Fees & charges

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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