When you take out a Credicorp Slice, you repay the total amount — the original bill plus the flat 6% fee — in either three or four equal weekly instalments. Payments are taken on the same weekday each week from the date the facility is agreed.
Choosing 3 versus 4 weeks
A three-week schedule means slightly larger individual payments but you clear the obligation faster. A four-week schedule lowers each weekly amount, which can help if your company receives funds on a monthly cycle. The total cost is the same either way — the flat fee does not change based on the number of weeks you select. Choose based on your expected incoming cash flow rather than trying to minimise the fee.
When payments are collected
Collections are typically made by direct debit from your company's nominated business bank account. The first instalment is usually collected approximately one week after the facility is activated — that is, after Credicorp has settled the underlying bill. Subsequent instalments follow on the same weekday at weekly intervals until the balance is cleared.
Missing or rescheduling a payment
If you anticipate difficulty meeting a scheduled payment, contact us before the due date. We cannot guarantee rescheduling in every case, but early communication gives us the best opportunity to discuss options with you. The terms of your specific Slice agreement set out what happens if a collection fails, so it is worth reading these at the outset.
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 flat 6% fee calculated on a Slice?, Can I pay a Credicorp Slice off early?.