments regularly, talk to us and we can look at whether adjusting the schedule itself makes more sense for your company.

Related articles explain how overpayments are applied, making a partial overpayment and paying by bank transfer.

See also: Can I change the date my payment is taken?, Can I pay a Flex drawing from a different card or account?, Can I pay extra towards my balance?.

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You can initiate a bank transfer to your Credicorp facility at any time of day or night, including weekends and bank holidays, using your business bank's Faster Payments service. The transfer itself leaves your account immediately, but how quickly it is applied to your Credicorp balance depends on when our systems process incoming payments.

When does the payment post to my account?

Faster Payments received Monday to Friday during banking hours typically post within a few hours. Transfers sent late on a Friday evening, over the weekend, or on a bank holiday will be received by our payment processor but queued and applied on the next working day morning. Your dashboard will show the cleared date, not the initiated date, so do not be concerned if a Sunday evening transfer does not appear until Monday.

Does timing affect whether a payment is counted as on time?

We record payments as received on the date they clear to our account, not the date you initiated the transfer. If your due date is a Monday and you send a Faster Payment on Saturday evening, it should clear in time — but to be safe, aim to send it by Friday afternoon. If you are ever uncertain, a payment sent a day early is always better than one arriving a day late.

Direct debits and standing orders

Direct debit and standing order collections are submitted and processed on working days only. If you rely on automatic collection, the bank holiday rules described in our bank holiday article apply. Manual transfers are the only way to make a payment outside the standard banking schedule and have it apply as early as possible.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What happens if my repayment date falls on a bank holiday?, How do I get a payment receipt or confirmation?, Can I pay from a different bank account than the one I applied with?

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You are free to pay more than your contracted monthly instalment at any time. When we receive a payment above the scheduled amount, we apply the excess directly to your outstanding capital balance, which reduces the base on which daily or monthly interest is calculated. This means future instalments cover more capital and less interest, shortening the life of the loan.

How to make an overpayment

Send a faster payment or CHAPS transfer using your unique loan reference as the payment reference. The sort code and account number are shown in your portal under Make a payment. There is no need to notify us in advance for overpayments below 25% of the outstanding balance — we will apply the funds and send you a revised repayment schedule within two business days.

Early repayment charges

Most of our standard business term loans carry an early repayment charge (ERC) if you repay the entire balance within a defined period — typically the first year of the facility. Partial overpayments that fall short of full settlement are generally ERC-free, but check your specific facility agreement for the exact position. If you want to settle in full, request an early settlement figure through the portal first so you know the precise amount due, including any applicable charge (illustrative — actual ERC terms vary by product and drawdown date).

Impact on your payment schedule

• Overpayments reduce the term by default — your monthly instalment stays the same and you finish sooner.
• If you would prefer a lower monthly instalment rather than a shorter term, contact servicing and we can restructure the schedule.
• Your Direct Debit continues to collect the original contractual amount until you or we update the mandate.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I get an early settlement figure?, What happens if a payment fails?.

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Yes — you can repay an individual Credicorp Flex drawing as a one-off using a card or a bank transfer, and that payment can come from a different source than your usual collection. This is a Flex-specific question: it is about clearing or reducing a single drawing on the spot, rather than the broader question of moving the account your regular payments come from. For that, see paying from a different business bank account.

Paying a single drawing ad hoc

Flex is a revolving facility, so each drawing sits against a running drawn balance rather than a fixed monthly schedule. When spare cash comes in, you do not have to wait for the next cycle — you can settle a drawing in full, or pay any amount above the minimum to reduce it. There is no fee, no notice period and no minimum interest charge for doing so, and paying early stops the interest accruing on that amount from the same day. The mechanics are covered in whether you can pay off a Flex drawing early.

How to make the payment

1. Sign in to the customer portal and open the Flex panel.
2. Find the drawing you want to clear or reduce. The portal shows the exact £ figure — the drawn amount plus any interest accrued to today.
3. Choose how to pay: by debit card, by Faster Payments bank transfer, or by scheduling the amount to your next Direct Debit collection.
4. If you are paying by transfer, quote the reference shown so the money is matched to the right facility — see what reference to use for a bank transfer.

Which card or account you can use

Credicorp lends only to UK limited companies and LLPs for business purposes, and we do not take personal guarantees from directors. The facility is the company's liability, so a repayment should come from the company's own funds — a UK business debit card or the company's business bank account. We take UK business debit cards on the secure payment page; credit cards, prepaid cards and some commercial cards may be declined. If a card is refused, it is almost always the bank's own check rather than anything on your account — see why a card payment was declined.

A one-off transfer from a different source can still reach us — for example if a director or a parent company is settling an amount — but it does not change who is responsible for the facility, and the reference is what links it to your company. The wider rules on that are in can someone else pay on behalf of the company.

This does not disturb your Direct Debit

Paying a drawing ad hoc is separate from your standing Direct Debit. A one-off card payment or transfer reduces your drawn balance there and then; your scheduled collection stays in place and is simply recalculated and renotified to reflect the lower balance at the next cycle. You do not need to cancel or amend the Direct Debit to make an extra payment — and you should not, or you risk stopping your regular collections. This is the same principle as making a one-off extra payment without changing your Direct Debit.

A note on where the money comes from

Settling the odd drawing from a director's funds in a tight month is fine as a one-off. But the standing Direct Debit we collect from should be the borrowing company's own business account, not a personal or third-party one. If you find you are regularly stepping in from outside the business to clear drawings, that is a useful signal — it is worth a conversation rather than papering over a recurring cash-flow gap. You can check your exact drawn balance, accrued interest and next cycle date any time in the portal, or get in touch and we will confirm the position before you pay. Please never send card details by email — we only ever take a card on the secure payment page or over the phone.

See also: Can I change the date my payment is taken?, Can I pay extra towards my balance?, Can my company request a payment holiday?.

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Yes — you can make loan payments by faster payment or CHAPS bank transfer at any time. For most borrowers, Direct Debit is the default because it is automated and reduces the risk of a missed payment, but we understand some business accounts (particularly newer fintechs or certain foreign-incorporated UK branches) have limited or no Direct Debit support.

Using bank transfer as your primary method

If you want all regular instalments collected by bank transfer rather than Direct Debit, contact our servicing team to flag this on your account. We will mark the Direct Debit as inactive, and you take responsibility for sending each instalment on or before the due date. We strongly recommend setting up a standing order from your business account — your sort code, account number, and payment reference are in the portal under Make a payment.

Important considerations for standing orders

• A standing order is controlled entirely by your bank, so if your instalment amount changes (for example after an overpayment restructure), you must update the standing order yourself.
• If you are on a variable-rate facility, the amount may change periodically — Direct Debit handles this automatically; a standing order does not.
• Late transfers are treated identically to any late payment — the missed-payment process applies from the day after the due date.

Best of both worlds

Many directors keep the Direct Debit active for the base instalment and use ad hoc faster payments for any overpayments or lump sums. This avoids manual tracking while still giving flexibility to pay extra when cash flow permits.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I set up the Direct Debit for my loan?, How do I change my loan repayment date?.

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Most customers find that paying a little more, even occasionally, makes a real difference. Interest is calculated on the balance still outstanding, so the sooner that balance comes down, the less interest accrues. You are welcome to pay extra towards your Credicorp loan at any time, and there is no penalty for doing so.

Ways to overpay

• One-off card payment. Use the Make a Payment page to pay any amount you choose, in addition to or in place of your usual schedule.
• Bank transfer. Send a transfer using the account details on your statement, and quote your account or reference number.
• Increase a Direct Debit. If you would like your monthly Direct Debit collection to be a higher fixed amount going forward, use the Set up or change a Direct Debit form. We will confirm the new amount in writing and the date of the first revised collection.

How it is applied

Unless you tell us otherwise, an overpayment is applied to the outstanding balance of your loan straight away. That means interest from the next interest calculation is worked out on the lower balance — so a £100 overpayment now saves more than a £100 overpayment closer to the end of the term.

If you would prefer an overpayment to be held against your next scheduled instalment rather than reducing the balance immediately, please tell us when you pay. We will apply it as you have asked.

Settling the loan early

If you are thinking of clearing the loan in full rather than just paying extra, ask for a settlement figure using the form of the same name. That gives you the exact figure for a chosen date, including any rebate of interest that applies. The dedicated article How do I get a settlement figure? walks through how this works. For full details on paying your loan off early, see can I pay my loan off early.

If you are not sure which approach is right for you, please contact us — we are happy to talk it through.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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Ad-hoc or early repayments can be sent from any UK business bank account held in your company's name. However, the direct debit mandate on your agreement is tied to the account you provided at onboarding, so scheduled automatic collections will continue to go from that account unless you formally update the mandate.

Updating your direct debit account

To change the account from which we collect your regular payments, contact our support team at least five working days before your next due date. We will send a new direct debit instruction to your bank. You will receive a confirmation notice, and the change takes effect from the following collection. Do not cancel the existing mandate before the new one is confirmed active, as this can cause a missed payment.

Making a one-off payment from a different account

If you want to make a lump-sum or early repayment from a secondary business account, simply transfer funds to the sort code and account number in your facility agreement. Include your Credicorp account number as the payment reference. Payments received without a valid reference may take longer to allocate. Only accounts in the company's name are acceptable — personal or director accounts cannot be used.

Personal accounts are not accepted

Because we lend to the company, repayments must come from the company. We are unable to accept transfers from a director's personal current account, a personal savings account, or any account not registered to the borrowing entity.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can I set up a standing order to cover my repayments?, How do I get a payment receipt or confirmation?, What does a failed payment look like on my account?

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You can change the business bank account your repayments are taken from — for example if your company has moved banks or restructured its accounts. The key rule is that the paying account must be in the name of the company that holds the facility.

Why it has to be a company account

Credicorp lends only to UK limited companies and LLPs for business purposes. The loan is to the company, and we do not take personal guarantees from directors. Repayments should therefore come from the company's own funds and its own business account, not from a personal account or a third party.

How to switch the account

• Set up a new Direct Debit instruction using the new business account details through your online account, or contact support for help.
• Do not cancel the old Direct Debit until the new one is confirmed as active, so no collection is missed in between.
• Check the next scheduled collection to confirm it will be taken from the new account.

Timing

Allow enough time for the new instruction to be set up before your next due date. If a collection is imminent, it may still be taken from the old account, with the new account used from the following cycle. If you are mid-switch and unsure which account a collection will hit, contact us and we will confirm before the date.

For related payment setup guidance, see how to set up or change a Direct Debit, paying by bank transfer and what happens if a Direct Debit fails.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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We do not accept debit or credit card payments for scheduled loan instalments or lump-sum repayments. This is standard practice for UK business lending: card rails are designed for retail transactions, carry interchange costs that do not suit loan servicing, and add reconciliation complexity that could delay posting to your account.

Accepted payment methods

• Direct Debit (BACS): The default and recommended method — automated, no action required each month once set up.
• Faster Payments: Suitable for overpayments, manual catch-up payments, or if your Direct Debit mandate is still being established. Same-day posting on UK business days up to the scheme limit.
• CHAPS: For large lump-sum payments or full early settlement — arrives same day with no upper limit, though your bank may charge a fee for outgoing CHAPS transfers.

How to make a manual bank transfer

Your loan payment sort code, account number, and unique payment reference are displayed in the portal under Make a payment. Always use your loan reference as the payment reference field; without it, posting can be delayed by one to two business days while we match the funds.

What about paying from a personal account?

Loan instalments should be paid from the company's own business bank account. Payments from a director's personal account can be accepted in exceptional circumstances but will be treated as a director loan into the business for accounting purposes, which may have implications for your company records. If you anticipate needing this, speak to your accountant first.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I set up the Direct Debit for my loan?, Can I pay by bank transfer instead of Direct Debit?.

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Rescheduling a single repayment — moving it a few days later without altering the rest of your schedule — is considered on a case-by-case basis. It is not available in your account dashboard; you need to contact us before the due date to request it.

When requests are typically approved

Short-term cash-flow timing mismatches are the most common reason companies ask to shift a payment by a few days — for example, waiting for a large customer invoice to clear. Requests made at least three working days before the due date give us time to process the change before the direct debit is submitted to your bank. Requests made on the due date itself cannot usually be accommodated because the collection instruction has already been sent.

What changes and what stays the same

If we agree a deferral, only the single payment moves. Your remaining schedule is not extended automatically. Depending on your facility type, a small amount of additional interest may accrue on the deferred amount for the days between the original and new due date. We will confirm any cost in writing before you confirm the change. For Credicorp Slice instalments, shifting one weekly payment may affect the 6% flat fee calculation for that instalment; we will explain the impact clearly.

How to make the request

Contact us via the in-app messaging, by email, or by phone. Have your Credicorp account number ready and tell us the original due date, the amount affected, and the date you would be able to pay. We aim to respond within one working day.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What does a failed payment look like on my account?, What happens if my repayment date falls on a bank holiday?, Can I split a repayment across two separate transactions?

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You can arrange a standing order from your business bank account to cover scheduled repayments, but we recommend checking a few things first so the amounts and timing stay aligned with your agreement.

Standing order vs direct debit

Most Credicorp facilities collect repayments by direct debit, which pulls the exact contractual amount on the due date automatically. A standing order pushes a fixed sum you configure yourself. That means any change to your repayment schedule — for example a Flex draw altering your minimum payment — will not update the standing order automatically. You would need to amend it with your bank each time.

Setting up the standing order correctly

Use the sort code and account number shown in your facility agreement or your online account dashboard. Set the payment reference to your Credicorp account number so receipts are matched instantly. For a Business Loan, the amount and date are fixed for the term, making a standing order straightforward. For Credicorp Flex, the amount can vary month to month, so a standing order is only appropriate if you intend to overpay or pay a round figure above the minimum each period.

What happens if the standing order amount is wrong

If your standing order sends less than the amount due, the shortfall is treated the same as a partial payment — it will show as outstanding and may attract a late-payment notice. If it sends more, the excess is applied to your outstanding balance. Contact our team before changing any standing order instruction to avoid timing gaps.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What happens if a repayment falls on a bank holiday?, Can I pay from a different bank account?, How do I get a payment receipt or confirmation?

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There is no requirement to send your repayment as a single transfer. If it suits your cash-flow, you can make two or more partial payments in the days before the due date, provided the total clears by the close of business on the due date.

How partial payments are allocated

Each transfer is applied to your outstanding balance as it arrives. If the cumulative total reaches or exceeds the amount due before the due date, no further collection action is taken. If the total falls short by the due date, any remaining balance is treated as overdue and a follow-up notice is sent. We do not retain a running tally of expected split payments, so it is your responsibility to ensure both transfers reach us in time.

Reference and timing

Use your Credicorp account number as the payment reference on every transfer — not just the first one. If you omit the reference on a partial transfer, it may be held for manual matching, which could cause it to post after the due date even if it arrived in time. For Faster Payments this is rarely an issue, but allow at least one working day extra around month-end or bank holidays.

Credicorp Flex and Slice specifics

For Credicorp Flex, partial payments reduce your drawn balance as they arrive and free up availability immediately. For Credicorp Slice, the scheduled instalment amounts are fixed; sending a partial transfer does not defer the remainder of the instalment — the outstanding portion remains due on the original date.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can I pay from a different bank account than the one I applied with?, How do I get a payment receipt or confirmation?, Can I reschedule a single repayment?

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We do not offer scheduled payment holidays as a built-in feature, but if your company is experiencing a short-term cash-flow difficulty, you can apply to defer one or more instalments. Deferral is assessed individually and is not automatic — interest continues to accrue on the full balance during any deferred period, so the total cost of your loan will increase (illustrative, not a guarantee of approval or specific terms).

How to apply for a deferral

Contact our servicing team at least five business days before the next collection date. We will ask you to provide a brief explanation of the temporary difficulty and, depending on the amount and duration, may request supporting information such as a recent management accounts summary or a bank statement. We aim to give a decision within two business days of receiving everything we need.

What happens if a deferral is agreed

• The deferred instalment(s) are added to the end of your loan term, extending it rather than increasing monthly payments — though you can choose to repay in a lump sum later instead.
• Interest accrues throughout the deferred period and is factored into the revised schedule.
• Your Direct Debit is paused for the agreed period and reactivated automatically on the new next collection date.
• A deferral does not constitute an arrears record provided it is agreed before the due date passes.

If you are in genuine financial difficulty

If the difficulty is more than temporary, speak to us early. We work with a qualified debt adviser referral service and can pause collections for a short period while you take independent advice. Engaging promptly almost always leads to better outcomes than allowing arrears to accumulate.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What happens if a payment fails?, How do I change my loan repayment date?.

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If your company has spare cash in a given month, you can pay more than the scheduled amount towards a Credicorp Flex or Credicorp Slice facility. A partial overpayment is any amount above your due payment that does not fully close the balance.

How an overpayment is applied

An overpayment is credited to your facility and reduces the outstanding balance. How that affects future payments depends on your product and agreement: in some cases the remaining term shortens, in others the scheduled payments themselves reduce. Ask your account team to confirm the effect before you pay so there are no surprises.

Before you overpay

• Tell us the amount and that it is intended as an overpayment, not an early settlement.
• Use the correct payment reference so the funds are matched to your facility.
• Keep your scheduled Direct Debit running unless we confirm otherwise.

Overpayment versus settlement

An overpayment reduces the balance but leaves the facility open. To close it entirely you need a settlement figure, which is calculated to a specific date. If you intend to clear everything, request a settlement figure rather than estimating.

Facilities are available only to UK limited companies and LLPs for business purposes and fall outside the FCA consumer-credit regime.

See also: Making an extra or overpayment on your loan, How are overpayments applied to my account? and Can my company make a partial payment if it cannot pay in full?.

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If your company has strong months and quieter ones, you might want to pay ahead while cash is plentiful so a leaner month feels less tight. Whether and how this works on a Credicorp Flex or Credicorp Slice facility depends on your agreement, so it is worth checking before you rely on it.

How paying ahead is treated

Money paid above your due amount is credited to your facility. Depending on your product, that credit may reduce the outstanding balance or be held to offset an upcoming payment. These are different outcomes, so ask your account team which applies before you assume a future collection will be skipped.

What to confirm

• Whether an advance payment reduces the balance or sits as credit against the next payment.
• Whether your Direct Debit will still attempt to collect as normal.
• How the advance shows on your statement and schedule.

A note of caution

Paying ahead is not the same as cancelling a future Direct Debit. If you want a specific collection paused, you must arrange that with us, otherwise the scheduled payment may still be taken. We will confirm exactly how your advance has been applied.

Credicorp lends only to UK limited companies and LLPs for business purposes, outside the FCA consumer-credit regime.

See also: Can my company make a partial overpayment?, How does Slice pay my supplier?, Can I object to how you use my data?.

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If your company expects a short, predictable gap in cash flow, you can ask us about a payment holiday on a Credicorp Flex or Credicorp Slice facility. Whether one is available depends on your product, your agreement and the standing of your facility, so the first step is to raise it with us early.

How to request one

• Contact your account team before the affected payment date.
• Explain why you need the pause and how long you expect it to last.
• Confirm how your company plans to resume normal payments afterwards.

What a payment holiday involves

If agreed, your scheduled payments are paused or reduced for a defined period. Interest continues to be treated in line with your agreement during the pause, which generally means the total cost or the remaining schedule will reflect the paused period. We will set this out clearly before anything is confirmed so you can decide whether it works for your business.

If the gap is longer than expected

A payment holiday is intended for a temporary, planned situation. If your company is in genuine financial difficulty, ask us about forbearance instead, which is designed to support businesses facing a sustained problem.

Facilities are provided only to UK limited companies and LLPs for business purposes and sit outside the FCA consumer-credit regime.

See also: What happens when payments resume after a pause?, Can I pause payments if my company hits a cash-flow gap? and Does a payment holiday increase the total cost?.

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Yes — your company can repay a Credicorp facility in full before the end of your agreed term. Early settlement can make sense when cash flow allows, or when you no longer need the facility.

Get a settlement figure first

Do not simply transfer your remaining balance from your last statement. The exact amount owed changes day to day, so ask us for an up-to-date settlement figure that is valid to a stated date. This makes sure you pay neither too little, which would leave the account open, nor too much.

How early settlement works by product

• Credicorp Slice — request a settlement figure, then pay it by the method we confirm, usually bank transfer with your statement reference.
• Credicorp Flex — because the balance can vary with your draws and repayments, a same-day settlement figure is especially important. Tell us you intend to close the facility so no further draws are taken.

After settlement

Once we receive the full settlement amount, we close the facility and confirm it in writing. Cancel any Direct Debit only after we confirm there is nothing left to collect. The charges that apply to early settlement, if any, are those set out in your agreement — we will state the figure clearly when we quote your settlement, with no surprise costs added.

Before paying, read requesting a settlement figure, how early settlement works and whether there is a penalty for early repayment.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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Business circumstances change, and the repayment arrangement that suited your company at the start may not fit later on. Depending on your facility and situation, it may be possible to restructure how your company repays a Credicorp Flex or Credicorp Slice facility.

What restructuring can mean

• Spreading the remaining balance differently over time.
• Adjusting the payment date or frequency to match cash flow.
• A revised arrangement where the company is facing difficulty.

The right approach depends on whether you are managing a planned change or responding to genuine financial pressure.

How to raise it

Contact your account team and explain what has changed and what you are trying to achieve. We will look at what is possible for your facility and set out clearly how any change affects your schedule, the remaining term and the overall cost before anything is agreed.

Planned change versus difficulty

If your company is in genuine difficulty, a restructure may form part of forbearance support. If it is simply a preference, we treat it as a standard request. Either way, telling us early gives us more room to help.

Credicorp lends only to UK limited companies and LLPs for business purposes. As an exempt business lender we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

See also: Can my company request a payment holiday?, Does a payment holiday increase the total cost?, What forbearance support is available if my business is struggling?.

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Sometimes a payment needs to come from somewhere other than the borrowing company's own account — a director wants to clear an amount personally, a parent company is funding the subsidiary, or an accountant is settling things while sorting out the books. In most cases a third party can make a payment towards your facility, but it does not change who is responsible for the debt or who can give instructions on the account.

The facility stays the company's

Credicorp lends to UK limited companies and LLPs for business purposes only. The facility is a liability of the borrowing company, and we do not take personal guarantees from directors. So even if someone else moves the money, the obligation to repay remains with the company that took out the loan. A third-party payment settles part or all of what the company owes — it does not transfer the agreement to whoever paid.

Who might pay on the company's behalf

• A director clearing an amount from personal funds, for example to keep the account on track during a tight month.
• A parent or group company funding a subsidiary's repayment.
• An accountant or bookkeeper making a payment as part of managing the company's finances.
• Another company in a contractual arrangement that has agreed to settle the amount.

How a third-party payment is made

The cleanest way is by bank transfer, quoting the correct reference so we can match the money to the right facility. The payer does not need to be the account holder for a one-off transfer to reach us, but the reference is what links it to your company — without it, an unexpected payment from an unfamiliar account can take longer to allocate. If in doubt about the details, ask us first so the payment lands correctly.

What a third party cannot do

Making a payment is not the same as managing the account. Paying an amount does not let someone change your Direct Debit, move a payment date, request a settlement figure or update your bank details. Those are account instructions, and they can only come from a person the company has authorised. If you want an accountant or adviser to actually deal with us — speak to us, agree arrangements, handle a difficult month — that needs formal authority in place first, which is separate from simply sending a payment.

Direct Debit is different

A one-off third-party transfer is straightforward, but a Direct Debit is not. The standing instruction we collect from should be on the borrowing company's own business account, not a personal or third-party account. If your regular collections need to move, set that up properly rather than relying on someone else to pay each time.

If you are paying because money is tight

If a director or group company is stepping in because the business is struggling that month, it is worth telling us what is going on. We would rather understand the position and look at the right support than have a one-off payment paper over a cash-flow problem that keeps recurring.

Related help

• Can I pay from a different business bank account?
• Who can authorise payment changes on the account?
• Can my accountant or another representative deal with you on our behalf?
• Paying by bank transfer

Still not sure whether a particular payment will be accepted or how to reference it? Contact our team and we will confirm before the money moves.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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Yes — every payment your company makes is recorded against your facility and is visible to you, which matters for bookkeeping, VAT records and your year-end accounts.

Where to find your payment records

• Online account — shows your payment history, including scheduled Direct Debits, one-off transfers and card payments allocated to your facility.
• Statements — set out collections and how they have been applied to your balance over a period.
• Your own bank — your business bank statement is itself proof a Direct Debit or transfer left the account.

For your accountant

Your Credicorp statement, together with your bank records, gives your accountant what they need to reconcile repayments and account for the cost of borrowing. Keep your statements with your company records. If you need a record for a specific period or a payment that does not appear, contact our support team.

One-off and overpayments

When you pay by transfer or card, keep your bank's confirmation as well. If you use the correct statement reference, the payment will appear against your facility; if it does not show within a reasonable time, send us the date, amount and reference so we can trace it. Allocated payments will then be reflected in your account and on your next statement.

For payment tracing, read how to check whether a payment has reached us, how long a payment takes to clear and paying by bank transfer.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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It is a fair question: if your company pauses payments, does it pay more in the end? In most cases a payment holiday does affect the schedule or the total cost, because interest continues to be treated in line with your agreement during the pause even though payments are not being made.

Why the cost can change

When scheduled payments pause, the balance is not reducing as quickly as planned for that period. Depending on how your facility is structured, this can mean a longer remaining term, slightly higher payments afterwards, or a higher total cost over the life of the facility. We do not quote figures here because the effect depends entirely on your own agreement and the length of the pause.

How to see the real impact

• Ask us to show the revised schedule before the holiday is agreed.
• Compare the new total against your original plan.
• Decide whether the short-term relief is worth the longer-term effect.

Making an informed choice

A payment holiday can be a sensible tool for a genuine, temporary gap, but it is rarely free. We will always set out the consequences clearly so your company can weigh up the trade-off before committing.

Facilities are available only to UK limited companies and LLPs for business purposes and fall outside the FCA consumer-credit regime.

See also: Can my company request a payment holiday?, How is my payment schedule set up? and What happens when payments resume after a pause?.

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When your company overpays, there are generally two ways the benefit can show up: a lower future scheduled payment, or the same payment with the facility cleared sooner. The right choice depends on what your business is trying to achieve.

Lower the payment

If your priority is freeing up monthly cash, applying an overpayment to reduce future scheduled amounts eases the pressure on each cycle. The facility still runs to around its original end point, but each collection is smaller.

Shorten the term

If your priority is paying less overall, keeping the scheduled payment the same and letting the overpayment bring forward the final payment usually reduces the total interest, because the balance falls faster.

How to choose

• Tell us your preference when you make the overpayment — do not assume a default.
• For Credicorp Flex, an overpayment reduces the drawn balance and your next collection is recalculated, so the effect shows up automatically in the next notified amount.
• For Credicorp Slice, we can apply the overpayment either way; just say which you want.

A quick check

Whichever you choose, your interest rate stays as shown in your offer — what changes is the balance it applies to and how long. If you are unsure which outcome suits your cash-flow plan, our support team can talk it through before you transfer.

See also: Making an extra or overpayment on your loan, Can my company make a partial overpayment? and What if my company can only pay part of this month's amount?.

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Occasionally a company pays more than its facility balance, for example by paying a statement amount after an earlier overpayment, or by a duplicate Direct Debit and manual payment in the same period. Where this happens, the surplus is a credit on your facility and can be returned to you.

How a refund is processed

Once we confirm there is a genuine credit balance and the relevant payments have cleared, we refund the surplus to the business bank account the payment came from. Returning funds to the originating account is a standard control that helps prevent fraud and ensures the money goes back to the right place.

What we may need from you

• Confirmation of the business account that should receive the refund.
• Time for incoming payments to fully clear before a refund is released.
• A short check that no further payments are due to be collected.

Credit you'd rather keep on account

If you prefer, a small credit can sometimes be left on the facility and offset against the next scheduled payment instead of being refunded. Let your account team know which you would like.

Credicorp lends only to UK limited companies and LLPs for business purposes, outside the FCA consumer-credit regime.

See also: Does a payment holiday increase the total cost?, Will I get a refund if I overpay at settlement? and Funding a shop fit-out or refurbishment.

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An overpayment is any amount your company pays above the scheduled payment due. Credicorp accepts overpayments on both Flex and Slice, and they are a useful way to reduce what you owe when cash flow is strong.

What an overpayment does

• It reduces your outstanding balance.
• Because interest is charged on the balance you owe, reducing the balance can reduce the total cost over the life of the facility.
• It does not change the rate shown in your offer — it changes the amount that rate applies to.

How it affects future payments

How an overpayment feeds through depends on your product. On Credicorp Slice, an overpayment can reduce later scheduled amounts or shorten the time to clear the balance. On Credicorp Flex, an overpayment reduces the drawn balance and frees up availability, and your next collection is recalculated and renotified. If you want a specific outcome — for example to shorten the term rather than lower the payment — tell us when you make the overpayment.

How to overpay

Make an overpayment by bank transfer using your statement reference, or by card through your online account where supported. Keep paying your scheduled Direct Debit as normal unless we confirm otherwise. If you are overpaying with the intention of closing the account, ask for a settlement figure instead.

For next steps, read making a one-off extra payment, whether an overpayment reduces the payment or term and requesting a settlement figure.

See also: Can I change the date my payment is taken?, Can I pay a Flex drawing from a different card or account?, Can I pay extra towards my balance?.

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If your company pays an amount that is less than the full balance, that payment is allocated to your facility in the order set out in your agreement. Understanding this order helps you see how a partial payment changes what remains.

The usual order of allocation

Payments are typically applied first to any amount that is already due or overdue, then to interest accrued under your agreement, and then to the outstanding principal. Your agreement is the definitive source for the exact order on your facility, so check it if you need certainty.

Why allocation matters

• A partial payment that only covers the due amount leaves the rest of the balance running.
• Paying above the due amount can start reducing principal sooner.
• Clearing arrears first helps keep the facility in good standing.

Getting it right

Always use the correct payment reference so funds reach the intended facility. If your company has more than one facility with us, tell us which one a partial payment is for, otherwise we apply it according to our standard process.

Credicorp lends only to UK limited companies and LLPs for business purposes. This facility is outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

See also: Can my company make a partial payment if it cannot pay in full?, How are my payments allocated to what I owe? and What if my company can only pay part of this month's amount?.

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Ways to pay

You can make a payment to your Credicorp account in several ways:

• Online — use the secure card payment option on our Make a Payment page.
• By phone — call our team and pay by debit card during office hours.
• Direct Debit — set up an automatic payment so you never miss a due date.

Always quote your account or reference number so we can apply the payment correctly. If you are not sure which method suits you, contact us and we will talk it through.

Paying extra or settling in full

You can also pay more than your scheduled amount whenever you like — see paying extra towards your balance, which reduces the interest that accrues on what is left. If you are clearing the loan in full, request a settlement figure first. Timing close to a due date? Check how long a payment takes to clear. When you are ready, you can make a payment in the portal.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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You can cancel a Direct Debit whenever you like — that is your right, and your bank will act on it straight away. The one thing to understand first is that cancelling the Direct Debit does not cancel the payment. The instruction at your bank is only the method of collection; the scheduled repayment on your loan is still due on its date. So if you cancel and put nothing in its place, the collection simply will not happen, and the payment is treated as missed.

That is easy to avoid. Whether the company is switching banks, tidying up its mandates, or you just prefer to pay another way, the rule is the same: tell us before you cancel, so we can make sure the next payment still reaches us. This page explains what happens to the loan when a mandate is cancelled, how to move collections to a different business account, and the other ways to pay that keep everything on track.

What happens to the loan if you cancel the mandate at your bank

When you cancel a Direct Debit through your bank or banking app, the bank stops honouring our collection instruction. We are usually notified that the mandate has lapsed, but that notice does not change the loan itself. Here is what actually happens:

• The balance and schedule are unchanged. Cancelling the mandate does not reduce, pause or settle anything. Every scheduled payment is still due on the date shown in your repayment schedule.
• The next collection will not be taken. With no live instruction, there is nothing for us to collect against — so unless you pay another way, that payment goes unpaid.
• An unpaid scheduled payment counts as missed. A cancelled mandate is one of the most common reasons a collection does not go through. Once a due payment is not made, it is treated as missed until it is settled — see what happens if my Direct Debit fails for exactly what we do next.

None of this is a trap. If you tell us in advance, a cancellation is completely routine — we line up the next payment a different way and nothing is ever missed. The problem only arises when a mandate is cancelled with nothing arranged to replace it.

How to move collections to a different business account

If the company has switched business banks or opened a new account, you do not cancel and start from scratch — you move the Direct Debit to the new account so collections continue without a gap. Because this touches the company's money, every change is verified before it takes effect.

1. Set up the new instruction before you cancel the old one. Moving the Direct Debit to the new account is the safe way to switch banks. The full steps — and how we keep the change secure — are in how to set up, change or cancel a Direct Debit and in updating your bank details.
2. Have the new account's details ready. You will need the business account name, the sort code and the account number of the new account. We never need a card number for a Direct Debit, and we will never ask for online-banking passwords or one-time codes.
3. Time it around your schedule. Where possible, put the new instruction in place before the next collection date so there is no gap. If a collection falls due during the switch, tell us — we can move that one payment to card or transfer while the new mandate beds in.
4. Check your schedule afterwards. Sign in to the Payments area and confirm the next collection will come from the right account. Your exact dates and amounts always live in the portal, never in this help centre.

Other ways to keep paying, so cancelling is never a missed payment

You do not have to keep a Direct Debit running to stay on top of the loan. If you would rather pay each scheduled amount yourself, that is fine — the important thing is that the payment still reaches us on or before its due date. Once you have cancelled the mandate, use one of these:

• Debit card. Pay online through the secure card option on our Make a Payment page, or by phone during office hours. Card payments are normally applied the same working day, which makes a debit card the surest way to land a payment in time when you are close to a due date.
• Bank transfer. Send the payment from the company's bank account using the payment details on your statement, and always quote your account or reference number so we can apply it correctly. A transfer can take a little longer to settle than a card payment, so allow time before the due date.

For a side-by-side of every method, see how can I make a payment, and for how quickly each one lands, see how long a payment takes to clear. If you are paying right up against the deadline, a same-day debit card payment is the safest choice.

If you want to cancel because money is tight

Cancelling a Direct Debit is sometimes a reflex when cash flow is under pressure — but on its own it does not help, because the payment is still due and stopping the collection just turns it into a missed one. If the real issue is that the company is struggling to keep up, please do not just switch off the mandate: talk to us early. There is no penalty for asking, and asking for help is not reported as a default.

We would always rather agree something sensible than see a payment missed. Depending on the company's position we can look at a short payment freeze, a reduced-payment arrangement or a longer variation. See help if you are struggling to make a payment for what is available, and what 'arrears' means and whether it affects your credit file if you are worried about a payment that has already been missed.

Where your exact figures live

This page explains how cancelling and moving Direct Debits works in general terms only. The specific amounts, dates and the account a Direct Debit is set up on are held in your portal — sign in to the Payments area to see or change them. We keep this help centre figure-free on purpose, so nothing here ever contradicts what you see in your live account.

A note on how this lending works: Credicorp lends to limited companies and LLPs, and a Business Loan is exempt from FCA consumer-credit regulation under Article 60B of the FSMA Regulated Activities Order 2001. The company is the borrower, there is no personal guarantee, and the Direct Debit is set up on the company's business bank account — so it is not a personal debt on the director's own credit file. This kind of lending is not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme. The Direct Debit Guarantee that lets you cancel at any time is provided by your bank and applies to your Direct Debits in the normal way.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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If the current repayment date no longer lines up with your company's cash flow, you can ask us to move it. We aim to accommodate a date shift of up to 14 days earlier or later within the same calendar month, subject to a short review to confirm no arrears are on the account.

How to request a change

Log in to your account at clients.credicorp.co.uk, navigate to Loan Settings and select Change payment date. Alternatively, contact our servicing team by email or secure message. We normally process requests within two business days, and we will confirm the new date in writing before the change takes effect.

How the change affects your schedule

If you move the date later in the month, interest will accrue for the extra days and a small bridging amount will typically be added to your next instalment (illustrative, not a quote — the exact figure depends on your outstanding balance and rate). Moving the date earlier reduces that stub period. We will send you a revised schedule showing every future payment before anything changes.

Restrictions to be aware of

• Date changes are limited to once per 12-month period on standard facilities.
• The new date cannot fall on a weekend or UK public holiday — it will roll to the next business day automatically.
• If a payment is due within five business days, the change takes effect from the following cycle, not the imminent collection.
• Accounts with a missed or late payment in the last 90 days may need additional sign-off.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I set up the Direct Debit for my loan?, What happens if a payment fails?.

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Most customers can confirm a payment by checking their next statement, or by asking us for an up-to-date statement of account. Here is how to be sure a payment has been applied correctly.

Same-day visibility

Debit card payments made through our Make a Payment page are normally posted to your account the same working day. You should see them on your next statement, or on a request for an up-to-date statement at any time using the Request a Statement of Account form.

Bank transfers and Direct Debits

Direct Debits and standard bank transfers (Bacs) take up to three working days to settle. If a payment was sent on a Friday or just before a bank holiday, allow for the next working day before assuming there is a problem.

If a payment is missing

If three working days have passed and a payment is still not showing, send us the following so we can trace it:

• your account or reference number;
• the date the payment was sent;
• the amount;
• the method (card, Direct Debit, bank transfer) and the reference you used.

The fastest way to send these details is the Payment Dispute form. We will look at the records on both sides and confirm where the payment is. If the payment did not reach us at all (for example a transfer to an out-of-date account number), we will tell you what to do next.

If you are ever asked to send a payment to an account number that is different from the one on your statement, do not do so — contact us first to confirm. Our public details are on the Contact Us page; payment-account details are issued only through our official correspondence.

See also: How long does a payment take to clear?, Does a payment holiday increase the total cost? and Funding everyday working capital for your company.

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As soon as a payment is processed on your facility, a record appears in the Transactions section of your Credicorp account. You can download a PDF receipt from there whenever you need one — for your own bookkeeping or to share with your accountant.

Finding your transaction history

Log in to your account, select the relevant facility, and choose the Transactions tab. Each entry shows the date cleared, the amount, and the running balance. Click the download icon on any row to save a formatted PDF receipt. Receipts are available immediately after a payment settles; same-day Faster Payments typically clear within a few hours, while BACS direct debits confirm the following working day.

Bulk statements and accountant access

If you need a full period statement — for example to reconcile a quarter — use the Export button to download a CSV or PDF covering a date range you choose. If your accountant or bookkeeper needs their own access, you can add them as a read-only user from the Account Settings page; they will then be able to download statements and receipts directly without contacting your team each time.

Receipt not appearing

If a payment you made by bank transfer does not appear within one working day, check that you used the correct reference number. Unmatched transfers are held and allocated manually, which can add a day or two. Contact us with your payment reference, the sending account, and the exact amount and we will locate it promptly.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can I pay from a different bank account than the one I applied with?, What does a failed payment look like on my account?, Can I set up a standing order to cover my repayments?

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An early settlement figure (sometimes called a redemption figure) is a snapshot of what you owe if you repay the entire outstanding balance on a particular date. Because interest accrues daily, the figure is date-specific: it will be different for 15 June versus 30 June, for example. We provide settlement figures valid for 14 calendar days.

How to request a figure

Log in to clients.credicorp.co.uk and go to Loan details > Settlement quote. Choose your intended settlement date and the system will generate a breakdown showing outstanding capital, accrued interest to that date, and any early repayment charge applicable under your facility agreement. For complex facilities or queries about the calculation, contact our servicing team who can prepare a detailed breakdown within one business day.

What the figure includes

• Outstanding capital: The original drawdown minus all principal repaid to date.
• Accrued interest: Interest that has built up since your last payment date to the settlement date you specified.
• Early repayment charge (if applicable): Typically expressed as a number of months' interest, and usually only applies in the first year of the facility (illustrative — exact terms are in your agreement).
• Any arrears: If your account has missed payments, these are included in the settlement total.

How to pay

Settlement must be paid by CHAPS or faster payment on or before the quoted settlement date. Once received in full, we will release the loan record as satisfied, send a confirmation letter, and cancel the Direct Debit mandate. Allow one to two business days for written confirmation to appear in the portal.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can I overpay to clear my loan faster?, Can I pay by bank transfer instead of Direct Debit?.

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The most common reason a Direct Debit fails is simply that the business account did not hold enough on the day. A little planning around your collection date prevents almost all of these failures.

Know your date and amount

Check your Direct Debit notice and online account so you know exactly when the next collection is due and how much it will be. On Credicorp Flex the amount can vary cycle to cycle, so do not assume it matches last time — read the renotified figure.

Fund the account in good time

• Aim to have cleared funds in place from the working day before the due date.
• Do not rely on a transfer made on the morning of collection landing in time.
• Remember collections shift to the next working day if the date falls on a weekend or bank holiday — but keep the funds ready around the original date to be safe.

Align the date with your cash flow

If your due date consistently falls just before your main customer receipts arrive, ask us to move it to shortly after. A date that fits your real cash-flow rhythm is the most reliable fix of all.

If the money will not be there

If you can see a shortfall coming, contact us before the due date. Early conversations open up options that disappear once a collection has already failed.

See also: How much notice will I get before a Direct Debit is collected?, Can I make a one-off extra payment without changing my Direct Debit? and How to set up or change a Direct Debit with Credicorp.

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As well as Direct Debit, your company can pay a Credicorp facility by bank transfer. This is useful for one-off payments such as an overpayment, a settlement, or covering a month where you do not want to rely on a collection.

What you need

• The destination bank details we provide for your facility.
• Your facility reference, entered exactly as given.
• The correct amount, especially when settling, where it must match your settlement figure.

Why the reference matters

The reference is how we match an incoming transfer to your facility. Sending funds without it, or with the wrong reference, can delay the payment being applied while we trace it. Always pay from your business bank account so the source is clear.

Timing

Allow time for the transfer to reach and clear with us. If you are paying to meet a due date or a settlement deadline, send the funds with enough margin so cleared money arrives in time. If a payment is urgent, tell us so we can watch for it.

Facilities are available only to UK limited companies and LLPs for business purposes and fall outside the FCA consumer-credit regime.

Related payment articles cover how long a payment takes to clear, checking whether a payment has reached us and requesting a settlement figure.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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Clearing a Credicorp Flex or Credicorp Slice facility in full takes a few simple steps. The key is to pay the exact settlement figure rather than a statement balance, so the account closes cleanly with nothing left running.

Step by step

• Request a settlement figure for the date you intend to pay.
• Make the payment for that exact amount using the reference we provide.
• Allow time for the funds to clear in full.
• We confirm closure in writing once cleared funds are received.

Why not just pay the statement balance?

A statement shows the balance at a point in time. Interest can accrue between statements under your agreement, so paying an old balance may leave a small shortfall that keeps the facility open. The settlement figure is calculated to your chosen date and is the only amount that closes it fully.

After closure

Once the facility is closed, any Direct Debit linked to it is cancelled so no further collections are taken. Keep our written confirmation for your company records.

Facilities are provided only to UK limited companies and LLPs for business purposes and sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

See also: Can I pay my loan off early?, What is a settlement figure? and Can my company settle the facility early?.

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A settlement figure is a quote, valid to a stated date, showing the total your company must pay to close a Credicorp Flex or Credicorp Slice facility in full. It is different from your statement balance because it is calculated precisely to the date you plan to pay.

How to ask

• Use the settlement option in your online account, or message your account team.
• Give us the exact date you expect cleared funds to reach us.
• We return the figure, the payment reference and the destination details.

Why the date matters

Interest accrues according to your agreement, so a figure quoted to one date will differ from a figure quoted to another. If you pay later than the quoted date, the amount may be slightly higher and a small shortfall could keep the facility open. If you expect a delay, ask for a fresh figure.

Keeping the quote valid

Each settlement figure carries an expiry. Pay on or before that date with cleared funds for the same amount to ensure the facility closes cleanly. We confirm closure in writing once the payment lands.

Facilities are provided only to UK limited companies and LLPs for business purposes and fall outside the FCA consumer-credit regime.

See also: How to request a settlement figure, How do I get a settlement figure?, Settlement figure (glossary).

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For most borrowers the Direct Debit mandate is collected and confirmed as part of the drawdown process — you will have signed a BACS Direct Debit instruction authorising us to collect monthly instalments from your nominated business bank account. Once confirmed, collections happen automatically on your agreed payment date.

If you need to set up or replace a mandate

If you are switching your business current account, or the original mandate was not completed, log in to clients.credicorp.co.uk and go to Payment settings > Bank account. You can submit new sort code and account number details and a fresh mandate will be sent to your bank electronically via the BACS scheme. Allow at least ten business days before the next collection date for the new mandate to clear; if the gap is shorter, we may ask you to make that instalment manually by bank transfer.

What the mandate covers

• Regular monthly instalments only — amounts are fixed to your schedule and cannot vary without your confirmation.
• Any one-off arrears collections will be notified to you in advance and require separate agreement.
• You can cancel the mandate directly with your bank at any time, though this does not cancel the loan obligation; please contact us first so we can agree an alternative collection method.

BACS Direct Debit guarantee

Although this is a business loan and not a consumer product, the standard BACS Direct Debit guarantee still applies to the mandate itself. Your bank must refund any collection that is shown to be in error, and we must give advance notice of any change in amount or date.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I change my loan repayment date?, Can I pay by bank transfer instead of Direct Debit?.

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A Direct Debit is the simplest way to keep your repayments on track: once it is set up, each scheduled payment is collected automatically from your business bank account on the due date, so there is nothing to remember and nothing to miss. You stay in control throughout — the amount and date of every collection are shown in your repayment schedule first, and you are covered by the Direct Debit Guarantee, the protection your bank gives to everyone who pays by Direct Debit.

How to set up a Direct Debit

You set up a Direct Debit from inside your account, where the instruction is tied securely to your loan. Because it authorises us to collect from the company's bank account, we keep the process simple but careful.

1. Sign in to the portal. Go to the Payments area of your account. This is where your live schedule, balance and collection dates are held — exact figures always live in the portal after you sign in, never in this help centre.
2. Choose to set up a Direct Debit. Select the option to pay by Direct Debit and confirm the business bank account you want collections taken from.
3. Enter the company's bank details. You will need the account name (the name on the business bank account), the sort code, and the account number. The account should be one the business is authorised to set up Direct Debits on.
4. Confirm. Once the instruction is in place, future scheduled payments are collected automatically on each due date. Your schedule will show every upcoming collection before it happens.

Prefer not to do it online? You can also use the Direct Debit request form and we will set it up for you. For a full walkthrough of this process, see how to set up or change a Direct Debit. Either way, the amount and date of each collection are confirmed in your schedule before anything is taken.

How much notice you get before a collection

You are never taken by surprise. Every collection appears in your repayment schedule in advance, with the exact amount and date shown there first. If the amount or date of a collection ever changes, you receive advance notice in line with the Direct Debit Guarantee, so you always have time to make sure the funds are in place or to get in touch if something needs to change. To see when your next collection is due, sign in and open your schedule in the Payments area.

How to change the account a Direct Debit is collected from

If the company switches business banks or opens a new account, you can move the Direct Debit to the new account. Because this touches the company's money, every change is verified before it takes effect. The full steps — and how we keep the change safe — are in updating your bank details. As a rule, set up the new instruction before the next collection date so there is no gap, and check your schedule afterwards to confirm the next payment will come from the right account.

How to cancel or pause a Direct Debit

You can cancel a Direct Debit at any time, either through your bank or by telling us. There is one important thing to do first: tell us before you cancel or pause. A scheduled payment is still due even if the Direct Debit is no longer in place, so cancelling on its own does not pause your repayments — it simply removes the automatic collection, which can lead to a missed payment if nothing replaces it.

If you need to cancel or pause because the business is finding repayments difficult, please do not just stop the Direct Debit — talk to us early. There is no penalty for asking, and we would always rather agree something sensible than see a payment missed. See help if you are struggling to make a payment for the support available, including short payment freezes and repayment arrangements.

Where your exact figures live

This page explains how Direct Debits work in general terms only. The specific amounts, dates and the account a Direct Debit is set up on are held in your portal — sign in to the Payments area to see or change them. We keep this help centre figure-free on purpose, so nothing here ever contradicts what you see in your live account.

A note on how we are regulated: Credicorp lends to limited companies and LLPs, and a Business Loan is exempt from FCA consumer-credit regulation under Article 60B of the FSMA Regulated Activities Order 2001. The company is the borrower, there is no personal guarantee, and the Direct Debit is set up on the company's business bank account. The Direct Debit Guarantee described above is provided by your bank and applies to your Direct Debits in the normal way.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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Your complete payment history — every instalment collected, manual payment received, interest charged, and capital movement — is available in real time via the portal. You do not need to contact us to obtain a statement; you can download one yourself at any point during or after the loan term.

Finding your payment history

Log in to clients.credicorp.co.uk, select your loan from the dashboard, and click Transactions. The list is filterable by date range and shows the date, amount, type (scheduled instalment, manual payment, fee, interest charge), and the running balance after each event. You can export the full history as a CSV for use in your accounting software.

Downloading formal statements

For a formal statement in PDF format — suitable for your accountant or auditors — go to Documents > Loan statements and select the period you need. We generate monthly statements automatically and archive them here. If you need a statement for a specific date range (for example, for a year-end that does not align with a calendar month), use the Custom statement option and enter your dates.

What statements show

• Opening and closing capital balance for the period.
• Each payment broken down into capital reduction and interest component.
• Any fees charged and their basis.
• Accrued interest position at the statement date.
• Your company name, registered number, and loan reference — all of which your accountant will need for year-end accounts.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I get an early settlement figure?, Can I overpay to clear my loan faster?.

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Credicorp offers two products, Flex and Slice, and the way payments work reflects how each is built. Your own agreement is always the definitive guide, but here is a general orientation so you know what to look for.

Credicorp Flex

Flex is designed around flexibility in how your company draws and repays. Payments can reflect the amount drawn and how interest accrues per interval under your agreement, so what you pay can vary with your usage. If you hold a Flex facility, check your schedule and statements regularly, as activity on the facility can change upcoming amounts.

Credicorp Slice

Slice is structured around a more defined repayment pattern. Payments tend to follow the schedule set when the facility starts, which can make planning predictable. Your agreement sets out the dates and amounts.

What's common to both

• Payments are usually collected by Direct Debit on the dates in your schedule.
• You can request a settlement figure to close either facility early.
• Overpayments and date changes may be possible on both, subject to your agreement.

For figures specific to your facility, always rely on your offer, agreement and current statement rather than general descriptions. Credicorp lends only to UK limited companies and LLPs for business purposes, outside the FCA consumer-credit regime.

See also: Why do statements for Flex and Slice look a little different?, How do repayments differ between Credicorp Flex and Credicorp Slice?, Credicorp Flex versus Credicorp Slice: which suits your borrowing?.

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Credicorp offers two products, and they are repaid differently. Knowing which one your company holds helps you anticipate what will be collected and when.

Credicorp Slice

Slice works on a more predictable schedule. You repay over your agreed term in scheduled payments, typically collected by Direct Debit on your due date. Because the structure is steady, it is easier to forecast each collection in advance, which suits companies that prefer certainty.

Credicorp Flex

Flex is more flexible. You can draw and repay within your facility, and the amount collected reflects your balance for that cycle. That means your Direct Debit can vary from one collection to the next. We renotify you of each amount before it is taken, so you always know the figure ahead of the date.

What is the same for both

• Repayments come from the borrowing company's business account.
• Direct Debit is our recommended method, with bank transfer and card available for one-off payments.
• Overpayments are accepted and reduce your balance.
• The rate is the one shown in your offer — the product affects the shape of repayment, not a hidden change to the rate.

Not sure which you hold?

Your agreement and online account state your product. If your collections vary cycle to cycle you are most likely on Flex; if they follow a steady schedule, Slice. Contact support if you would like it confirmed.

See also: How do payments differ between Credicorp Flex and Slice?, How to plan Flex repayments around your cash flow, Choosing between Credicorp Flex and Credicorp Slice.

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If your company has the cash to clear its balance ahead of schedule, you can settle a Credicorp Flex or Credicorp Slice facility early. The first step is always to request a current settlement figure rather than relying on your last statement balance.

Why ask for a settlement figure?

Your statement shows the balance at a point in time. A settlement figure is calculated to a specific date and reflects exactly what is needed to close the facility, including any interest accrued up to that date under the terms set out in your agreement. Because interest can accrue between statements, the settlement figure is the only number you should pay to close the account.

How to request one

• Sign in to your account portal and use the early settlement option, or contact your account team.
• Tell us the date you intend to pay, as the figure is valid to that date.
• We confirm the amount and where to send it.

After you pay

Once cleared funds reach us in full, we close the facility and confirm in writing. Any standing Direct Debit linked to the facility is cancelled so no further collections are taken.

Credicorp lends only to UK limited companies and LLPs for business purposes. This facility sits outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

For the settlement sequence, see requesting a settlement figure, settling your facility early and how refunds of overpayments work.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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When your company draws on a Credicorp Flex or Credicorp Slice facility, a payment schedule is created that sets out the dates and amounts your business is due to pay. Knowing where to find it and how to read it keeps your cash-flow planning straightforward.

What the schedule shows

• The dates each payment is due.
• The amount due on each date under your agreement.
• How payments are expected to reduce the balance over your agreed term.

Where to find it

Your schedule is available in your online account alongside your agreement documents. We recommend saving a copy for your records when your facility starts, and checking the portal after any change such as an overpayment or a date adjustment, as those can update the schedule.

Keeping it accurate

The schedule reflects your facility as it stands. Actions such as an overpayment, a payment holiday or a change of payment date can alter future dates or amounts, and the portal will show the up-to-date version. If anything on your schedule looks wrong, contact your account team so we can check it.

Credicorp lends only to UK limited companies and LLPs for business purposes, outside the FCA consumer-credit regime.

See also: Does a payment holiday increase the total cost?, Can my company make a partial payment if it cannot pay in full? and What is a loan term and how is mine set?.

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Debit card payments are normally applied to your account the same working day. Direct Debit collections and standard bank transfers can take up to three working days to clear.

Timing matters most around a due date: if you are paying close to the deadline, a same-day debit card payment is the surest way to have it applied in time, since transfers and Direct Debit can take longer to settle.

If a payment has not appeared after three working days, contact us with the date, amount and method used and we will trace it for you. You can also see the ways to make a payment or check whether a payment has reached us.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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Under the Direct Debit scheme rules, we give you advance notice of the amount and date of each collection before it is taken from your business account. This is part of how the scheme works for every originator, including Credicorp.

Where to find your collection schedule

When your Credicorp Flex or Slice facility is set up, your agreement sets out your due dates and the amounts due. Your online account and your statements show the next scheduled collection so there are no surprises.

When the notice may change

• If you make an overpayment, a later collection amount may change — we will renotify you in line with the scheme.
• If you agree a change to your payment date with us, the schedule updates and you receive fresh notice.
• For Credicorp Flex, where draws and repayments can vary, the amount due can move between cycles, and each collection is notified ahead of time.

What you should do

Make sure the business account linked to your Direct Debit holds enough on the working day before the due date. Faster Payments and internal transfers can take time to land, so do not leave a top-up to the morning of collection. If a date falls awkwardly for your cash flow, contact us in good time to discuss your options rather than letting a collection fail.

See also: How do I make sure there's enough in the account for a collection?, Can I make a one-off extra payment without changing my Direct Debit? and How to set up or change a Direct Debit with Credicorp.

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If your company has paid the same amount twice, perhaps a manual transfer went out shortly before a Direct Debit was collected, contact us as soon as you notice. A duplicate payment leaves a credit on your facility, and we can put it right.

What to do first

• Note the dates, amounts and references of both payments.
• Tell us which one was the intended payment and which was the duplicate.
• Hold off on cancelling anything at your bank until we confirm what has reached us, so you don't accidentally reverse the wrong payment.

How we resolve it

Once both payments have cleared and we have confirmed the duplicate, we refund the surplus to the business bank account it came from. Alternatively, the credit can be held against your next scheduled payment if that suits your cash flow better.

Preventing it next time

If you have an active Direct Debit, you usually do not need to make a manual payment as well. Check whether a collection is already scheduled before sending a one-off transfer, and always use your facility reference so payments are matched correctly.

Facilities are available only to UK limited companies and LLPs for business purposes and fall outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

See also: Should I borrow to take a supplier's early-payment discount?, I think I was charged twice or for the wrong amount — what should I do? and Can my company make a partial payment if it cannot pay in full?.

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If a collection looks like a duplicate, or the amount is not what you expected, it is worth checking a few things before assuming an error — and you have a clear route to a refund if one was genuinely made in error.

Check these first

• Compare the amount against your latest Direct Debit notice and statement — the figure may have changed for a normal reason such as an overpayment or, on Flex, a different balance.
• Check whether a separate one-off payment or settlement is showing alongside your scheduled collection.
• Confirm the dates — a collection shifted from a weekend can look out of place.

If it is genuinely wrong

Under the Direct Debit Guarantee, if a Direct Debit is taken in error you are entitled to a full and immediate refund from your own bank. You can claim directly with your bank. Please also tell us, so we can correct our records and make sure the same thing does not happen again.

For card or transfer errors

The Direct Debit Guarantee does not apply to card payments or bank transfers. If you overpaid by card or transfer, contact us with the date, amount and reference and we will review the account and arrange to return or reallocate anything paid in error. As an exempt business lender we are outside the Financial Ombudsman Service, but we will deal with a genuine error fairly and promptly.

See also: How long does a payment take to clear?, Why was my card payment declined? and I paid twice by mistake — what should I do?.

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Many businesses want to know whether clearing a facility early reduces the total cost or whether a charge applies for doing so. The honest answer is that it depends on the terms of your specific agreement, so the right place to look is your offer documentation and a current settlement figure.

What your agreement tells you

Your agreement sets out how interest and any charges are calculated. For some structures, settling early reduces the interest you would otherwise pay over the remaining term. For others, the cost may be largely fixed regardless of when you pay. We do not quote a generic number here because only your own documents are authoritative for your facility.

The clearest way to compare

• Request a settlement figure for the date you could realistically pay.
• Compare it against the total of the payments you would otherwise make to the end of the term.
• The difference shows whether early settlement saves your company money.

If anything is unclear

Your account team can walk you through how the figure was built so you can make an informed decision. There is no obligation to proceed once you have a quote.

Credicorp lends only to UK limited companies and LLPs for business purposes, outside the FCA consumer-credit regime.

See also: How to compare early repayment terms across lenders, What is an early repayment charge (ERC)?, How does early settlement work?.

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Most businesses hit a tight month at some point — a late-paying customer, a seasonal dip, an unexpected cost. If you can see that a Credicorp payment will be hard to meet, the best move is to tell us before the due date, not after.

Why early contact matters

Before a collection date we have the widest range of options. Once a payment has failed, your account is already in arrears and some routes may have closed. Reaching out early shows good faith and gives us time to work with you.

What we can look at

• Moving your payment date to align with when receipts land.
• Discussing a short-term arrangement if your difficulty is temporary.
• Making sure you understand exactly what is due and when, so you can plan around it.

What we will not do

We will not pretend a difficulty does not exist, and we will not load on costs that are not in your agreement. We will be straight with you about what is owed and what the options are.

How to reach us

Contact our support team through your online account or by phone as soon as you can. The earlier the conversation, the more we can do. Remember that as an exempt business lender we sit outside the consumer-credit regime, so the protections of that regime do not apply — but a sensible, early conversation almost always leads to a better outcome for your company.

See also: Why contacting us early about cash-flow pressure helps your company, What if my company can only pay part of this month's amount? and Warning signs your company may be heading for payment trouble.

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If your company is thinking about pausing or reducing payments, it helps to understand the difference between a payment holiday and forbearance. They are not the same thing, and which one fits depends on your situation.

A payment holiday

A payment holiday is an agreed, planned pause or reduction in scheduled payments, usually for a defined short period. It is something a company might request to manage a known, temporary dip, such as a seasonal gap. Whether one is available depends on your product and agreement, and interest continues to be treated in line with your terms during the pause.

Forbearance

Forbearance is support we put in place when a company is in or heading into genuine financial difficulty. It is a response to a problem rather than a planned convenience, and it can take several forms, from a temporary reduction to a revised arrangement, depending on what your business can sustainably afford.

Which should you ask about?

• A short, predictable cash-flow gap — ask about a payment holiday.
• Sustained difficulty meeting payments — ask about forbearance.
• If you are unsure, just tell us what is happening and we will guide you.

Credicorp lends only to UK limited companies and LLPs for business purposes. As an exempt business lender we sit outside the FCA consumer-credit regime, so consumer forbearance rules and the Financial Ombudsman Service do not apply, but we still aim to treat businesses in difficulty fairly.

See also: Can my company request a payment holiday?, Does a payment holiday increase the total cost?, The difference between a payment holiday and a reduced-payment plan.

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A settlement figure is the exact amount your company needs to pay to close a Credicorp facility in full on a given day. It is the figure to use when you want to clear your Flex or Slice facility rather than continue with scheduled payments.

Why it is not the same as your balance

Your statement balance is a snapshot. The amount actually needed to settle changes day to day, because interest accrues on what you owe and your balance can move — especially on Credicorp Flex, where draws and repayments shift the figure. A settlement figure is calculated to a specific date so it is precise.

Key features

• It is valid only up to a stated date — pay after that date and the figure may be slightly different.
• It includes everything needed to close the account, so paying it leaves nothing outstanding.
• It reflects the rate shown in your offer and any charges set out in your agreement, with no surprise costs added.

How to use it

Request a settlement figure from us, then pay it by the method we confirm — usually bank transfer with your statement reference — before the date it is valid to. Once we receive it, we close the facility and confirm in writing. Cancel any Direct Debit only after we confirm there is nothing left to collect.

See also: How do I request a settlement figure?, How does early settlement work?, Can my company settle the facility early?.

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If a direct debit or standing order fails — typically because of insufficient funds — the transaction appears in your Transactions tab with a red 'Payment failed' label. The amount is reversed and your balance remains unchanged. We send an automatic email to the address on your account that same day.

What the dashboard shows

The Transactions entry shows the original scheduled date, the amount we attempted to collect, and the failure reason returned by your bank (for example 'Refer to payer' or 'Insufficient funds'). A banner also appears at the top of your account summary page until the missed amount is cleared. No other entries are added until a retry or a manual payment is received.

What happens next

We will attempt to contact you by email and, if we have one on file, by phone within one working day. You should arrange a manual transfer as soon as possible to clear the overdue amount. Once the payment is received, the failed-payment flag clears automatically and the banner disappears. Persistent failed payments may trigger a review of your facility, so it is always better to contact us proactively if you anticipate a problem before the due date rather than after a bounce.

Retry policy

We do not automatically re-present a direct debit after a failure, as a second attempt on an account without funds can incur bank charges for your company. Instead, we ask you to make a manual transfer or to contact us to agree the next step. This gives your company full control over when the funds leave your account.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can I reschedule a single repayment?, How do I get a payment receipt or confirmation?, What happens if my repayment date falls on a bank holiday?

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If your company is in genuine financial difficulty, the worst thing to do is go quiet. Tell us what is happening and we can look at forbearance, a set of supportive arrangements designed to help a business through a sustained problem rather than a one-off short month.

What support can look like

• A temporary reduction in scheduled payments while your business recovers.
• A revised arrangement spreading the balance differently over time.
• A short, agreed pause where appropriate.

The right option depends on what your company can realistically and sustainably afford, so we work with you rather than applying a one-size-fits-all answer.

What we'll ask about

To find a suitable arrangement we usually need a clear picture of your company's current position, including income, outgoings and the outlook for the coming months. The more openly you share this, the better we can tailor support.

How to start

Contact your account team and say plainly that the company is struggling. There is no benefit in waiting until a payment fails. Acting early gives us more room to help and keeps your facility in better standing.

Credicorp lends only to UK limited companies and LLPs for business purposes. As an exempt business lender we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply, but we still aim to treat businesses in difficulty fairly and constructively.

See also: What forbearance options are available for business borrowers?, Can my company request a payment holiday?, What happens when payments resume after a pause?.

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If a Direct Debit collection is returned unpaid by your bank — typically because of insufficient funds or a closed account — we will notify you by email and secure message on the same business day. The missed amount does not disappear; it remains due and interest continues to accrue on the outstanding balance.

What we do next

• Day 1: Failed collection notification sent to your registered email and portal inbox.
• Day 3: A second automated collection attempt is made via BACS if your mandate is still active (one retry is permitted under BACS rules).
• Day 5: If the retry also fails, a servicing adviser will contact you to arrange manual payment by faster payment or CHAPS.
• Day 10: If no payment or payment plan is agreed, the account is formally noted as in arrears and a default notice process may begin.

How to resolve it quickly

The fastest resolution is a same-day bank transfer for the overdue instalment. Our sort code, account number, and your unique payment reference are shown in the portal under Make a payment. Once received, we will clear the arrears flag within one business day. If you are temporarily short of funds, contact our servicing team early — payment plans are available and early contact always produces better outcomes than waiting.

What a failed payment does not do

A single missed payment does not automatically trigger early repayment demands or default interest on the whole balance. We follow a structured arrears process and communicate at each step before escalating. Repeated failures or a failure to engage may change that position (illustrative — specific terms are in your facility agreement).

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I set up the Direct Debit for my loan?, Can I overpay to clear my loan faster?.

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If you transfer more than the amount due in any given period, the excess is applied to your outstanding principal balance immediately. The effect on your facility depends on the product type.

Business Loan overpayments

On a fixed-term Business Loan, an overpayment reduces your remaining capital. By default, this shortens the remaining term while keeping your scheduled instalment amounts the same — you pay off the loan earlier and pay less total cost as a result. If you would prefer to keep the original term and have lower future instalments instead, contact us and we can recalculate your schedule. Some facilities include an early-repayment charge for overpayments above a threshold within a defined period; check your agreement or contact us to confirm whether this applies to you.

Credicorp Flex overpayments

For Credicorp Flex, any amount you repay above the minimum restores your available headroom immediately. If you overpay to the point of clearing the entire drawn balance, the facility remains open and you can redraw at any time up to your limit. There is no penalty for overpaying a Flex facility.

Credicorp Slice overpayments

Slice instalments are fixed at one quarter (or one third) of the billed amount plus the flat 6% fee per instalment. Sending extra funds ahead of a scheduled instalment will be held and applied when that instalment falls due. Contact us if you want to settle the full remaining balance early.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can I split a repayment across two separate transactions?, Can I reschedule a single repayment?, How do I get a payment receipt or confirmation?

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If a scheduled payment is not collected — usually because the business account did not hold enough on the due date — your account is treated as in arrears until the amount is brought up to date. The most important thing is to contact us early; problems are far easier to solve before they build up.

What typically happens

• We attempt the Direct Debit on the due date. If it fails, we let you know.
• We may reattempt the collection or ask you to make the payment by transfer or card.
• Charges or additional amounts may apply as set out in your agreement. We will not invent costs — anything that applies is in the terms you signed.

What it does not involve

Because the loan is to your company and we take no personal guarantees from directors, a missed business payment does not expose directors' personal assets in the way a personally guaranteed debt would. It does, however, affect the company's record with us and can influence future borrowing decisions.

The single best step

Get in touch as soon as you know a payment will be short. We can talk through your options, agree a way forward, and help you avoid the situation getting worse. As an exempt business lender we are not covered by the Financial Ombudsman Service, but we do take a fair and constructive approach to companies that engage with us.

See also: What happens if my Direct Debit fails?, What happens if I miss a payment?, How is my payment schedule set up?.

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A Direct Debit can fail for several reasons — insufficient funds on the day, a recently cancelled mandate, a change at your bank, or a fraud-prevention block. Whatever the cause, a failed Direct Debit is treated as a missed payment until the amount is settled.

What we will do

When a Direct Debit fails, our payments team is notified the next working day. We will normally:

• send you a notification by email and/or letter;
• attempt to contact you by phone during office hours so we can agree a way to clear the missed payment quickly;
• hold off on any further collection attempts until we have spoken to you, where reasonable.

Any fees or charges that may apply are set out in your Business Loan Agreement — we will never apply a charge that is not in your agreement. We would always rather agree something sensible with you than apply a charge.

What you should do

If you know in advance that a Direct Debit will fail — for example a customer payment to the company has been delayed — please use the Payment Extension form before the due date. We can usually agree a short extension or move the collection date so the Direct Debit does not fail in the first place.

If a Direct Debit has already failed:

1. Check with your bank. The cause may be at their end — a card replacement, a fraud block, or a paused mandate
2. Pay the missed amount. Do this as soon as you reasonably can — by debit card on the Make a Payment page, or by bank transfer using the details on your statement
3. Cannot clear it in one go? Ask for a Payment Arrangement using the form on our Forms & Requests page

Repeated missed payments can have a knock-on effect on the company's business credit file — another reason to keep us in the loop early. Free, independent advice for businesses is available from Business Debtline (businessdebtline.org, 0800 197 6026) if you would like to discuss the company's wider position.

See also: Will Credicorp retry a Direct Debit that failed?, What happens if my company pays late? and How do I cancel or move a Direct Debit and still pay you?.

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Direct Debits move through the banking system on working days only. If your due date falls on a weekend or a UK bank holiday, the collection is taken on the next available working day rather than on the non-working day itself.

What this means in practice

• You do not need to do anything — the timing is handled automatically.
• The funds should be in your business account from the working day before the original due date, to be safe.
• Your Direct Debit notice and online account show the date the collection is actually expected.

Watch your account balance, not just the date

The thing that catches companies out is not the shifted date but assuming a transfer made over a weekend has cleared. Faster Payments are usually quick, but do not rely on a top-up made on a non-working day landing instantly. Leave a comfortable margin so the collection succeeds first time.

Paying by transfer instead

If you pay manually rather than by Direct Debit, send the payment so it arrives by the due date. If the due date is a non-working day, aim to have it land on the last working day before, so it is not late. If you are ever unsure when a collection will actually be taken, check your online account or contact our support team.

See also: How long does a payment take to clear?, What happens if I miss a payment? and How do I set up, change or cancel my Direct Debit?.

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When your scheduled repayment date falls on a UK public bank holiday or a weekend, collection moves to the next working day. No interest accrues for that short shift and no late-payment flag is raised.

How the date shift works

Our payment system uses the standard UK banking calendar. If your due date is a Saturday, Sunday, or a recognised bank holiday in England and Wales, the collection attempt is pushed forward to the next business day. For Credicorp Slice instalments, the same rule applies to each of the three or four weekly payments in your schedule.

Scottish and Northern Irish bank holidays

Some bank holidays differ between the four nations. We follow the England and Wales calendar for payment processing regardless of where your company is registered. If a date is a holiday in Scotland but not in England, collection proceeds on the original date.

Planning ahead around long weekends

Around Easter or late August you may have two or three consecutive non-banking days. It is worth ensuring your business account holds sufficient funds from the Friday before, because the direct debit or standing order will collect on the next available Tuesday. If you expect a cash-flow gap around a bank holiday, contact us before the holiday period so we have time to note your account.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Can I set up a standing order to cover my repayments?, What does a failed payment look like on my account?, Can I reschedule a single repayment?

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If your company has had an agreed payment holiday or a short pause on a Credicorp facility, payments will resume at the end of that period. Knowing what to expect makes the transition back to normal smooth and avoids a missed collection.

What changes when payments restart

When the pause ends, collections begin again on the agreed dates. Because the balance did not reduce during the pause and interest was treated in line with your agreement, your resumed payments, your remaining term, or the overall total may differ slightly from your original plan. We will have set this out when the pause was agreed, and the up-to-date schedule is available in your account.

Things to check

• Confirm the date your first resumed payment is due.
• Make sure your Direct Debit is active so the collection succeeds.
• Review the revised schedule in your online account.

If you are still not ready

If the gap turned out to be longer or deeper than expected, contact us before payments resume rather than letting a collection fail. We can discuss whether further support, such as forbearance, is appropriate for your company.

Facilities are available only to UK limited companies and LLPs for business purposes and fall outside the FCA consumer-credit regime.

See also: Can my company request a payment holiday?, Can I pause payments if my company hits a cash-flow gap? and What actually happens if my company misses a Credicorp repayment?.

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Business cash flow varies, and there may be a month when your company can only pay part of the scheduled amount on a Credicorp Flex or Credicorp Slice facility. The most important step is to contact us before the payment date rather than letting it fail.

Why telling us early helps

When you let us know in advance, we can discuss the options available to your facility and agree a way forward. A planned partial payment is far easier to manage than a missed or failed collection, which can put the facility into arrears.

What a partial payment does

• It reduces the amount due but does not clear the full scheduled payment.
• The shortfall remains outstanding and may affect the standing of your facility.
• It is applied in the allocation order set out in your agreement.

If this is a wider difficulty

A one-off short month is different from ongoing pressure. If your company is facing a sustained problem, ask us about forbearance options so we can look at a more suitable arrangement rather than a series of partial payments.

Facilities are provided only to UK limited companies and LLPs for business purposes and sit outside the FCA consumer-credit regime.

See also: Can I change my monthly payment date?, Can I change the date my payment is taken?, Does an overpayment lower my payment or shorten my term?.

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When Credicorp refunds an overpayment or a surplus, our standard practice is to return the money to the business bank account the original payment came from. Occasionally that account has since been closed, for example after the company changed banks. In that case we cannot simply send the refund back the usual way.

What happens instead

If the originating account is closed, contact your account team and let us know. We will arrange to verify your company's current business bank account before releasing the refund. This extra check protects your business by making sure the money goes to a genuine, verified company account rather than the wrong destination.

What we may ask for

• Evidence that the original account is closed.
• Details of your company's current business bank account.
• Confirmation from an authorised signatory or director on the facility.

Why the checks matter

Redirecting a refund to a different account is exactly the kind of change fraudsters target, so the verification step is there for your protection. It may add a little time, but it keeps your company's funds safe.

Facilities are provided only to UK limited companies and LLPs for business purposes and sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

See also: Will I get a refund if I overpay at settlement?, Who can authorise payment changes on my company's account?, Can I change my monthly payment date?.

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The Direct Debit Guarantee is provided by the banks and building societies that take part in the Direct Debit scheme. It is not a Credicorp product and it is not the same as consumer-credit protection. It applies to how a Direct Debit is collected, regardless of who the originator is.

What the Guarantee covers

• If we change the amount or date of a collection, we must give you advance notice in line with the scheme rules.
• If an error is made in collecting a payment, you are entitled to a full and immediate refund from your own bank.
• You can cancel a Direct Debit at any time by contacting your bank.

What it does not change

The Guarantee protects the payment mechanism. It does not turn your facility into a regulated consumer-credit agreement. Credicorp lends only to UK limited companies and LLPs for business purposes, so your facility sits outside the FCA regime — there is no Financial Ombudsman Service and no FSCS cover. The Direct Debit Guarantee still applies to your collections because it is a banking-scheme protection.

If you claim a refund under the Guarantee

If you reclaim a payment that was actually due, the amount remains owed on your account. Please tell us straight away so we can agree how to bring the account back in line and avoid it being treated as a missed payment.

See also: I think I was charged twice or for the wrong amount — what should I do?, Does FSCS protection cover my Credicorp facility? and Is Flex secured, and do directors need to give a guarantee?.

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Credicorp lends only to UK limited companies and LLPs for business purposes, so all repayments come from a business account in the company's name. We support a small number of reliable methods and we recommend Direct Debit for almost every borrower.

The methods we accept

• Direct Debit — the default for both Credicorp Flex and Credicorp Slice. Scheduled payments are collected automatically on the due date shown in your agreement.
• Bank transfer (Faster Payments or CHAPS) — useful for one-off overpayments or settling early, using the reference on your statement.
• Card payment — available through your online account for ad hoc payments where supported.

Why Direct Debit is our recommendation

Direct Debit means you never have to remember a due date, and a missed payment is far less likely. It is the lowest-effort way to keep your account in good order, which matters because your repayment history feeds the assessment of any future borrowing.

One thing to remember

Because we are an exempt business lender outside the FCA consumer-credit regime, your facility is not covered by the Financial Ombudsman Service or the FSCS. That does not change how you pay — it just means the protections that apply to personal borrowing do not apply here. If you are unsure which method suits your cash flow, contact our support team before your first payment is due.

See also: How is my payment schedule set up?, Can my company settle the facility early?, Who can make a complaint to Credicorp?.

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If your company pays by Faster Payments or CHAPS rather than Direct Debit, the payment reference is what lets us match the money to your facility. Get the reference right and the payment is allocated quickly; get it wrong and it can sit unmatched while we investigate.

Where to find your reference

• It is shown on your statement and in your online account, usually labelled as your payment or account reference.
• Use that exact reference — do not shorten it, add words, or use your company name on its own.

Our bank details

Only use the Credicorp account details shown in your online account or on an official statement. Be alert to fraud: if you ever receive new bank details by email or phone out of the blue, do not act on them. Check by logging in or calling us on a number you already trust. We will never ask you to send a payment to a personal account.

If you used the wrong reference

If you have already sent a transfer without the correct reference, contact us with the date, amount and sending account so we can trace and allocate it. Keeping the right reference on every transfer — especially overpayments and settlements — avoids delays and makes sure your balance updates when you expect it to.

See also: How do I pay by bank transfer?, How to update your business bank account details and Can I pay a Flex drawing from a different card or account?.

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Your payment schedule is set out in your Business Loan Agreement and repeated on every statement we send you. Payments are due on the dates shown, regardless of weekends or bank holidays.

If a due date falls on a weekend or bank holiday, make sure cleared funds reach us on or before that date. Because some payment methods take longer to settle than others, it is worth checking how long a payment takes to clear before you rely on a transfer landing on the day.

If you think you may miss a due date, please tell us before it passes — we can often help if we hear from you early. You can request a payment extension or a payment arrangement using our online forms.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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When a loan is drawn down, the first repayment date is set relative to the funding date — the day cleared funds reach the company's account. You do not have to work it out or guess: the precise date is calculated for you, written into your Business Loan Agreement, and shown on your repayment schedule before anything is signed.

How the schedule works across the term

Credicorp business loans run over a short term, anywhere from 14 to 84 days. Across that term your schedule sets out every collection: the date of each one, the amount due, and how it reduces the balance. Whether the loan repays in a single payment at the end of the term or in instalments along the way, the full picture is laid out for you in advance.

Crucially, none of this is a surprise sprung after funding. Every date and every amount is presented on the schedule before you sign — if a figure or a date is not clear to you, that is the moment to ask, not after the money has landed. Once you sign, the schedule you saw is the schedule that runs.

If the first payment date does not suit your cash flow

Short-term business borrowing is about timing, so it matters that the first collection lands when the company can comfortably meet it. If the proposed date sits awkwardly — say it falls just before a big customer payment is due in, or before payroll clears — tell us. The best time is before you sign, while the schedule can still be shaped around the company's expected cash flow.

1. Before you sign. Raise it during the offer stage. We can often align the first collection with the company's expected income rather than the calendar default.
2. After funding, before the date falls due. If the timing only becomes a problem later, contact us ahead of the first collection. Use the Payment Extension Request form so we can look at moving the date or agreeing a short extension. We can usually help when we hear from you early — what we cannot do is unwind a collection we were never told about.

How collection works on the day

Most loans repay by Direct Debit on the dates shown in your schedule, collected automatically so you do not have to remember to act. You can also pay by debit card if you prefer to send a payment yourself — for example to clear a collection early or to top up after a shortfall. Card payments are normally applied the same working day, while Direct Debit and bank transfers can take longer to settle, so timing matters around a due date.

For the full breakdown of each method and how quickly it lands, see how long a payment takes to clear. If you are paying close to the deadline, a same-day debit card payment is the surest way to have it applied in time.

If funds are not available on the first collection

If a Direct Debit cannot be collected because the funds are not there on the day, it is treated as a missed payment until it is settled — there is nothing unusual or alarming about that, and the path back is straightforward. What matters most is talking to us early.

• If you know in advance the first collection will be tight, contact us before the date using the Payment Extension form — we can often move the date so the Direct Debit does not fail at all.
• If a collection has already failed, see what happens if my Direct Debit fails for exactly what we do next and how to clear it.
• If the company's wider position means keeping up will be a real struggle — not just a one-off timing issue — read I am struggling to pay, what should I do?. We can look at a payment arrangement, a short extension or a longer-term variation.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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Because the facility belongs to your company, changes to payment arrangements can only be made by someone authorised to act for the company. This protects the business from unauthorised changes to where money is collected from or how it is repaid.

Who counts as authorised

• A director of the limited company, or a designated member of the LLP.
• An employee or representative the company has formally authorised to manage the account with us.

Why we verify

Before we change a Direct Debit, move a payment date, take a settlement instruction or update bank details, we confirm we are dealing with an authorised person. This guards against fraud and against someone making changes they should not. It also means the company has a clear record of who instructed what.

Setting up Direct Debit instructions

The Direct Debit instruction itself must be authorised by someone able to set up Direct Debits on the company's bank account. If your bank requires more than one signatory to approve Direct Debits, factor that in when setting up or changing your collection.

Adding or removing authorised people

If the people who can act for the company change — for example a director leaves — tell us so we can keep your account secure and up to date. Contact our support team and we will confirm what we need to update your records.

See also: Can I change my monthly payment date?, Does a payment holiday increase the total cost?, What if my company can only pay part of this month's amount?.

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If a Direct Debit collection is a different amount from last time, it is usually for a straightforward reason tied to how your facility works. We always renotify you of a changed amount before it is collected, in line with the Direct Debit scheme.

Common reasons

• You made an overpayment. A lower balance can reduce a future scheduled amount.
• Your Credicorp Flex balance moved. Because Flex collections reflect what you have drawn and repaid, the amount due varies between cycles.
• You changed your payment date. A longer or shorter gap between collections can change how the next one is calculated.
• An earlier payment failed. A later collection may include an amount to bring the account up to date.

What has not changed

A different collection amount does not mean your interest rate has changed. The rate is the one shown in your offer; what varies is the balance and the schedule it applies to.

If it still does not look right

Check your latest statement and Direct Debit notice first, as these explain the figure. If the amount genuinely looks wrong, contact us before the collection date if you can, so we can review it. Remember the Direct Debit Guarantee entitles you to a refund from your bank if a collection is taken in error.

See also: How to set up or change a Direct Debit with Credicorp, Can I make a one-off extra payment without changing my Direct Debit? and How do I set up, change or cancel my Direct Debit?.

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If a debit card payment to your Credicorp account was declined on the Make a Payment page, the good news is that nothing has gone wrong with your loan. A decline means the payment was stopped before any money moved — your balance is unchanged, and you can try again as soon as the cause is cleared. The great majority of card declines are triggered by the company's own bank or card provider, not by us.

Common reasons a business card is declined

The card networks return a short reason code that we are not always able to see in full. The most common causes are:

• Daily limit reached — many business debit cards have a per-transaction or per-day spending limit. A larger repayment can exceed it even when the funds are there.
• Fraud-prevention block — banks often pause an unfamiliar or larger-than-usual online payment until the cardholder confirms it. This is the single most frequent cause.
• Card details — an expired card, a recently reissued card, or a mistyped card number, expiry date or security code.
• Available funds — the payment is more than the cleared balance or agreed overdraft on the account at that moment.
• Wrong billing address — if the postcode or address entered does not match what the bank holds for the card, the check can fail.
• Card type not accepted — we take UK business debit cards. Credit cards, prepaid cards and some commercial cards may be declined.

What to do next

Work through these in order — most companies are paying successfully within a few minutes:

1. Check with the bank or card provider first. A quick call (or a tap in the banking app) will usually tell you exactly why the payment was stopped and let you approve it.
2. Confirm the card details on the Make a Payment page — number, expiry, security code and the billing postcode registered to the card.
3. If a fraud block was the cause, ask the bank to release it, then retry the same payment.
4. If the amount is over a daily card limit, either ask the bank to raise it for one transaction, or split the payment, or pay by bank transfer instead using the details on your statement.
5. Make sure the person paying is authorised to use the card and to make payments on the account — see who can authorise payment changes on the account.

A declined payment is never recorded as a missed payment in its own right, and it has no effect on the company's business credit file. It simply did not go through.

If the card keeps being declined

If you have checked with the bank and the card is still refused, you do not need to keep retrying. You can pay another way and still meet your due date:

• Bank transfer — pay from the company account using the sort code, account number and reference shown on your statement.
• Direct Debit — set one up so future payments are collected automatically and you avoid card limits altogether. See how can I make a payment for every option.

If a Direct Debit rather than a card was declined, that is handled differently — read what happens if my Direct Debit fails.

Did my payment go through or not?

Occasionally a card payment looks like it failed in your browser but actually reached us, or the reverse. If you are unsure whether a payment landed, do not assume — check before you pay again so you do not pay twice. The steps are in how do I check whether a payment has reached you.

Still stuck? Use the Payment Support form, or reach us through the Contact Us page, and we will help you get the payment in. Please never send card details by email — we will only ever take a card on the secure Make a Payment page or over the phone.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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Yes — how your company manages its repayments is one of the things we consider when you apply to borrow again or ask to increase a Credicorp Flex or Slice facility. A clean, on-time record works in your favour; a pattern of late or missed payments counts against it.

What we look at

• Whether scheduled payments were collected on time.
• How quickly any arrears were brought up to date.
• Whether you contacted us early when there was a difficulty.

It is the pattern that matters

A single failed collection that you put right quickly is very different from repeated missed payments. We look at behaviour over time, not just one event, and engaging with us early is itself a positive signal.

Reporting beyond Credicorp

Information about how your company manages credit may be shared with credit reference agencies in line with your agreement and our privacy notice. That can affect how other lenders view your company too, so a strong record has value beyond your relationship with us.

The takeaway

Protecting your payment history is one of the cheapest, simplest things a company can do to keep future finance options open. If a payment is going to be difficult, contact us before the due date so we can help you avoid a mark you would rather not have.

See also: How arrears affect your company's future borrowing with us, What happens if my company misses a payment?, What happens if my Direct Debit fails?.

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A Direct Debit can fail for several reasons — most often not enough funds in the business account on the day, but sometimes a cancelled instruction or a bank issue. When this happens we let you know, and we may attempt to collect again.

What usually happens after a failure

• We notify you that the collection did not succeed.
• We may reattempt the Direct Debit, or ask you to pay another way.
• Your account is in arrears until the amount is brought up to date.

The fastest way to put it right

Rather than waiting for a retry, you can clear the missed amount straight away by bank transfer using your statement reference, or by card through your online account where supported. Tell us once you have done so, so we do not also collect it on a retry and leave you overpaid.

If money was simply not there in time

Make sure the funds are in place before any retry date, and consider whether your payment date suits your cash-flow cycle — moving it may prevent a repeat. If the failure points to a deeper cash-flow problem, contact us early; we would much rather agree a way forward than see collections fail repeatedly. Note that any charge for a failed payment, if one applies, is the one set out in your agreement.

See also: What happens if my Direct Debit fails?, How to set up or change a Direct Debit with Credicorp and What does it mean to be in arrears?.

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When your company settles a Credicorp facility, it should pay the exact settlement figure quoted for the payment date. If the amount received turns out to be slightly more than needed to close the facility, the surplus becomes a credit and can be returned to you.

How a post-settlement refund works

Once the facility is closed and the incoming payment has cleared, we identify any surplus over the settlement figure and refund it to the business bank account the payment came from. Returning funds to the originating account is a standard safeguard.

Why a small surplus can happen

• The payment was based on a figure quoted to a later date than it actually arrived.
• A scheduled Direct Debit and a manual settlement crossed over.
• Rounding when the transfer was set up.

Avoiding it

Pay the exact settlement figure on or before its expiry date, and if you have an active Direct Debit, check with us whether to pause the next collection so it does not overlap with your settlement payment. If a surplus does arise, contact us and we will arrange the refund.

Facilities are provided only to UK limited companies and LLPs for business purposes and sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

For the wider settlement flow, see requesting a settlement figure, how refunds of overpayments work and how to pay off your facility in full.

See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.

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Yes — a quote, an indicative offer, or a full credit offer from Credicorp costs nothing to receive and creates no obligation. Your company can review every number, ask questions, and walk away without penalty.

What happens when you request a quote

We may carry out a soft credit search to produce an indicative quote. A soft search does not appear on your company's credit file in a way that other lenders can see, and it does not affect your credit score. If you decide to proceed to a full application, we will tell you before any hard search is carried out.

Receiving a full offer

A full offer letter sets out the exact cost of borrowing, the repayment schedule, and all fees that apply. Reading this letter, asking for clarification, or even requesting a revised quote (for a different amount or term) is still free. You only become a borrower — and costs only begin to apply — once you formally accept and funds are drawn.

No time-pressure or expiry penalties

Offers carry an expiry date (typically because your financial information has a shelf life), but you will never be charged for letting an offer lapse. There is no fee for declining, and no minimum number of draws required on a Flex facility once opened.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Are there any fees to apply for a Credicorp facility?, How is the total cost of borrowing shown before I accept?.

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There are no application fees, no credit-check fees, and no arrangement fees charged simply for applying. You can submit an application, receive a decision, and review your full offer without paying anything. A cost only arises once you accept an offer and funds are drawn.

What is free at the application stage

• Submitting your application online
• Connecting your bank account or uploading financial documents for assessment
• Receiving a credit decision and a full offer letter showing your costs
• Asking questions or requesting a revised quote

When costs begin

For a Business Loan, costs begin on the day funds are disbursed to your company account. For Credicorp Flex, costs begin only when you make your first draw — a dormant facility with a zero balance carries no charge. For Credicorp Slice, the flat 6% fee is applied at the point you confirm a bill payment; there is no fee for setting up the account.

No obligation to proceed

Receiving an offer creates no obligation. You may decline, take time to compare alternatives, or return to apply again later. We do not charge a cancellation or withdrawal fee if you choose not to proceed after receiving an offer.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Are quotes and indicative offers free?, How is the total cost of borrowing shown before I accept?.

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No. Every charge that could apply to your facility is listed in the offer letter before you accept. If a fee is not in that document, it cannot be applied to your account. We do not add charges after the fact for administration, account maintenance, or general overhead.

Common charges that are sometimes hidden elsewhere — and how we handle them

• Arrangement fees: if an arrangement fee applies, it is stated as a named line item in the offer, not rolled invisibly into the repayment schedule.
• Early repayment: our early repayment position is stated in the agreement. For Business Loans, an early repayment charge may apply in certain circumstances — it will be shown before you sign.
• Account maintenance: we do not charge a monthly or annual maintenance fee for holding a Flex facility open.
• Statement or data fees: downloading statements, requesting a payment history, or asking for a cost summary in writing carries no charge.

If you ever see a charge you do not recognise

Contact our support team and we will explain every line on your account. If a charge was applied in error, we will correct it. You can also request a full written breakdown of all charges to date at any time.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How is the total cost of borrowing shown before I accept?, Is there a fee if my company misses a payment?.

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Depending on your facility type, a monthly account management fee may apply throughout the term. Not all products carry this charge — some facilities are interest-only with no recurring administration fee. Your offer letter itemises every charge, recurring and one-off, so you can assess the full cost before you commit.

What does a monthly account fee cover?

Where a monthly account management fee is charged, it covers the ongoing administration of your facility: maintaining your account record, processing repayments, providing portal access, and generating statements. It is a fixed fee per month and does not vary with your balance. Illustrative, not a quote: a £15 monthly fee over a twelve-month term adds £180 to the total cost of the facility and is included within the total charge for credit figure in your offer letter.

Is the monthly fee included in my regular repayment?

It depends on how your repayment schedule is structured. In many cases the monthly fee is bundled into your regular repayment instalment so you make one payment each period. In others it is collected separately. Your repayment schedule in the offer letter breaks down the capital, interest, and fee components of each instalment so you can see exactly what each payment covers.

Does the monthly fee change if I repay early?

If you settle early, the monthly fee stops accruing from the settlement date. You will not be charged monthly fees for the remaining contracted term after settlement. The months already elapsed are payable as part of any outstanding balance. Your settlement figure will reflect fees only to the proposed settlement date.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How is the total cost of borrowing shown on my offer?, Is there an arrangement fee on a business loan?.

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It is sometimes possible to move your scheduled repayment date — for example if your company's income cycle changes — but this is treated as an amendment to your facility and may carry an administration fee. Any change also affects the interest accrued between your original date and the new one, so the practical cost includes both the fee and any additional interest days.

How does a date change affect interest?

Interest on your facility accrues daily on the outstanding balance. If you move a repayment date later, extra days of interest accumulate on that balance. Illustrative, not a quote: pushing a repayment back by ten days on a £25,000 outstanding balance means ten additional days of interest at your agreed daily rate — that amount is either added to the next repayment or collected as part of the amendment. Moving a date earlier reduces the interest for that period.

What is the process for requesting a date change?

Submit your request through the client portal or contact your account manager at least five business days before your current payment date. Requests received after the direct debit has been submitted to BACS cannot be stopped for that cycle. Your account manager will confirm whether the change is possible under your agreement, the fee (if any), and the revised payment schedule.

Can I change my payment date permanently?

A permanent date change restructures your repayment schedule for the remainder of the term. This requires a formal amendment to your agreement, and an administration fee is more likely to apply than for a one-off deferral. The amended schedule will be issued in writing and must be signed before the change takes effect. Repeated date changes are subject to lender discretion and are not guaranteed.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What is charged if my company misses a repayment?, How is the total cost of borrowing shown on my offer?.

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Whether paying early carries any charge depends on your product and the terms you accepted. The position is always set out in your agreement, so you can know it before you decide to settle ahead of schedule.

The general picture

• Some facilities allow early settlement with no additional charge beyond what has already accrued.
• Others provide for an early settlement charge, defined on the basis in your agreement, to reflect costs the lender has committed to.
• Credicorp Flex and Credicorp Slice can differ here, so check the terms specific to your facility.

How to find your figure

Ask us for a settlement quotation, or read the early settlement section of your agreement. We will tell you the amount required to clear the facility in full as at a given date. We avoid quoting numbers in help articles because the figure depends on your balance, term and product.

Why it can be worth it

Even where a settlement charge applies, clearing a facility early can reduce the total cost of credit overall, because future interest stops accruing. Ask us to set the two out side by side so you can compare before deciding.

Note

This is exempt business lending to your company, with no director guarantee. The Financial Ombudsman Service does not apply, so we will work through any settlement question with you directly.

See also: What is an early repayment charge?, What fees could apply to my Credicorp facility?, The early-settlement charge, explained.

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Settling your Credicorp facility in full before the contracted end date means you pay interest only to the settlement date. Depending on your product, an early-repayment charge (ERC) may also be added. Your offer letter confirms whether an ERC applies and how it is calculated — always check this before planning a settlement.

What does a full-settlement figure include?

A settlement figure typically comprises: the outstanding capital balance; accrued interest to the proposed settlement date; any early-repayment charge applicable under your agreement; and any administration fee for producing the settlement statement, where charged. Illustrative, not a quote: for a £30,000 outstanding balance with 15 days of accrued interest and a small ERC, the total settlement figure could be marginally above the capital balance — your personalised figure will show each component separately.

How do I request a settlement figure?

Log in to the client portal and use the settlement-request function, or contact your account manager directly. Settlement figures are valid for a defined period (typically five business days); if you do not settle within that window, you will need a new figure. Payment must be made in cleared funds — BACS or CHAPS — to the account details shown on the figure.

What happens after I settle?

Once cleared funds are received and confirmed, your facility is closed and you will receive a settlement confirmation letter. If any direct debit was in place, it will be cancelled. Keep your settlement confirmation for your records, as you may need it for accountancy purposes or if you apply for further finance in the future.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What happens to interest if I repay my business loan early?, How is the total cost of borrowing shown on my offer?.

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Whether the cost of your facility can change during the term depends on the terms you accepted. Your agreement states whether your charges are fixed for the term or can vary, and on what basis — so this is knowable before you sign.

Fixed versus variable

• A fixed basis means the cost stays on the terms set out for the duration, giving predictability for budgeting.
• A variable basis means the charge can move in line with a reference set out in your agreement, within the limits it describes.

If a change can apply

Where your agreement allows a change, it also sets out how the change is determined and how you will be notified. We do not change costs arbitrarily or without the basis being already written into your terms.

How you would be told

You would be notified in line with your agreement, with enough information to understand the change and what it means for your repayments. If anything is unclear, contact us and we will walk you through it.

Where to check

Read the costs and variation section of your agreement to see which basis applies to you. We keep figures out of help articles because they depend on your facility. This is exempt business lending to your company, with no director guarantee, and the Financial Ombudsman Service does not apply.

See also: Where to find the cost of credit before you sign, What is the difference between interest and fees?, Does being part of a group change my loan terms?.

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No. Credicorp does not apply hidden fees. The principle is simple: if a cost is not written into your offer and your signed agreement, it does not apply to your facility. We would rather you understood every line before you commit than be surprised later.

Why we can say that confidently

• We are the lender, not an intermediary, so there is no separate broker fee or commission stacked on top of what you see.
• The full cost of credit is presented before you accept, including any set-up cost and the basis on which interest or charges accrue.
• Conditional costs — such as those tied to late payment or early settlement — are described in the same agreement, so you know in advance what could ever arise.

How to check for yourself

Open your offer summary and agreement in your account and read the costs section in full. If you see a charge on a statement you do not recognise, contact us and we will trace it back to the exact clause that authorises it. We will never charge something that is not in your documents.

A note on protection

As an exempt business facility, this lending is outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not cover it. That makes our transparency commitment more important, not less, and we hold ourselves to it.

See also: What is an early repayment charge?, Where to find the cost of credit before you sign and How do I complain about a fee or charge?.

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Yes, in almost all cases a longer term means more total interest paid, even if the periodic repayment amount is lower. This is because interest accrues on the outstanding balance across more days, so the cumulative cost rises with the length of the agreement.

The cashflow versus total-cost trade-off

A shorter term concentrates repayments, which can strain monthly cashflow but minimises total interest. A longer term reduces the amount due each period, easing cashflow pressure, but you pay interest for longer and the overall cost of the facility is higher. Neither option is universally better — it depends on your company's revenue pattern and how much breathing room you need month to month.

How Credicorp presents the comparison

Your offer document shows the full repayment schedule, including the total amount payable and the total interest element, for the term you have applied for. If you want to compare how different terms affect overall cost, ask your relationship manager for illustrative schedules across two or three term lengths before you commit. There is no charge for requesting alternative illustrations.

Does this apply to Flex and Slice?

Credicorp Flex does not have a fixed term in the same sense — you draw and repay against a revolving limit, and interest accrues daily on your drawn balance. Total cost therefore depends on usage patterns rather than a scheduled term. Credicorp Slice always spans three or four weekly instalments at a flat 6% fee; there is no variable-term option for Slice.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Comparing total cost across Credicorp products, How does interest accrue day to day?, Does settling early actually save money?

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No. Running an eligibility check with Credicorp costs nothing and does not affect your company's credit file. We carry out a soft search at the initial stage, which is invisible to other lenders and does not influence your credit score.

What happens during eligibility checking

When you submit your details, we review basic company information — trading history, turnover, and the purpose of the facility. This soft-search stage is entirely exploratory. You are under no obligation, and no fee is charged at any point before you formally accept a credit agreement.

When charges begin

Costs only arise once you draw down funds against a signed agreement. For a Business Loan, the arrangement fee (if any) is disclosed in your offer document before you sign. For Credicorp Flex, the facility fee applies from the point the revolving line is opened. For Credicorp Slice, the flat 6% fee is shown before you confirm each bill-spreading arrangement. Nothing is hidden or triggered by the application process itself.

Can I get a quote without committing?

Yes. You can request an indicative quote that shows illustrative costs for the facility you have in mind. This is also free. The quote is not a binding offer, and accepting a quote does not oblige you to proceed.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What fees does a Business Loan carry?, How does the Credicorp Flex facility fee work?, Does settling early actually save money?

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A Credicorp Flex facility at zero balance costs your company nothing. There is no commitment fee, no non-utilisation fee, and no monthly standing charge for keeping the facility available. Costs only arise when you draw funds, and they stop accruing when you repay.

How costs work on a Flex draw

When your company makes a draw, the cost begins accruing from that day against the drawn amount. If you draw £15,000 and repay £10,000 a week later, costs accrue on £15,000 for the first week, then on £5,000 from that point forward. Repaying to zero stops the cost completely — the facility simply sits ready for the next time you need it.

No minimum usage requirement

We do not require your company to draw a minimum amount per month or per quarter to keep the facility active. If your cash flow is strong and you do not need to draw for several months, the facility waits at no cost. If your circumstances change and you want to close the facility entirely, there is no closure fee.

Reviewing an idle facility

We periodically review all facilities — including dormant ones — to confirm the limit still reflects your company's current position. If your financial profile has changed significantly, we may adjust the available limit on renewal. We will always give you advance notice before any limit change takes effect.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What does it cost to extend or renew a Credicorp facility?, Are there any hidden charges?.

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Settling a Business Loan before the end of its term stops future interest from accruing, which reduces the total interest component of your loan. However, an Early Repayment Charge (ERC) may apply, particularly within a defined window after drawdown. Whether early settlement saves money overall depends on how far through the term you are and the size of any ERC relative to the remaining interest.

How the ERC works

The ERC is designed to compensate Credicorp for interest that would otherwise have been paid over the remainder of the term. It is calculated on the outstanding balance at the point of settlement and is disclosed in your credit agreement. Settling very early — shortly after drawdown — typically results in a larger ERC because more interest remains unpaid. Settling later in the term may mean the ERC is small or has expired entirely, in which case early settlement is straightforwardly cheaper.

How to calculate whether it is worth it

Ask your relationship manager for an early settlement figure. This will show the outstanding principal, any ERC, and any accrued but unpaid interest, giving you a single total payable today. Compare that figure to the sum of all remaining scheduled repayments. If the settlement figure is lower, early repayment saves money. If it is higher (which can happen when the ERC is large), it may be worth waiting until the ERC reduces or expires.

Does early repayment apply to Flex and Slice?

Credicorp Flex has no fixed term and no ERC — you can repay your drawn balance at any time without penalty; interest simply stops accruing. Credicorp Slice instalments follow a four-week schedule; the 6% fee is charged on the total bill at the outset and is not refundable for early payment.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What fees does a Business Loan carry?, Does a longer loan term cost more overall?, Comparing total cost across Credicorp products

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A default charge is a cost that can apply when a facility falls into default — that is, when the conditions in your agreement for default are met, usually after sustained non-payment or an unresolved breach.

How it differs from a late charge

A late-payment charge relates to a single missed or late payment. A default charge belongs to the more serious default stage, which is reached only after earlier steps — contact, explanation and attempts to agree a way forward — have not resolved the position.

What it covers

• It is defined in the default section of your agreement, on a stated basis.
• It can sit alongside continued accrual of interest on the outstanding balance.
• It may be accompanied by reasonable recovery costs, where your agreement provides for them.

How to avoid it

Stay in contact with us. Default is a last resort, and a company that engages early almost always avoids reaching it. If your circumstances change, tell us before payments are missed.

Context

We keep this definition figure-free because the basis depends on your agreement. The facility is to your company, with no personal guarantee from directors. This is exempt business lending, so the Financial Ombudsman Service and FSCS do not apply.

See also: Arrears (glossary), Glossary: default and Glossary: total cost of credit.

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Total cost of credit means everything your company pays for a facility on top of the amount you actually borrow, taken together across the life of the agreement.

What it usually includes

• The interest or charge for credit that accrues over the term.
• Any set-up or establishment cost that applies to your product.
• Any other charges that form part of the agreed cost of the facility.

What it does not automatically include

Conditional charges that only arise if something happens — such as a late-payment charge or, on some products, an early settlement charge — are not part of the expected total cost, because they only apply in specific circumstances. They are still disclosed in your agreement so you know they exist.

Why it is a useful number

Looking at total cost of credit, rather than a single headline rate, gives you the clearest view of what borrowing will cost your company over the whole term. It is the figure to compare when weighing options.

Where to find yours

Your offer and agreement state the total cost of credit for your facility. We keep figures out of help articles because the total depends on your product, amount and term. This is exempt business lending; the Financial Ombudsman Service and FSCS do not apply.

See also: Arrears (glossary), Glossary: default charge and Complaints glossary: internal complaints process.

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Credicorp is committed to full transparency on charges before any agreement is signed. Every facility offer includes a written disclosure of all fees, interest, and other charges that apply to the agreement. You will not encounter a charge in your agreement that was not disclosed before you accepted it.

Pre-contract information

Before you sign, you receive a pre-contract document that itemises the arrangement fee (where applicable), the interest rate and how it is calculated, the total amount payable over the full term, any Early Repayment Charge that applies and when it expires, and the missed-payment administration charge. For Credicorp Flex, the document also covers the facility fee and includes an illustrative usage example. For Credicorp Slice, it states the flat 6% fee and the instalment schedule for the specific bill you are spreading.

Time to review before committing

You are not required to sign immediately upon receiving an offer. We encourage directors to review the pre-contract document carefully, share it with their accountant or finance team if helpful, and ask any questions before proceeding. Requesting clarification or taking time to consider does not affect your offer.

What happens if costs change?

For a Business Loan and Credicorp Slice, costs are fixed at the point of acceptance — they cannot change during the agreement. For Credicorp Flex, the facility fee and interest rate are set in your agreement; any change to the terms of your Flex facility would require a new agreement and fresh disclosure before it takes effect. No charge can be introduced or increased mid-agreement without your knowledge and agreement.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Does checking my eligibility cost anything?, What fees does a Business Loan carry?, What does a missed Direct Debit cost?

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Credicorp Flex is built to flex with your business, and its cost structure reflects that. Rather than a single fixed instalment plan, Flex lets you draw against your facility as you need to, and the charges relate to what you actually use.

How the cost is shaped

• Charges accrue in relation to the amounts you draw and the period for which they are outstanding.
• Any set-up cost, where one applies, is disclosed in your offer up front.
• Each accrual period is itemised on your statement so you can see how the cost built up.

Why this suits some businesses

If your need for funds rises and falls — seasonal trade, project-based work, fluctuating stock — paying in relation to what you draw can be more efficient than a flat schedule. You are not paying for headroom you are not using.

Where to read your figures

The exact basis for your Flex charges is in your offer and agreement. We avoid quoting figures here because they depend on your facility, your draws and your agreed term. Your statement then shows the cost as it actually accrues, period by period.

Remember

Flex is available to UK limited companies and LLPs for business purposes only, in the company's name, with no personal guarantee. It is exempt business lending, so the Financial Ombudsman Service and FSCS do not apply.

See also: How are Credicorp Slice charges structured?, What fees could apply to my Credicorp facility? and Can I leave my Flex facility open but unused?.

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Credicorp Slice is structured around a defined amount and a planned repayment schedule, so the cost is predictable across your agreed term. If you prefer to know your commitment in advance, Slice is built for that.

How the cost is shaped

• The charge for credit is set at the rate or basis shown in your offer and applied across your agreed term.
• Any establishment or set-up cost, where it applies, is disclosed before you accept.
• Repayments follow the schedule in your agreement, with each one itemised on your statement.

Why this suits some businesses

A scheduled structure helps with budgeting and forecasting, because the cost and timing are known from the start. For a planned investment — equipment, a fit-out, a fixed project — that predictability can be valuable.

Where to read your figures

The precise cost of your Slice facility is in your offer and signed agreement. We do not quote figures in help articles because they depend on your amount, term and product. Your statement then confirms each charge and repayment as they occur.

Remember

Slice is for UK limited companies and LLPs borrowing for business purposes only, in the company's name, with no personal guarantee from directors. It is exempt business lending, so the Financial Ombudsman Service and FSCS do not apply.

See also: How are Credicorp Flex charges structured?, How a Credicorp Slice repayment schedule is structured and What is an early repayment charge?.

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When your company makes a payment, it is applied to your balance in a defined order set out in your agreement. Knowing that order helps you understand why your balance moves the way it does after each payment.

The typical order

• Outstanding charges that have arisen, such as a conditional charge, may be cleared first.
• Accrued interest or credit charge for the period.
• The principal — the amount originally drawn — which reduces the balance that future charges accrue on.

Why allocation matters

The order affects how quickly your principal comes down. Because interest accrues on the principal, reducing it sooner can lower the overall cost of credit. Your statement shows how each payment was split so you can follow the effect.

Overpayments and extra payments

If you want a payment to reduce the principal specifically, tell us when you make it, and we will confirm how it has been applied. We will also explain any effect on your schedule or future charges.

Where this is defined

The exact allocation order for your facility is in your agreement. We keep this article figure-free because amounts depend on your product and term. This is exempt business lending to your company, with no director guarantee; the Financial Ombudsman Service does not apply, so we resolve allocation questions with you directly.

See also: How are partial payments allocated to my balance?, How do late-payment charges work?, What is the difference between interest and fees?.

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Your statement is designed so that every charge stands on its own line. Rather than rolling costs into a single opaque figure, we itemise them so your finance team can reconcile each entry against your agreement.

What you will typically see

• The credit charge or interest applied for the period, on the basis set out in your agreement.
• Any conditional charge that arose during the period, such as a late-payment charge, shown on the date it applied.
• Payments received and how they were allocated against your balance.
• Your running balance after each movement.

Reading a charge back to your agreement

Each charge type on your statement corresponds to a clause in your signed agreement. If a line is not clear, you can match the charge name to the costs section of your documents. We avoid quoting figures in help articles because your amounts depend on your product, term and offer — your statement is the accurate source.

If something does not look right

Contact us with the statement date and the line in question. We will explain how the figure was calculated and which clause it relates to. Because this is exempt business lending, the Financial Ombudsman Service does not apply, so we resolve queries directly with you and aim to do so clearly and quickly.

See also: How do late-payment charges work?, What is the difference between interest and fees?, Do you charge any hidden fees?.

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Credicorp offers three products with meaningfully different cost structures. Comparing them requires looking at the total amount payable for the specific funding need you have, rather than comparing headline rates in isolation.

Business Loan — fixed total cost

A Business Loan has a predictable total cost from day one: principal plus fixed interest plus any arrangement fee. Your offer document states the total amount payable. Because the rate and term are fixed, there is no variability — you know exactly what the facility will cost before you draw a penny. It suits companies that want certainty and are borrowing a defined sum for a defined purpose.

Credicorp Flex — cost tracks usage

Flex combines a facility fee (charged on the open limit) with daily interest on drawn balances. Total cost depends on how much you draw and for how long, making it harder to state a single total cost figure upfront. However, for companies that repay quickly or use the facility intermittently, the all-in cost for a given funding episode can be lower than a fixed-term loan. Your offer document includes an illustrative usage scenario to help you calibrate.

Credicorp Slice — flat fee per bill

Slice is the simplest to cost: a flat 6% fee on the bill value, spread across three or four weekly instalments. There is no interest accrual and no facility fee. If you need to smooth a single large supplier payment and can repay within four weeks, Slice gives you the clearest total-cost number of the three products. For recurring or larger funding needs, a Business Loan or Flex will usually be more appropriate.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Does a longer loan term cost more overall?, How does the Credicorp Flex facility fee work?, How does interest accrue day to day?

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A late-payment charge is a conditional cost. It does not form part of your normal repayment cost and only arises if a scheduled payment is not made on time, where your agreement provides for such a charge.

What triggers it

• A scheduled payment is not received by the due date.
• The grace conditions in your agreement, if any, have passed.
• The charge is then applied on the basis stated in your agreement — we do not improvise the amount.

Where it is defined

The exact basis for any late-payment charge is in the costs and default section of your signed agreement. We avoid stating a figure here on purpose, because the basis can differ between Credicorp Flex and Credicorp Slice and depends on the offer you accepted. Your agreement is the accurate reference.

How to avoid it

Keep your nominated payment method funded ahead of each due date, and if a problem is coming, contact us before the date. We would far rather agree a short arrangement than apply a charge. A single conversation early often prevents any charge at all.

Good to know

The charge applies to your company, not to you personally — no director guarantee is involved. This is exempt business lending, so the Financial Ombudsman Service does not apply, but we apply any charge proportionately and only as your agreement allows.

See also: What is a late payment charge?, What happens if my company pays late?, The £5 establishment fee, explained.

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Interest on all Credicorp lending accrues daily. Each day, a small fraction of your annual rate is applied to the balance outstanding that day. This means the total interest you pay is directly linked to how much you owe and for how long.

Daily accrual on a Business Loan

On a fixed-term Business Loan, your repayment schedule is calculated at the outset based on the agreed rate and term. Because the rate is fixed and the schedule is set, your day-to-day accrual follows the amortisation curve built into your agreement. Early in the term, a larger proportion of each payment covers interest because the outstanding balance is higher; later payments pay down more principal. Your offer document shows the full schedule.

Daily accrual on Credicorp Flex

Flex is more dynamic. Interest accrues only on the balance drawn on each day. If you draw £20,000 on Monday and repay £10,000 on Wednesday, interest for Monday and Tuesday is calculated on £20,000; from Wednesday it is calculated on £10,000. Repaying the full balance stops interest immediately. This makes Flex cost-efficient for short, sharp drawdowns.

Does Credicorp Slice accrue daily interest?

No. Slice works differently: it spreads a single bill over three or four weekly instalments at a flat 6% fee. There is no day-to-day accrual on Slice — the total cost is fixed as a single percentage of the bill value, disclosed before you confirm the arrangement.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What fees does a Business Loan carry?, How does the Credicorp Flex facility fee work?, Does a longer loan term cost more overall?

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Credicorp Slice spreads one business bill over three or four weekly instalments and charges a single flat fee of 6% of the bill value. That fee does not change regardless of which instalment week you are in, and there is no additional interest, service charge, or rollover cost.

What the flat fee means in practice

If your company uses Slice to spread a £10,000 supplier invoice, the total cost is £600. You repay the £10,000 bill value plus £600 in equal weekly chunks — and that is the entirety of what you pay. There is nothing added for administration, processing, or early repayment.

How it differs from revolving or term credit

With a Business Loan or Credicorp Flex, costs accrue over the life of the borrowing, so a longer draw or slower repayment increases the total cost. With Slice, the 6% is fixed at the moment you confirm — making it straightforward to budget and compare.

Short-term options from other providers may quote a daily rate, a monthly rate, or a factor rate that can compound. A flat percentage fee like Slice's is deliberately simple: the arithmetic is a single multiplication.

When Slice is the right tool

Slice is designed for a specific use case: a known, one-off bill your company wants to smooth over a few weeks rather than pay immediately. It is not a general-purpose credit line. If you need flexible ongoing access to funds, Credicorp Flex is likely the better fit.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Are there any hidden charges?, Are there any fees to apply for a Credicorp facility?.

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Credicorp Flex is a revolving credit facility: you draw funds, repay them, and redraw up to your approved limit as often as you need. The cost structure reflects this flexibility with two distinct charges — a facility fee on the limit itself, and interest on whatever balance is actually outstanding.

The facility fee

A periodic facility fee applies to the total credit limit that has been made available to your company. This fee is charged regardless of how much you have drawn at any given time — it is the cost of keeping the line open and accessible. The fee is stated as part of your Flex agreement before you activate the facility.

Interest on drawn funds

Interest accrues only on the balance you have actually drawn down. If you repay your balance in full, interest stops. If you draw again, interest resumes on the new outstanding amount. This means your cost of borrowing tracks your actual usage rather than your maximum limit.

How the two charges combine

The total cost of Flex in any given period is the facility fee plus the interest accrued on your drawn balance during that period. For light users who draw occasionally and repay quickly, the interest element will be modest; the facility fee reflects the value of having headroom available even when you are not using it. For heavier continuous users, the interest component will dominate. Your offer document includes an illustrative example showing how the two elements combine.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Comparing total cost across Credicorp products, How does interest accrue day to day?, Does settling early actually save money?

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Before you sign anything, Credicorp shows you a clear cost summary that sets out every charge in pounds and pence. You will always know exactly what you will pay back in total — not just an interest rate — so you can compare options on a like-for-like basis.

What the cost summary includes

• Business Loan: the fixed sum you borrow, the total repayment amount, and the difference between the two — your total cost of credit — expressed as a single figure.
• Credicorp Flex: because you draw and repay flexibly, we show the cost per draw and the daily or monthly cost of any balance outstanding, so you can model your own usage.
• Credicorp Slice: a single flat 6% fee on the bill value, shown as a cash amount alongside your four weekly instalments. No other charges apply.

No rate-only quoting

We do not quote you a rate and leave you to calculate the rest. Every offer letter and dashboard confirmation states the total repayment figure prominently. If you draw multiple times on a Flex facility, each draw confirmation repeats the same breakdown for that specific draw.

Where to find it after you have accepted

Your account dashboard shows your current outstanding balance, the total you have paid to date, and — for fixed-term Business Loans — the total remaining. You can download a full statement at any time. If anything is unclear, our support team can walk you through the numbers before you commit.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Are there any fees to apply for a Credicorp facility?, Are there any hidden charges?.

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Every Credicorp offer letter contains a total charge for credit (TCC) — a single figure representing the sum of all interest, fees, and charges you will pay over the contracted term if you make every scheduled repayment on time. This gives you an at-a-glance comparison of the full cost rather than having to add individual line items yourself.

What is included in the total charge for credit?

The TCC covers: all interest calculated at the agreed rate over the full term; the arrangement fee; any other mandatory fees specified in the agreement (for example a documentation fee). It does not include charges that are conditional on your behaviour, such as late-payment fees or the cost of requesting a settlement figure, because those depend on circumstances that may not arise.

Why does the TCC differ from the arrangement fee plus interest?

If your facility charges interest on a reducing-balance basis, the interest component is higher in early months and lower later, meaning the simple sum of rate × balance × months can differ from an amortised schedule. The TCC reflects the correct amortised total. Illustrative, not a quote: on a £40,000 twelve-month reducing-balance facility, the TCC might be lower than multiplying the monthly rate by the opening balance for twelve months, because each repayment reduces the balance on which interest is charged.

How is the cost expressed as a rate?

Business lending is not required to express cost as an APR in the same way consumer credit is. Your offer letter will state the interest rate (monthly or annual) alongside the TCC in pounds sterling. This gives you both a rate for comparison and an absolute cost for budgeting. If you need help interpreting any line in your offer, your account manager can walk through each component with you.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Is there an arrangement fee on a business loan?, Are there fees to settle my business loan in full?.

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If you want a number rather than a formula, this article is the one to read. It puts real pounds against a Credicorp Business Loan so you can estimate, before you ever apply, roughly what a given amount over a given term would cost you. For the reasoning behind the price, see what a Business Loan costs, and why; for the ceiling that sits over everything, see how the 100% total-cost-of-credit cap works. This page is the worked-figures companion to both.

The three numbers you need

Every estimate uses the same three building blocks, and nothing else is added:

• Daily interest of 0.25% per day, charged on the outstanding balance — so £1,000 of balance costs £2.50 for each day it is held.
• A single £5 establishment fee, charged once when the loan is set up — not monthly, not per payment. See the £5 establishment fee, explained.
• A 100% cap on the total cost of credit, so interest and fees together can never add up to more than the amount you borrowed — you will never repay more than double.

How to estimate it yourself

The interest on a Business Loan is simple, not compounding, so the maths is something you can do on the back of an envelope. Multiply the amount you borrow by 0.25%, then by the number of days, then add the single £5 fee:

Three worked examples

The table below works the sum through for three different borrow amounts and terms, all within the Business Loan range of £50–£500 over 14–84 days. The "total to repay" column is the all-in figure — interest plus the one-off £5 fee.

Take the largest as the headline case: a loan of £500 over 84 days carries £105 of interest plus the one-off £5 fee, so £610 is repaid in total. Expressed as a representative APR that is about 137% — a figure that looks large only because APR annualises a cost you actually carry for a few weeks rather than a year. The number that matters in practice is the total cost of credit in pounds, and you see it before you sign.

Why the worst case is always knowable

Whatever the term, the 100% cap means the cost of credit on a single agreement can never exceed the amount you borrowed. Across all three examples the cost sits far below that ceiling, because the cap is a backstop rather than a target — there is no penalty interest rate, nothing compounds, and a missed payment cannot push the total past the cap. For the full mechanics of the ceiling, see how the 100% total-cost-of-credit cap works.

What can make your figure lower

Because interest runs only on the days you hold the balance, settling ahead of schedule stops the rest of it — see the early-settlement charge, explained, where a charge of up to 28 days' interest may apply and is always shown in your settlement figure first. There is no charge for applying, no charge for being declined, and no monthly account or servicing fee, so nothing is added beyond the three numbers above.

For the wider picture of how much a business can borrow and for how long, see how much your business can borrow, and for how long. Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Are there fees for paying off my facility early?, Can my rate or charges change during the term?, Do you charge any hidden fees?.

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The total cost of credit is everything you pay on top of the amount you borrow: the interest plus any fees. On a single Credicorp agreement, that total is capped at 100% of the principal. In plain terms, you can never repay more than double what you borrowed — whatever happens.

What the cap includes

The cap covers interest and fees on that agreement, including the establishment fee and any late fee. There is no separate charge that sits outside it and no penalty interest rate that could push past it. Because there is also no compounding, the worst case is fixed and knowable from the day you sign.

Why we set a hard cap

Short-term credit can spiral when charges stack on charges. A hard cap removes that risk entirely: it puts an absolute ceiling on the cost of a single loan so a difficult few weeks can never turn a small loan into a large debt. It is one of the protections we apply voluntarily, even though this is unregulated business lending.

For the full breakdown of interest and fees, see what a Business Loan costs, and why; for what happens to the cap if you fall behind, see what happens if a payment is missed. Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Are there fees for paying off my facility early?, Can my rate or charges change during the term?, Do you charge any hidden fees?.

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If a charge on your statement does not look right, raise it with us and we will investigate. We would rather you ask than assume — most queries are resolved quickly once we can see the same line you are looking at.

What to have ready

• The statement date and the specific line or charge you are querying.
• Your account or facility reference.
• A short note of why it looks wrong — for example, the date, the amount, or that you do not recognise the charge type.

How we handle it

We trace the charge back to the clause in your agreement that authorises it and check that it was applied correctly. We then explain how the figure was calculated. If we find an error, we put it right and adjust your balance.

While the query is open

Keep your other payments up to date so the rest of the facility is unaffected. We will tell you if the query has any bearing on what is due in the meantime.

Where complaints go

Because this is exempt business lending outside the FCA consumer-credit regime, the Financial Ombudsman Service does not apply. We have our own complaints process and will set out how to escalate within Credicorp if you are not satisfied with our first response. The facility is to your company, with no director guarantee.

See also: How charges are shown on your statement, How do late-payment charges work?, Do you charge any hidden fees?.

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Your original loan agreement and monthly statements are accessible at any time through the Credicorp client portal at no charge. Downloading or printing a copy does not trigger any fee. A small administration fee may apply only in specific circumstances — for example if you request a certified hard copy to be posted, or a bespoke historic statement covering a period more than two years before your request.

What documents can I access free of charge?

Through the client portal you can access, download, and print: your signed loan agreement and any formal amendments; monthly account statements from the start of your facility; repayment schedules; drawdown confirmations; and settlement figures once requested. These are available as PDF downloads immediately upon request and are retained for the duration of your facility and for a period thereafter.

When might a fee apply?

An administration fee may be charged where: you request a certified or notarised copy for legal proceedings; you need a paper statement posted rather than a portal download; or you require a bespoke reconciliation statement for an unusual date range. Any applicable fee will be confirmed before the document is produced so you can decide whether to proceed. Illustrative, not a quote: a certified hard copy might carry a £25 administration charge; a standard portal download is free.

What if I cannot access the portal?

If you have a technical issue accessing the portal, contact the Credicorp support team who can reset your access. If the account is held by a company that has since changed its authorised signatories, you will need to provide updated authority documentation before documents can be shared with new representatives. This process protects the security of your company's financial information.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How is the total cost of borrowing shown on my offer?, Are there any ongoing monthly account fees for a business loan?.

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Missing a scheduled repayment can result in a late-payment charge. The specific amount is always set out in your facility agreement — you will see it before you accept, so there are no surprises.

How missed payments are handled

If a direct debit or scheduled repayment is not collected on the due date, we will contact your company promptly. A single missed payment is treated differently from a pattern of non-payment: we aim to understand the reason first, as short-term cash-flow issues are common in business.

What charges may apply

• A fixed late-payment charge as specified in your agreement
• For Credicorp Flex, interest continues to accrue on any outstanding balance until it is cleared
• For Business Loans, a failed collection may also trigger a returned-payment fee from your bank — this is a bank charge, not a Credicorp charge

What we do not do

We do not immediately escalate to collections or charge compounding penalty rates after a single missed payment. If your company is experiencing difficulty, contacting us early gives us the best chance to agree a short-term arrangement. Our hardship process is available to businesses that communicate proactively.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How is the total cost of borrowing shown before I accept?, Are there any hidden charges?.

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Whether a fee applies to drawing additional funds depends on your facility type. A revolving credit facility may permit redraws with no fee up to your approved limit, whereas a term loan top-up is treated as a new advance and typically carries its own arrangement or draw-down fee. Your facility agreement sets this out explicitly.

Revolving facilities versus term loan top-ups

On a revolving facility, you draw, repay, and redraw funds up to your credit limit during the availability period. Provided you remain within the approved limit and the facility is in good standing, redraws are usually fee-free, though interest restarts on any amount redrawn. A term loan, by contrast, is a fixed advance; accessing additional capital requires a new credit assessment and a new offer, both of which may carry fees. Illustrative, not a quote: a £10,000 top-up on a term loan might attract a 1–2% arrangement fee on the incremental amount.

What triggers a fresh credit assessment?

Any request for funds beyond your current approved limit — or for a revolving facility that has expired — requires a new assessment of your company's financial position. This may include updated accounts, management information, or bank statements. The assessment itself does not carry a cost, but if a new offer is made and accepted, the arrangement fee on the new tranche will apply at drawdown.

How do I request a further advance?

Log in to the client portal and submit a further-advance enquiry, or speak to your account manager directly. Providing up-to-date financial information at the point of enquiry speeds up the assessment. Once an offer is issued, you have a defined period to accept before it lapses. No funds are committed until you formally accept and the draw-down instruction is received.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Is there an arrangement fee on a business loan?, How is the total cost of borrowing shown on my offer?.

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Yes, most Credicorp facilities carry an arrangement fee. The fee covers the cost of underwriting, credit assessment, and setting up your facility. It is expressed as a percentage of the approved loan amount and is confirmed in your offer letter before you accept.

When is the arrangement fee collected?

In most cases the arrangement fee is deducted from the loan proceeds on the day of drawdown, so the net amount credited to your company's bank account is the facility amount minus the fee. Your offer letter will show both the gross facility and the net advance so you can plan your cash flow accordingly. Illustrative, not a quote: on a £50,000 facility with a 2% arrangement fee, your company would receive £49,000 on drawdown.

Is the arrangement fee refundable if I do not draw down?

If you receive and accept an offer but subsequently choose not to draw down the funds, the arrangement fee is generally not payable because it is collected at drawdown. However, if a reservation or commitment fee has been charged to hold funds for a set period, that may be non-refundable — your offer letter will make this clear. If you withdraw before accepting the offer, no fee is due.

Is the arrangement fee included in the cost of borrowing figure?

Yes. The total charge for credit shown in your offer documentation includes the arrangement fee alongside all interest and any other charges payable over the term, giving you a clear picture of the full cost. This figure is illustrative of the agreed term and repayment schedule, not a projection of early settlement.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How is the total cost of borrowing shown on my offer?, Are there fees to settle my business loan in full?.

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Paying off a loan early is a good thing and we want it to save you money. Because interest is charged only for the days you actually hold the balance, settling early stops the rest of it. There is one thing to know about a one-time Business Loan: an early-settlement charge can apply.

What the charge is

On a one-time Business Loan, settling early can carry a charge of up to 28 days' interest. It exists because a short loan repaid almost immediately would otherwise cover none of the cost of setting it up. In practice we waive it in many cases, and where it does apply it is modest.

How it compares to carrying on

Even with the charge, settling early is usually cheaper than running the loan to term, because you stop the remaining daily interest. The settlement figure makes the comparison concrete: it is the all-in amount to finish today. If it is not the right time, you can simply keep to your schedule.

What about Flex and Slice?

Credicorp Flex and Credicorp Slice work differently. You can repay a Flex drawing early with no early-settlement charge, and with Slice the unused part of the fee is refunded if you settle ahead of the final instalment.

To see your settlement figure, sign in to your portal. For the wider pricing picture see what a Business Loan costs, and why. Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Are there fees for paying off my facility early?, Can my rate or charges change during the term?, Do you charge any hidden fees?.

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When you take a one-time Business Loan, a single £5 establishment fee is added to set the loan up. People sometimes worry that a "fee" means a hidden or repeating charge, so here is exactly what it is and is not.

What it covers

The establishment fee covers the cost of opening the agreement — running the identity and anti-money-laundering checks, preparing your Business Loan Agreement and Key Information Sheet, and setting up the repayment schedule. It is a one-off, charged when the loan is established.

What it is not

• It is not a monthly or annual fee — it is charged once per loan.
• It is not taken if you apply and decide not to proceed, or if we cannot lend.
• It is not separate from the cost cap — the fee sits inside the total cost of credit, which is capped at 100% of what you borrow.

On Credicorp Flex, the equivalent one-off fee is charged on your first drawing rather than per draw after that — see how charges work on Flex. For the full picture of what a loan costs, see what a Business Loan costs, and why. Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Are there fees for paying off my facility early?, Can my rate or charges change during the term?, Do you charge any hidden fees?.

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We try to keep pricing as simple as a short-term loan can be. There are three things to understand — the daily interest, the one-off fee, and the cap that sits over the top of everything. This article explains each, with a worked example, so there are no surprises when you see your figures.

The three parts of the price

A worked example

Take a loan of £500 over 84 days. The interest works out at £105, plus the one-off £5 establishment fee, so the total to repay is £610. Expressed as a representative APR that is about 137%, which sounds large only because APR annualises a cost that you actually carry for a few weeks — see what APR means on a short-term loan. The figure that matters in practice is the total cost of credit, and you see it in pounds before you sign.

What is not charged

• No charge for applying, and no charge for being declined.
• No monthly account or servicing fee.
• No penalty-rate uplift if you fall behind, and nothing compounds.
• No personal-guarantee cost, because we never take one — see fees if a payment is missed.

Paying early

Because interest is charged only for the days you hold the balance, settling early stops the rest of it. On a one-time Business Loan an early-settlement charge of up to 28 days' interest may apply; in many cases we waive it, and the exact amount (if any) is always shown in your settlement figure before you confirm. See repaying your loan early.

Every figure here is shown in full on your Key Information Sheet and in your Business Loan Agreement before you sign — see what the Key Information Sheet shows. Pricing is set on the company and may vary; the exact numbers for your offer are the ones in your quote. Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Are there fees for paying off my facility early?, Can my rate or charges change during the term?, Do you charge any hidden fees?.

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If a scheduled Direct Debit payment is returned unpaid by your bank — for example because of insufficient funds — Credicorp applies a missed-payment administration charge. The specific amount is set out in your credit agreement before you sign, so you will always know in advance what the charge is.

What triggers the charge

The charge is triggered when a Direct Debit presentation is returned to us by your bank unpaid. A payment that is simply late (because you rescheduled it in advance with our team) is treated differently from a payment that bounces on presentation. If you know a payment date is going to be a problem, contact us before the due date — we can discuss your options and, in appropriate cases, arrange a revised payment date without the missed-payment charge applying.

What happens after a missed payment

After a returned payment, we will contact your company to arrange collection of the overdue amount and the administration charge. Repeated missed payments may affect your company's ability to access further funding and could be reported to credit reference agencies. Your agreement sets out the full consequences of sustained non-payment.

How to avoid the charge

Keep sufficient funds in the nominated account on each collection date. If your cashflow is tight, speak to us in advance — particularly if you hold a Credicorp Flex facility, where you may be able to draw funds to cover the period. For Business Loan customers, we can explain the options available for managing a difficult payment period before it becomes a missed one.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What fees does a Business Loan carry?, How are Credicorp charges disclosed before signing?, Does settling early actually save money?

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Whether you want to extend the term of a Business Loan, increase a Flex limit, or renew a Slice arrangement, the cost is always disclosed up front before you commit. There is no blanket extension fee that applies automatically — terms depend on your account and the type of facility.

Business Loan extensions

If your company needs longer to repay a Business Loan than originally agreed, we can sometimes restructure the remaining balance into a new term. This is treated as a new credit agreement, meaning you will receive a fresh offer letter showing the total new cost. Any restructuring fee, if applicable, is shown in that letter.

Credicorp Flex limit increases

Requesting a higher limit on a Flex facility does not automatically carry a fee. If your usage and financial position support a higher limit, we will confirm the revised terms — including any change to the cost structure — before the increase takes effect. Your existing draws are unaffected by the limit change.

Slice renewals

Each Slice transaction is standalone. When you spread a new bill, the flat 6% fee applies to that bill amount only. There is no ongoing facility renewal fee — you simply initiate a new Slice when you have a bill to spread.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How is the total cost of borrowing shown before I accept?, How does Slice's flat 6% fee compare to other short-term options?.

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Every cost that can ever apply to your facility is set out in the offer you receive and the agreement you sign. Credicorp lends only to UK limited companies and LLPs for business purposes, and we are the lender rather than a broker, so there is no broker commission layered on top.

The kinds of cost you may see

• Interest or a charge for credit — the core cost of borrowing, shown at the rate or basis stated in your offer.
• An establishment or set-up cost — where one applies to your product, it is disclosed up front, not added later.
• Costs that only apply if something happens — for example a late payment or an early settlement, which only arise if that situation occurs.

How to find your own figures

We deliberately avoid quoting numbers in our help articles, because the cost depends on your product, your agreed term and the offer you accepted. The accurate place to read your costs is your own offer summary and signed agreement, both available in your account.

What you will not see

There are no hidden charges and no surprise add-ons. If a cost is not in your agreement, it does not apply. Because this is exempt business lending, the facility sits outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply — but our commitment to clear, complete pricing does. If you are still weighing products, you can compare your borrowing options side by side.

See also: Credicorp Flex vs Credicorp Slice: choosing a product, What payment methods can my company use? and How are Credicorp Flex charges structured?.

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A Credicorp Business Loan is a fixed-sum facility repaid over a fixed short term. The total cost you pay is made up of two possible elements: an arrangement fee (charged once, upfront or added to the loan) and fixed interest calculated on the amount borrowed. Both figures are stated clearly in your offer document before you sign anything.

Arrangement fee

The arrangement fee is a one-off charge for setting up the facility. It is expressed as a percentage of the loan amount and is disclosed before drawdown. There are no ongoing administration fees layered on top during the loan term.

How interest is structured

Interest on a Business Loan is fixed at the point of offer. This means your repayment schedule is set from day one — you know the exact amount due each period and the total cost over the full term. The rate is not variable and will not change during the agreement.

Are there any other charges?

A missed or returned Direct Debit payment attracts a separate charge — see the article on missed Direct Debit costs for details. If you settle early, an Early Repayment Charge may apply for a short window after drawdown; again, this is documented in your agreement. There are no hidden fees, penalty exit charges beyond what is disclosed, or fees for receiving statements.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Does checking my eligibility cost anything?, How does interest accrue day to day?, What does a missed Direct Debit cost?

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If a scheduled payment is missed or arrives late, the first thing that happens is we try to reach you. Our aim is to understand what has happened and get the facility back on track, not to penalise a company that is communicating with us.

The usual sequence

• We contact you to let you know a payment was not received and to check whether it is a timing issue or a cash-flow problem.
• A late or missed-payment charge may apply, but only where your agreement provides for it, and only on the basis set out there.
• If the missed payment continues, interest or charges may keep accruing on the outstanding balance under your agreed terms.

What you should do

Tell us early. If you know a payment will be late, contact us before the date rather than after. We can often agree a short-term arrangement that avoids escalation. The worst outcome is silence, because that limits the options available to both sides.

Important context

This is a facility to your company, and no personal guarantee is taken from directors, so late payment is handled at the company level. Because the lending is exempt and outside the FCA consumer-credit regime, the Financial Ombudsman Service and FSCS do not apply — but we still handle arrears fairly and proportionately.

See also: How do late-payment charges work?, What is a late payment charge?, What happens if a Slice instalment is missed.

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When you repay a Credicorp facility ahead of schedule, interest accrues only up to the date of settlement — you do not pay interest for the remaining contracted term. However, depending on your facility type, an early-repayment charge (ERC) may apply to compensate for the foregone interest the lender had priced into the facility.

How is outstanding interest calculated on early settlement?

Interest on your facility is calculated on a daily or per-interval basis on the outstanding capital balance. When you request a settlement figure, the calculation runs to your proposed settlement date. Illustrative, not a quote: if you are six months into a twelve-month facility and settle in full, you pay interest for six months rather than twelve — but any applicable ERC is added to arrive at the total settlement amount.

What is an early-repayment charge and when does it apply?

An ERC is a contractually agreed charge triggered when you repay all or a defined portion of the outstanding balance before the scheduled end date. Not all Credicorp products carry an ERC — your offer letter will state clearly whether one applies, over what period, and how it is calculated. A common structure is a fixed number of days' interest or a percentage of the outstanding balance at the time of settlement. Where an ERC applies for the first 28 days after drawdown, it is shown as a separate line in your cost-of-credit summary.

How do I get an early-settlement figure?

Contact your Credicorp account manager or submit a request through the client portal. Settlement figures are valid for a stated number of days — typically five to ten business days. Payment must be received in cleared funds before the expiry of the figure; if it lapses you will need to request a new calculation.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Are there fees to settle my business loan in full?, Is there an arrangement fee on a business loan?.

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A default is a more serious stage than a single late payment. It is reached when the conditions in your agreement for default are met — typically sustained non-payment or a breach of the agreement that is not resolved after we have tried to reach you.

Costs that can follow a default

• Continued accrual of interest or charges on the outstanding balance, on the basis your agreement sets out.
• Reasonable costs of recovering what is owed, where your agreement allows for them.
• The full outstanding balance may become due, depending on the terms.

What we do first

Default is not where we want to be. Before that point we will have contacted you, explained the position and looked for a workable way forward. Defaulting is a last resort, used when there is no engagement or no realistic route back.

How to avoid it

Engage early and stay in contact. A company that talks to us about a cash-flow problem almost always has more options than one that goes quiet. If circumstances have changed, tell us.

Context that matters

The facility is to your company, with no personal guarantee from directors, so default is dealt with at the company level. This is exempt business lending outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply — but recovery is handled fairly and within the agreement.

See also: What happens, step by step, if a payment is missed?, Will my company be charged for applying? and Arrears (glossary).

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If a scheduled repayment is not received by the due date, a late-payment fee is applied and interest continues to accrue on the full outstanding balance, including the missed instalment. The fee amount is stated in your loan agreement. Prompt contact with your account manager is the most effective way to limit the overall cost of a missed payment.

How quickly is the late-payment fee applied?

Late-payment fees are typically applied on the first business day after the missed due date once the payment has been confirmed as not received. You will receive a notification through the portal and by email. Illustrative, not a quote: a £45 late-payment fee on a £20,000 outstanding balance adds a small but immediate charge, and ongoing daily interest at your agreed rate continues until the missed amount is cleared.

What happens if the missed payment is not resolved quickly?

If the arrears are not addressed within a short period (typically outlined in your agreement), your account may be placed in arrears management and further charges may become payable as set out in your agreement. Continued non-payment can also affect your company's ability to access further finance from Credicorp or other lenders. Your account manager will contact you to discuss a resolution, including whether a short-term payment arrangement is appropriate.

What should I do if I know a payment will be missed in advance?

Contact your account manager before the due date. In some circumstances it is possible to defer a payment or agree a revised schedule before the default event occurs, which avoids the late-payment fee and preserves your repayment record. Acting early gives the most options — contacting us after the event limits what can be done.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Are there fees for changing a payment date on a business loan?, Are there fees to settle my business loan in full?.

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People often use cost and fee loosely, but on a credit facility the two behave differently. Understanding the distinction helps you read your statement and your agreement accurately.

Interest, or the charge for credit

This is the ongoing cost of having borrowed money. It accrues over time, in relation to your outstanding balance and the basis in your agreement. It is the main cost of the facility and it continues for as long as a balance is outstanding.

Fees

A fee is a specific charge tied to an event or a service rather than to the passage of time. Examples include a set-up cost when the facility is established, or a conditional charge that only arises if something happens, such as late payment.

How to tell them apart on your statement

• Interest or credit charges recur period after period while a balance exists.
• Fees appear as one-off lines tied to the event that caused them.
• Both are defined in your agreement, so each line can be traced back to a clause.

Why we keep it figure-free here

Your actual interest and any fees depend on your product, term and offer, so your agreement and statement are the accurate source. This is exempt business lending to your company, with no director guarantee, and the Financial Ombudsman Service does not apply — so we explain any line directly if you ask.

See also: Can my rate or charges change during the term?, How are my payments allocated to what I owe?, Are there fees for paying off my facility early?.

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Before you sign, the complete cost of your facility is presented to you to review. You should never have to accept an agreement without first seeing what it will cost your company. Here is where to look.

Your offer summary

When we make an offer, it includes a summary of the cost of credit set at the rate and basis specific to your company. This is the headline view: what you borrow, the cost of borrowing it, and how repayment is structured over your agreed term.

Your draft agreement

• The costs section sets out interest or the charge for credit in detail.
• Any set-up or establishment cost is itemised.
• Conditional costs — late payment, early settlement — are described so you know what could arise later.

Take your time

You are free to read the documents carefully and ask questions before accepting. We will explain any clause in plain English. We deliberately do not quote figures in help articles, because your numbers depend on your product, term and offer — the offer and agreement are the accurate source for your company.

Remember

This facility is for UK limited companies and LLPs only, taken in the company's name with no personal guarantee. It is exempt business lending, so the Financial Ombudsman Service and FSCS do not apply — another reason to read the cost section closely before you commit.

See also: Understanding the total cost of credit, Do you charge any hidden fees? and How the 100% total-cost-of-credit cap works.

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Applying to Credicorp does not commit your company to any cost. You can apply, receive an offer and review the terms without obligation. Costs only attach once you accept an offer and the facility is in place.

What applying involves

• You provide information about your company so we can assess the application.
• We make a decision and, if we can lend, present an offer with the full cost of credit set out.
• You are free to read it, ask questions and decline if it is not right — at no charge.

If you are declined

There is no cost for an application that does not proceed. You are not charged for being assessed, and you are not charged for choosing not to accept an offer we make.

When costs begin

Costs start once you accept an offer and the facility is established. Any set-up cost, where one applies to your product, is shown in that offer before you sign, so nothing is a surprise.

Good to know

We lend only to UK limited companies and LLPs for business purposes, in the company's name, with no personal guarantee from directors. This is exempt business lending outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

See also: What is a default and what does it cost?, What fees could apply to my Credicorp facility?, Can my rate or charges change during the term?.

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Whether an early repayment charge applies depends on the product your company holds. The position is always stated clearly in your offer letter, so you know before you commit.

Business Loan

A Business Loan has a fixed term and a fixed repayment schedule. If your company wants to repay the outstanding balance before the final instalment date, an early repayment charge may apply — typically a proportion of the remaining interest. The exact figure will be in your loan agreement. In many cases, paying early still results in a net saving compared with running to full term, and we can show you the comparison on request.

Credicorp Flex

Flex is a revolving facility, so there is no fixed end date and no early repayment charge in the traditional sense. You can repay any outstanding draw at any time; costs stop accruing on the amount you repay. Returning your balance to zero at any point is free, and the facility remains available for future draws.

Credicorp Slice

Slice instalments are fixed and weekly. There is no early repayment option on a live Slice arrangement — the four instalments simply collect as scheduled. Because the 6% flat fee is charged up front, there is no interest saving to recoup by paying early.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: Are there any hidden charges?, How is the total cost of borrowing shown before I accept?.

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Regular statements cover fixed periods, but businesses sometimes need a record that spans different dates, for example to support a finance application, an audit, or a specific reporting window. We can usually help.

When a custom range is useful

• Providing a lender or investor with activity over a defined window.
• Matching a reporting period that does not align with your statement dates.
• Pulling together activity around a particular event or transaction.

How to request one

The quickest route is to download the regular statements that cover the dates you need and pass on the relevant ones. If you need a single document for a non-standard range, contact our support team with your account reference and the exact start and end dates. The more precise you are about the dates and the purpose, the faster we can produce something that fits.

What a custom record will and will not be

Any custom record is drawn from the same underlying account activity as your regular statements, so the figures will reconcile. It is a record of what happened, not a forecast or a quotation, and it will not state new pricing, since the rate that applies is the one already set out in your offer. As Credicorp lends only to UK limited companies and LLPs, any record we produce relates to your company's facility.

See also: What do the statement period dates mean?, Can I change my Slice instalment dates? and Statement glossary: statement period.

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Not everyone finds standard A4 typeface in small print easy to read, and not everyone uses email or paper letters in the same way. We can adapt how we send you information without making a fuss about it — please just let us know.

Alternative formats we can usually offer

• Large print. A larger typeface (typically around 16 to 20 point) on standard A4 — useful for visual impairment or when small print is straining.
• Plain language summary. A short, plain-English summary of a longer letter, on request.
• Accessible electronic format. Documents sent as plain text or as accessible PDFs that work properly with screen readers.
• Different channel. If post is not working for you, we can send documents by email instead (or vice versa).

How to ask

The simplest route is the Additional Support Needs form. Tell us what format works for you and we will record it on your account so all future correspondence comes through that way. If you only need a single document in a different format — for example a large-print copy of one statement — use the General Support Enquiry form and tell us which document and which format.

If someone else needs to help you read your correspondence

If a friend, family member or advocate helps you handle your post, we can put a note on the account so they can be present on calls and so we know to send documents in a way that suits the arrangement. We may ask you to confirm in writing who is authorised to speak with us. Free, independent advice on all of this is available from Citizens Advice and from the RNIB if a visual impairment is involved.

What we will not do

We will not charge you for providing information in an accessible format. This is a basic requirement under UK equality law and we treat it as standard practice rather than an extra. Equally, asking for an alternative format will never affect how your account is treated in any other way.

See also: Accessibility and additional support, Can I get my documents in large print?, Funding for print and signage companies.

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Your Credicorp statements are records of your company's facility, so sharing them with the people who keep your books is entirely expected. Accountants and bookkeepers rely on them to reconcile the account and prepare your accounts.

The cleanest way to share

• Download the statement as a PDF from your account.
• Send the file to your adviser through whatever secure channel you normally use, for example your accounting software's document area or a shared drive.
• Include the statement period in the file name so they can see at a glance what it covers.

If they need ongoing access

Rather than forwarding every statement by hand, you may prefer to authorise a finance team member to access the account directly. Because the facility belongs to your company, you control who can manage it on the company's behalf. Speak to our support team about the options available for your account.

Keeping it secure

Statements contain commercial information about your company, so treat them like any sensitive financial document. Share them only with people who genuinely need them, and avoid sending them over insecure channels. Note that as an exempt business lender, your facility sits outside the consumer credit regime, so the protections that apply to personal borrowing, such as the Financial Ombudsman Service, do not apply here.

See also: How long should I keep my statements for audit and Companies House?, Can a facility replace an unreliable business overdraft? and Can I give my accountant access to my account?.

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Your Credicorp statement is a record of activity on your company's facility, and your accountant will often use it when preparing VAT returns and your Corporation Tax computation. It is a supporting record rather than a tax document in its own right.

Where it helps

• Showing the cost of borrowing applied over the period, at the rate set out in your offer, which your accountant may consider in your accounts.
• Reconciling the facility so the figures in your accounts and returns are supported.
• Providing a clear audit trail if HMRC or your auditor asks how a figure was arrived at.

What it is not

A statement is not a VAT invoice and does not itself decide how anything is treated for tax. How the cost of business borrowing is handled in your accounts and returns depends on your company's circumstances and the relevant rules at the time.

Talk to your adviser

We can show you what happened on the facility, but we cannot give tax advice, so your accountant or tax adviser should confirm the treatment. Because Credicorp lends only to UK limited companies and LLPs for business purposes, the facility is a company arrangement throughout, which is why these documents belong in your company's records.

See also: Is my statement an official document I can rely on?, How to read your statement of account, What is the summary panel at the top of my statement?.

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Every issued statement is stored in your Credicorp account portal and can be downloaded at any time. You do not need to contact support to retrieve a past period — simply navigate to the right facility and select the month you need.

Finding the right statement

• Sign in to your account at clients.credicorp.co.uk.
• Open the facility the statement relates to (your Business Loan, Flex facility, or Slice account).
• Go to the Statements section — your history is listed by period, most recent first.
• Locate the month you want and click the download icon or PDF link next to it.
• Save the file to your chosen location, such as your accounting software's document store or a shared drive folder.

Statement periods and availability

Statements are generated at the end of each billing period. If the month you need is not yet listed, it may not have been issued yet — statements for the current incomplete period are not available until the period closes. Older periods remain accessible in your full statement history. If you need a range of months for your accountant or a year-end review, you can download each period individually as a separate PDF.

Tips for filing downloaded statements

Naming files consistently saves time later. A format such as Credicorp-Flex-2025-03.pdf (company-facility-year-month) keeps a year's downloads in chronological order automatically. Many finance teams keep a dedicated folder in their accounting platform or cloud drive for facility statements.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: How do I request a settlement figure for my loan?, Getting a statement ready to share with your accountant.

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Your statements are available to view and download whenever you are signed in to your Credicorp account. Saving a PDF copy is the easiest way to file it, attach it to an email, or pass it to your bookkeeper.

Step by step

• Sign in and open the account the statement relates to.
• Go to the statements area for that facility.
• Find the period you want in the list of issued statements.
• Choose the download or PDF option next to that statement.
• Save the file somewhere your finance team can find it.

Tips for keeping copies tidy

It helps to name saved files consistently, for example by company, facility and period, so a year's worth of statements sorts neatly in a folder. Many businesses keep a dedicated folder in their accounting software or shared drive for exactly this.

Good to know

The PDF is a faithful copy of the statement as issued, so it carries the same layout and the same figures you see on screen. If you need a statement for a period that is not yet showing, it may simply not have been issued yet. As a UK business lender we keep your company's statement history available to you, so older periods remain accessible too. To get started, sign in to your account and open the statements area for your facility.

See also: How to reconcile your Credicorp statements against your books, The Business Purpose Declaration: what you're signing and Can I give my statement to my accountant or bookkeeper?.

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Past statements do not disappear once a new one is issued. They are filed in your account so you can look back over the life of your facility whenever you need to, whether for an audit, a year-end, or a query from your accountant.

Where to look

• Sign in and open the relevant account, Credicorp Flex or Credicorp Slice.
• Open the statements area, where issued statements are listed by period.
• Scroll back, or use any date filter on the page, to reach the period you want.

If you cannot find a particular period

First check you are looking at the correct facility, since a company with more than one account will have separate histories. If the period still is not there, it may predate the first statement issued on the account, or it may not have been generated yet. Our support team can confirm what should exist and help you retrieve it.

Keeping your own archive

Even though we retain your history, many finance teams download a copy of each statement as it is issued so they always have it to hand offline. This is good practice for any business record. Because the facility belongs to your company, anyone you authorise to manage the account can access the history on the company's behalf.

See also: Can I get a statement for a custom date range?, What do the statement period dates mean?, What is the summary panel at the top of my statement?.

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If your accountant needs the total interest and fees your company paid on its Credicorp facility over a financial year, there are two ways to get that figure: the year-end summary document, or by totalling the relevant lines across your monthly statements for the year.

The year-end summary

Your account includes a year-end summary document that consolidates the key figures for a full financial year. This shows the total cost of credit charged during the period — which your accountant can use directly as the borrowing cost to post to your profit and loss account. It is available in your portal once the relevant year has closed. If your company's financial year does not match the calendar year, you may need to combine two summary periods or use the monthly statements to cover the exact dates of your accounting year.

Using monthly statements to total interest

Each monthly statement shows the interest or fee charged for that period as a separate line. To build an annual total, download each statement for the months that fall within your financial year and add up the interest or fee lines. For a Business Loan with fixed repayments, the repayment schedule your accountant holds at the outset already shows the interest element of each payment for the full term.

Which product you have makes a difference

• Business Loan — interest is built into the fixed repayments; the repayment schedule shows the split.
• Flex — interest is charged monthly based on your drawn balance; each statement shows the period charge.
• Slice — the cost is a flat 6% fee per bill, not interest; the fee line on each Slice statement is the total cost of that facility.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What counts as interest paid for your Corporation Tax return?, What records do I need at year end for my Credicorp facility?.

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Your Credicorp statements are company financial records, and sharing them with your accountant or bookkeeper is entirely standard. They use them to reconcile the facility in your management accounts, post the cost of borrowing to the right nominal codes, and prepare your statutory accounts.

The quickest way to get a statement to your accountant

• Sign in to your account and open the relevant facility.
• Navigate to Statements and find the period your accountant needs.
• Download the statement as a PDF.
• Send the file through your normal secure channel — most accountants accept documents via their client portal, a shared cloud folder, or encrypted email.

Giving your accountant multiple periods at once

For year-end work your accountant will typically need every statement issued during the financial year. Download each period individually and name the files clearly — for example by facility and month — so they can see at a glance what is covered without opening every file. Some firms prefer a single folder per financial year containing all statements for all facilities.

If your accountant needs a running record of interest

Many accountants want to see total interest and fees paid over the year as a single figure. While individual statements show the charge for each period, your year-end summary or a custom date-range statement may be more efficient to provide. You can also ask your accountant whether they want the detailed transaction-level statements or a summary document — both are available in your portal.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What counts as interest paid for your Corporation Tax return?, Year-end records and your Credicorp facility.

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Credicorp statements are generated directly from the transaction records on your account, so errors are uncommon — but if a figure does not match what you expect, it is always worth raising it promptly. Queries are easier to resolve when they are raised close to the date of the entry in question.

Before you raise a query

Most apparent discrepancies turn out to be timing differences or entries that are correct but not immediately obvious. Check the following before contacting support:

• Does the statement cover the period you think it does? Check the period start and end dates at the top of the statement.
• Is the entry a drawdown, a repayment, or a charge? They can look similar on a busy statement.
• For a Flex facility, has a repayment you made been applied in this period or the next one?
• Is there a charge type on the statement you have not seen before? Our charges guide explains every line type.

How to raise a query

• Sign in to your account and use the support or messaging feature, or contact our team by email.
• Quote the statement period, the line date, and the amount you believe is incorrect.
• Explain briefly what you expected to see and why.
• Attach a copy of the statement if it helps clarify what you are referring to.

What happens next

Our team will review the transaction records against the entry you have flagged and respond with an explanation or, if an error is confirmed, arrange a correction. If a correction is needed, it will appear on your account as a clearly labelled adjustment line, and you will receive an updated statement where applicable. We aim to resolve factual queries quickly — usually within a few business days of receiving all the relevant information.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What do the charges on my statement mean?, How do I request a settlement figure for my loan?.

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Reconciling your Credicorp facility with your business bank account is a routine part of keeping tidy books. The key is understanding which entries on your Credicorp statement should have a corresponding credit or debit in your bank, and which are internal accounting entries that do not move cash directly.

Entries that appear in your bank

• Drawdowns — when funds are released to you, the amount appears as a credit in your business bank account. Match the drawdown line on your statement to that incoming transfer by date and amount.
• Repayments — scheduled or early repayments leave your bank as debits. Match each repayment line to the outgoing direct debit or bank transfer.

Entries that do not appear directly in your bank

• Interest and fee charges — these accrue on your Credicorp account. They reduce your available balance or increase your outstanding balance, but unless they are collected separately (for example as part of a scheduled repayment that includes interest), you will not see a standalone bank transaction for them.
• Opening and closing balances — these are running totals within the facility, not bank movements.

A simple reconciliation workflow

Start with each drawdown or repayment on your Credicorp statement and find the matching entry in your bank statement by date and amount. Tick both off. Any unmatched items are worth investigating — a common cause is a payment made at the end of a period that settles in the bank a day later and therefore falls in a different bank-statement period. Once cash movements are matched, pass the interest and fee lines to your accountant for correct nominal-code posting.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What do the charges on my statement mean?, What records do I need at year end for my Credicorp facility?.

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A settlement figure is the precise amount your company needs to pay to close a Credicorp facility completely on a specific date. It is different from the outstanding balance shown on your statement, which assumes you continue to the end of the agreed term.

Why the settlement figure differs from your balance

Your statement balance reflects the total remaining under your contract if you pay to schedule. A settlement figure is calculated to a specific date and takes into account only the interest that has actually accrued up to that point. On a Business Loan it may also include an early-settlement charge of up to 28 days' interest if you are repaying before the end of the term. The figure is generated in real time, so it is always accurate for the date you specify.

How to request one

• Sign in to your account at clients.credicorp.co.uk.
• Open the facility you want to settle.
• Use the settlement or early repayment option in the account menu.
• Select the date you intend to pay — the figure is shown to you before you confirm anything.
• If you need the figure in writing for your accountant or solicitor, download or print the confirmation screen.

What happens after you receive the figure

The settlement figure is valid for the date specified. If you do not pay on that date, you will need to request a fresh figure, since daily interest continues to accrue on Flex balances and some loans. Once you make the full settlement payment and it is confirmed, your account is closed and no further charges apply. You will receive a closure confirmation you can retain for your records.

We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.

See also: What do the charges on my statement mean?, How do I raise a query or correct an error on my statement?.

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How long an organisation keeps your information is one of the questions people ask us most often. Here is how it works at Credicorp Limited.

The principle

Under UK data-protection law (the UK GDPR and the Data Protection Act 2018) we are only allowed to keep your personal information for as long as we need it for the purpose we collected it for. "As long as we need it" is shaped by several rules at once:

• tax record-keeping rules (HMRC requires financial records to be kept for several years) and anti-money-laundering record-keeping under the Money Laundering Regulations 2017;
• HM Revenue & Customs rules on how long we must keep financial records for tax purposes;
• limitation rules — the period during which a legal claim could be brought against, or by, either party;
• specific complaint-handling and Ombudsman timelines.

For most customer loan files those rules taken together come out at around six years after the relationship ends. There are some categories — call recordings, marketing-consent records, employment-related records — with different (typically shorter) retention periods. Our full retention schedule is summarised in our Privacy Policy.

While your account is open

While your loan is active, we keep the full record. You can ask for a copy of your Business Loan Agreement or a statement of account at any time using the Statement Request or Copy of Agreement form. There is no charge for a reasonable request.

After your account closes

After closure we hold the record for the period set out above. During that period you can still:

• ask for a copy of the closed account record under a subject access request (see subject access requests);
• raise a complaint about something that happened while the account was open (subject to the time limits in our complaints time-limits article);
• ask for the information held about you to be corrected if it is wrong.

Deletion at end of retention

When the retention period runs out, the information is securely deleted from our systems. We do not retain personal data "just in case" beyond what the rules allow. If you ever have a specific question about the data we hold about you, please contact our privacy team via the General Support Enquiry form.

See also: Can I get a statement for a custom date range?, Can I get my loan documents in large print or another format?, How do I find an old statement in my history?.

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Statements for your Credicorp facility are part of your company's financial records, so they fall within the record-keeping you already do for your accounts, your auditors, and HMRC.

Why keep them

• They support the figures in your statutory accounts filed at Companies House.
• They give auditors a clear trail for how the facility moved over the year.
• They back up the cost of borrowing claimed in your accounts and tax return.

How long to keep them

UK companies are generally required to keep accounting records for several years, and the exact period depends on your circumstances and the relevant rules at the time. Your statements should be retained at least as long as the accounts they support. Your accountant can confirm the right retention period for your company, since the duty sits with the company and its directors.

Practical archiving

We keep your statement history available in your account, but it is sensible to download and archive your own copies too, ideally alongside the accounts for each year. A consistent folder structure by financial year makes any future audit straightforward. Because Credicorp lends only to UK limited companies and LLPs, these are always company records, never personal ones, and no director gives a personal guarantee for the facility.

See also: How long do you keep my records?, Can I give my statement to my accountant or bookkeeper?, Can I use my statement for VAT and Corporation Tax?.

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You do not have to wait for a statement to land — your portal lets you generate one whenever you need it. Here is when statements appear and how to get a copy on demand.

On request, any time

Sign in to your portal and you can produce a current statement of account for any of your loans on the spot, then download or print it as a PDF with selectable text. This is the quickest way to get an up-to-date record — for your accountant, your own files, or a finance application.

At key points in the loan

We also make a statement available at the moments that matter: when the loan is drawn down, and when it is settled or closed. If your account ever falls into arrears, we will keep you informed in writing as part of supporting you back on track.

If you have closed your account, you can still ask for a copy of the closed-account record during the period we are required to keep it — see how long we keep your records. For what is on a statement, see how to read your statement of account. This relates to lending to a body corporate, outside FCA consumer-credit regulation under Articles 60B and 60L FSMA RAO 2001; the Financial Ombudsman Service and the FSCS do not apply.

See also: Can I get a statement for a custom date range?, How do I find an old statement in my history?, Can I give my statement to my accountant or bookkeeper?.

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Your statement of account — sometimes called a statement of borrowing — is the official record of your loan with Credicorp. You can view or download it from your portal at any time. This article explains what each part means so it is easy to read at a glance.

The header

At the top you will see the issue date, the loan reference number, and the two parties: Credicorp Limited as lender and your company as borrower, with your Companies House number and the signing director. This is what makes the statement a true record you can rely on or share with your accountant.

The totals

The repayment schedule

Below the totals is the schedule: each instalment with its number, due date, amount, and whether it is paid or still due. This is the same schedule you agreed at signing, so you can always check what is coming and when.

If anything on your statement does not look right, please contact us and we will check it. For how long we keep these records, see how long we keep your records. This statement reflects an agreement with a body corporate, which is outside FCA consumer-credit regulation under Articles 60B and 60L of the FSMA Regulated Activities Order 2001, so it is not a regulated credit agreement and is not covered by the Financial Ombudsman Service or the FSCS.

See also: Can I get a statement for a custom date range?, Can I get my loan documents in large print or another format?, How do I find an old statement in my history?.

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If something on your statement does not match your expectations, it is worth a quick check before you contact us, because most apparent errors trace back to a single identifiable entry.

Check these first

• Confirm you are looking at the right facility and the right period.
• Remember the closing position of the previous statement should equal the opening position of this one.
• Look for an entry whose date falls just outside the period, which would put it on a neighbouring statement.
• Match each line against your own records to find the one that differs.

What to send us

Once you have found the line you are unsure about, contact our support team with your account reference, the statement period, and the date and description of the specific entry. That detail lets us locate it straight away rather than working through the whole account.

What happens next

We will review the entry against the underlying account activity and explain what it is, or correct it if it genuinely needs adjusting. Any correction appears on your account as a clear, dated entry so the audit trail stays intact. Because the facility belongs to your company, an authorised finance colleague can raise and follow up the query on the company's behalf.

See also: What do the statement period dates mean?, What is the summary panel at the top of my statement?, How do I find an old statement in my history?.

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Yes. Your Credicorp statement is a true record of the activity on your company's facility for the period it covers, generated directly from the account. It is suitable for your bookkeeping, your statutory accounts, and audit purposes.

What makes it reliable

• It is produced from the same underlying account data as every figure we hold.
• The opening and closing positions chain to the neighbouring statements, so the record is continuous.
• Descriptions are in plain English, so an auditor can follow the activity without internal codes.

What it does not do

A statement records what has already happened on the account. It is not a quotation, a settlement letter, or a forecast. If you need a figure to clear the facility on a particular day, that is a settlement figure and is provided separately, because it is calculated to a specific date.

The regulatory position

Credicorp is an exempt business lender, lending only to UK limited companies and LLPs for business purposes. Your facility sits outside the consumer credit regime, which means protections designed for personal borrowing, such as the Financial Ombudsman Service and FSCS, do not apply. That does not change the accuracy or usefulness of your statement as a business record, it simply reflects that this is commercial lending to your company.

See also: How to read your statement of account, Can I use my statement for VAT and Corporation Tax?, What is a year-end summary document for?.

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Opening balance and closing balance are the two anchor figures on any statement. Together they tell you where your facility stood at the start and end of the statement period.

Opening balance

The opening balance is the position of your account on the first day of the statement period, before any of that period's activity is applied. It is carried straight over from the closing balance of the previous statement, which is why your records should run continuously from one period to the next.

Closing balance

The closing balance is the position on the last day of the period, after every movement during that period has been applied. It is usually the figure your bookkeeper reconciles against your accounts, and it becomes the opening balance of the next statement.

How to use them

• Read top to bottom: opening balance, then each dated entry, arriving at the closing balance.
• Check that one statement's closing balance equals the next statement's opening balance.
• If they do not match, an entry has been missed and the detail will show where.

A balance is not the same as a settlement figure, which is the amount needed to clear the facility on a specific day and is provided separately. Your facility is a company account, since Credicorp lends only to UK limited companies and LLPs.

See also: Statement glossary: running balance, Statement glossary: statement period and Arrears (glossary).

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The running balance is the figure shown alongside each entry in the transaction list. It tells you the position of your facility immediately after that particular movement was applied, so you can follow the account moving down the page.

How it works

Each line records an amount, and the running balance to its right reflects the account once that amount has been taken into account. The running balance on the first line starts from the opening balance, and the running balance on the final line equals the closing balance shown in the summary.

Why it is useful

• You can see the effect of any single transaction without adding up the whole list yourself.
• It makes spotting the line that caused an unexpected change much easier.
• It gives auditors a clear, step-by-step trail from opening to closing balance.

A quick check

If you ever doubt a figure, follow the running balance line by line from the opening balance, you should arrive exactly at the closing balance. If you do not, the line where it diverges is the one to ask us about. This is a record of your company's facility, since Credicorp lends only to UK limited companies and LLPs.

See also: Statement glossary: opening balance and closing balance, Statement glossary: statement period and Arrears (glossary).

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The statement period is the window of time a single statement covers, shown as a start date and an end date near the top of the page. It is the rule that decides which activity belongs on that statement and which does not.

What it determines

Any movement on your facility dated within the period appears on the statement. Anything dated before the start date is already captured in the opening balance carried over from the previous statement, and anything dated after the end date will appear on the next one. There are no gaps and no overlaps, so your statements chain together cleanly.

Why it matters

• When reconciling, set your own date filter to match the statement period so you do not double count.
• If a transaction looks missing, check whether its date falls just outside the period.
• The closing balance on the period's last day becomes the opening balance for the next period.

Related terms

The statement period is not the same as your financial year, which a year-end summary covers, nor the same as a due date, which is when something must be paid. Whichever applies, your statement relates to your company's facility, because Credicorp lends only to UK limited companies and LLPs for business purposes.

See also: Statement glossary: opening balance and closing balance, Statement glossary: running balance and Arrears (glossary).

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Two numbers on your account look similar but answer different questions, and mixing them up can cost you money. Here is the difference between your outstanding balance and a settlement figure.

Outstanding balance

Your outstanding balance is what is left to pay if you keep to your agreed schedule to the end of the term. It is the running figure you see on your statement of account: total repayable under the contract, minus what you have paid so far.

Settlement figure

A settlement figure is the exact amount to clear the loan in full today. Because interest is charged only for the days you actually hold the balance, stopping now usually means you pay less interest than running to term — so a settlement figure is often lower than the outstanding balance. On a one-time Business Loan it may include an early-settlement charge of up to 28 days' interest; whatever the number, it is shown to you before you confirm.

To get a settlement figure, sign in to your portal and request one — it is generated live and shown before you commit. For paying off early in general, see repaying your loan early. This relates to lending to a body corporate, outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001; the Financial Ombudsman Service and the FSCS do not apply.

See also: Can I get a statement for a custom date range?, Can I get my loan documents in large print or another format?, How do I find an old statement in my history?.

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Below the summary panel, your statement shows a dated list of every movement on the account during the period. This is the part your bookkeeper will work through line by line when reconciling.

How a line is built up

Each entry generally records the date it happened, a short description of what it was, the amount, and the running position of the account afterwards. Reading top to bottom, you can follow how the account moved from its opening position to its closing position.

Common kinds of entry

• Amounts drawn or advanced on your facility.
• Repayments received.
• Any cost of borrowing applied, shown at the rate set out in your offer.
• Adjustments, where something has been corrected or rebalanced.

Reconciling against your books

The reliable way to check a statement is to match each line to an entry in your own records. If something does not match, note the date and description of the line in question before contacting us, because that reference lets our team find it immediately. We have deliberately kept descriptions in plain English rather than internal codes, so an entry should make sense without a glossary. The statement always relates to your company's facility, since Credicorp lends only to UK limited companies and LLPs.

See also: What is the summary panel at the top of my statement?, How to read your statement of account, Statement glossary: running balance.

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For most UK limited companies, the cost of borrowing on a business facility is a deductible expense that reduces your taxable profit. Your Credicorp statements give you the figures your accountant needs — but it is important to use the right lines and to take advice on how they are treated under your specific circumstances.

What to look for on your statements

Your statements show each charge separately. The lines relevant to your tax return are typically:

• Interest charged on your Business Loan or Flex facility for the period.
• The flat fee on a Slice account (the 6% of the bill amount), which is the total cost of the facility rather than interest as such.
• Any arrangement or administration fees charged at the time the facility was set up or varied.