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?.