Step-by-step guides

Credicorp offers two main facility structures for UK limited companies: a fixed-term loan and a Flex revolving credit facility. Both are designed for business use only. Choosing the right structure from the outset means your repayment pattern aligns with how your company actually generates and uses cash.

When a term loan is the better fit

A term loan works best when your company has a specific, bounded capital need — buying equipment, funding a contract deposit, covering a planned expansion cost, or bridging a known receivable. You draw the full amount once, repay in fixed monthly instalments, and the facility closes at the end of the term. The predictability of a fixed instalment makes budgeting straightforward. As an illustrative example (not a quote), a company purchasing £30,000 of plant and machinery might take a 12-month term loan and know exactly what its monthly commitment is from day one.

When Flex is the better fit

Flex suits companies with recurring, variable working-capital needs: funding stock cycles, covering payroll ahead of a large customer payment, or smoothing seasonal cash gaps. Because you only pay finance charges on what you have drawn, a company that repays quickly after each use pays significantly less than one that keeps a full balance outstanding. Flex is also well suited to companies that want a safety net available but do not need to draw immediately.

Can you switch between them?

You cannot convert an existing term loan into a Flex facility mid-term. However, once a term loan is repaid, your company can apply for a Flex facility (or vice versa) on the strength of your repayment history. Companies that have managed a term loan well tend to receive faster decisions on subsequent applications of either type.

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

See also: What is Credicorp Flex and how does it accrue?, How do Credicorp loan repayments work?.

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Once you submit your application, Credicorp assesses your company using a combination of automated systems and, where needed, a manual review by a member of our team. Here is what that process looks like from the inside.

The data sources we assess

We draw on several data points to build a picture of your company's position:

• Business bank transactions — provided via Open Banking or uploaded statements; we look at income regularity, average balances, and existing payment obligations (illustrative, not a quote of any specific threshold).
• Companies House data — company age, filing history, current officer details, and any charges registered against the company.
• Business credit data — a check with a commercial credit reference agency. This is a business check and does not affect your personal credit file.
• Identity and anti-money-laundering checks — an AML check on the applying director to satisfy our legal obligations under the Money Laundering Regulations.
• Affordability assessment — we model whether the repayment schedule is sustainable given your company's observable cash flow.

Automated versus manual decisions

Most applications receive an automated decision within a few minutes of submission. If our systems flag something that requires a human to review — for example, an unusual filing pattern or data that is ambiguous — your application moves to a manual queue. Manual reviews typically complete within one business day. We will contact you by email either way, so you do not need to keep checking the portal.

What happens if we cannot lend

If we are unable to offer your company a loan at this time, we will tell you clearly by email. We will state the main reason where we are permitted to do so. We do not leave applications open indefinitely. You are free to reapply in the future if your company's circumstances change, though repeated applications in a short period are unlikely to produce a different outcome unless something material has changed. For a fuller picture of what influences the offer you receive, see what factors affect the loan offer Credicorp makes to 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: How Open Banking is used in your Credicorp application, What factors affect the loan offer Credicorp makes to your company?, How Credicorp verifies your business identity and bank account.

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Before we lend to your company, we are required by law to verify who we are dealing with and that the bank account receiving funds belongs to your company. This article explains those checks, why they are required, and how long they typically take.

Director identity check (AML)

The UK Money Laundering Regulations require us to verify the identity of the individuals who control or represent a company before entering a credit agreement. For most applications this means verifying the director who is submitting the application. The check is carried out electronically, using the name, date of birth, and address you provide. We match this against data held by identity verification agencies.

This is an anti-money-laundering (AML) check, not a consumer credit search. It does not appear on your personal credit file and does not affect your personal credit score.

In most cases the electronic check completes in seconds. Occasionally — for example, if you have recently moved address or have a common name — the automated match fails and we may ask you to provide a copy of a photo ID document (passport or driving licence) to complete the check manually.

Company verification

We verify your company via Companies House, using the company number you provide. We check that the company is active, that the filing history is consistent with an operating business, and that the director applying is listed as a current officer. We also check for any charges, administration, or dissolution proceedings registered against the company.

Bank account verification

We verify that the sort code and account number you give us match your company's name. We do this using account name matching services (Confirmation of Payee, or equivalent). A mismatch — for example, if the account is in a director's personal name rather than the company name — will delay or prevent the transfer of funds. Loans must be paid to an account in the company's name. If your company's business account has an unusual name format, contact our team before applying so we can advise.

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 Credicorp makes a lending decision, What bank statements or documents do you need for a Credicorp application?.

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When your facility is drawn, Credicorp sets a fixed monthly repayment schedule for your company. Each instalment covers both the capital element and the cost of finance, so the total amount your company pays each month stays the same throughout the term — no surprises, no floating rate adjustments mid-term.

How instalments are calculated

Your repayment amount is agreed before funds are released. It is based on the facility size, the agreed term length, and the applicable cost of finance. As an illustrative example (not a quote), a company drawing £50,000 over 24 months might see instalments of around £2,400–£2,600 per month — the exact figure is set in your facility agreement. There is no variable interest component that can change after drawdown.

When does the first payment leave the account?

The first instalment is typically collected on the same calendar day each month, starting approximately 30 days after drawdown. Your facility agreement will state the exact collection date. Credicorp collects by direct debit from the company bank account registered at application. If a collection date falls on a weekend or bank holiday, it moves to the next working day.

What happens if a payment is missed?

If a direct debit fails, Credicorp will contact your company promptly. A short grace period is built in and we will attempt re-presentation. Persistent arrears may trigger a default clause and additional charges as set out in your facility agreement. If your company is experiencing difficulty, contact us before a payment is missed — early communication consistently leads to better outcomes.

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

See also: How does early repayment work?, How is my Credicorp loan statement structured?.

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If your company has an active Credicorp facility and needs additional funds, you can request a top-up or further draw without applying from scratch. The process is lighter-touch than a new application because your company is already on file, but it does involve a credit refresh to confirm your current position.

Flex facility: drawing against available headroom

If your facility is a Credicorp Flex revolving account, drawing further funds is straightforward provided your outstanding balance is below your approved limit. Log in to the client portal, navigate to your facility, and submit a draw request for the amount needed. Funds are typically released within one working day once the request is approved. The draw increases your outstanding balance and therefore your daily accrual from that point forward.

Term loan top-up

For a fixed-term facility, a top-up is treated as an incremental credit decision. Your company's current trading data, Companies House filings, and repayment conduct on the existing loan are all reviewed. If approved, the additional amount is disbursed and a revised repayment schedule is issued. As an illustrative example (not a quote), a company mid-way through a £40,000 term loan might be approved for a further £20,000 under a blended new schedule — the exact terms depend on the refresh decision. Early repayment conduct is viewed positively at this stage.

What to prepare before requesting

• Up-to-date management accounts or recent bank statements (typically the last three months).
• A brief note on the purpose of the additional funds — this supports faster processing.
• Confirmation that the company's registered details and directors have not changed since original application.

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

See also: What is Credicorp Flex and how does it accrue?, How does early repayment work?.

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Credicorp does not penalise companies for repaying ahead of schedule in most circumstances. If your company comes into funds — from a trade sale, a cash windfall, or simply stronger-than-expected trading — paying down your facility early reduces the total finance cost and frees up your balance sheet.

Full early settlement

To settle a term loan in full before the final instalment date, contact Credicorp through the client portal or by email to request a settlement figure. The figure reflects the remaining capital outstanding plus any accrued but unbilled finance charges to the proposed settlement date. No additional break fee applies after the initial 28-day period set out in your facility agreement. As an illustrative example (not a quote), a company 10 months into a 24-month term loan might find its settlement figure is materially lower than the sum of remaining scheduled instalments because future finance charges are not included.

Early repayment charge in the first 28 days

If your company repays the facility in full within 28 days of drawdown, a conditional early repayment charge applies. This is because a minimum cost-of-funds threshold is built into facility pricing for very short hold periods. The charge, if applicable, is stated in your facility agreement before signing. After day 28, no early repayment charge applies.

Partial overpayments

On a term loan, partial overpayments reduce your outstanding principal and can shorten your remaining term or reduce future instalments, depending on how the overpayment is applied — your facility agreement will specify which. On a Flex facility, any repayment reduces the balance and therefore reduces daily accrual immediately, with no restriction on amount or frequency.

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

See also: How do Credicorp loan repayments work?, How is my Credicorp loan statement structured?.

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Each month Credicorp issues a statement to your company covering all activity on your facility during the preceding period. Understanding the statement helps you reconcile it against your own accounts and spot any discrepancies quickly.

Key sections on every statement

• Opening balance: The principal and accrued charges outstanding at the start of the statement period.
• Draws: Any funds disbursed to your company during the period, shown by date and amount.
• Repayments received: Direct debit collections or manual payments received, shown by date.
• Finance charges: The total cost of finance accrued during the period. On a Flex facility this is calculated daily; on a term loan it is the interest element within your fixed instalment.
• Closing balance: The outstanding amount at the end of the statement period, which is what your company owes as at that date.

How to reconcile your statement

The opening balance plus any draws, minus repayments received, plus finance charges should equal the closing balance. If there is a discrepancy, check first whether a repayment was received on the first or last day of the period — timing around period boundaries is the most common cause of apparent differences. If you cannot reconcile after checking, raise a query through the portal and include the specific line reference.

Statements and your accounts

For Companies House and HMRC purposes, the finance-charge line on your statement supports your company's interest expense deduction claim. Your accountant may want annual summaries of total finance charges paid; these can be requested through the portal at any time. Statements are issued in PDF format and retained in the portal for at least six years.

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

See also: How do Credicorp loan repayments work?, What is Credicorp Flex and how does it accrue?.

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When you apply for a Credicorp business loan, one of the fastest ways to share your company's bank data is via Open Banking. This is a secure, regulated connection between your bank and our systems that lets us read your transaction history — nothing more.

What Open Banking actually does

Open Banking is a UK-regulated framework overseen by the Financial Conduct Authority. It lets you grant a third party — in this case Credicorp — read-only access to your business bank account data. "Read-only" means we can see transactions; we cannot move money, set up payments, or make any changes to your account. Once your application is complete you can revoke the connection through your bank's app or online banking at any time.

We use the data to understand your company's recent income, outgoings, and cash-flow patterns. This is the same information we would otherwise ask you to upload as PDF bank statements, but the Open Banking route is faster and removes the risk of files being rejected for poor quality or missing months.

Which banks are supported

The connection works with most major UK business banking providers, including the main high-street banks and a number of challenger banks. During the application you will be shown a list of supported institutions. If your bank is not listed, you can still apply by uploading your last six months of business bank statements as PDFs instead — see what documents you need for a Credicorp application for the manual upload route.

Data security and your rights

The Open Banking connection is established through a regulated Account Information Service Provider (AISP). Your bank credentials — your login details and passwords — are never shared with or visible to Credicorp. You authenticate directly with your bank, and only the resulting transaction data is passed to us. We hold this data in line with our privacy policy and UK GDPR obligations. If you would like to know what data we hold, you can request it 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: What bank statements or documents do you need for a Credicorp application?, How Credicorp makes a lending decision.

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If your company's cash position improves and you want to clear your Credicorp loan before it is fully due, early repayment is possible. This guide explains the process and the financial implications.

How to request a settlement figure

Log in to your Credicorp account and request a settlement figure from the loan summary screen, or contact our team directly. The settlement figure is the total amount needed to repay the outstanding balance in full on a specific date. It takes into account any payments already made and any early repayment charge that applies under your agreement.

Settlement figures are valid for a fixed number of days (stated on the figure itself). If you do not pay within that window, you will need to request a fresh figure, as daily interest or charges may alter the total.

Early repayment charges

Whether an early repayment charge applies, and how it is calculated, is set out in your Business Loan Agreement. For Credicorp's short-term business loans, the charge — if any — is applied on a fixed basis for a short window after drawdown rather than as a penalty on the full remaining term (illustrative, not a quote of your specific agreement). After that initial window, repaying early typically reduces the total cost of credit compared with running to the end of the scheduled term.

Your Key Information Sheet (KIS) and Business Loan Agreement are the definitive source for the exact charge that applies to your specific facility. If you are unsure, check those documents or ask our team to confirm the figure in writing before you pay.

Making the early repayment

Once you have a confirmed settlement figure, make the payment via bank transfer from your company's bank account to the details provided on the settlement figure. Do not rely on your regular scheduled collection — an early repayment requires a separate manual transfer of the full settlement amount. Once the transfer is received and confirmed, we will issue a written confirmation that the loan is fully settled and close the facility on 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: How to understand your Credicorp Business Loan Agreement, What to do if you cannot make a repayment on your Credicorp loan.

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All of your Credicorp loan documents are stored securely in your online account and can be downloaded at any time. This guide tells you where to find each document and how to save a copy.

Documents available in your account

The following documents are available to download once your loan is active:

• Business Loan Agreement — the signed legal contract between your company and Credicorp
• Key Information Sheet (KIS) — the pre-contractual summary showing your loan amount, total cost of credit, and full repayment schedule
• Business Purpose Declaration — your confirmation that the borrowing is for a business purpose
• Loan statements — a transaction-level record of your loan showing drawdown, payments received, and the current outstanding balance
• Settlement confirmation — available once your loan is fully repaid, confirming the loan is cleared

How to access your documents

1. Sign in. Go to clients.credicorp.co.uk and sign in with your email address and password
2. Select your loan. Choose it from the dashboard
3. Open Documents. Click Documents in the loan menu
4. Choose a document. Click the document you want to view or download
5. Save the PDF. Your browser will open it, and you can save it to your device using the download icon

Can I get documents emailed to me?

We do not automatically email copies of signed documents, but you can request them. Contact us at support@credicorp.co.uk and quote your company name and loan reference. We will reply with the documents as email attachments, usually within one business day.

What format are the documents in?

All loan documents are provided as PDFs. You will need a PDF reader — most modern browsers and devices can open PDFs natively without additional software. If you cannot open a PDF, Adobe Acrobat Reader is free to download.

I cannot log in to access my documents

If you have forgotten your password, use the Forgot password link on the sign-in page to reset it. If you no longer have access to the email address registered on the account, contact us and we will verify your identity and update your contact details before providing documents.

Documents for tax or accountancy purposes

Your Business Loan Agreement and loan statements are the documents most useful for your accountant or tax adviser. The loan statement shows the principal, interest, and fee breakdown, which is typically needed for correctly recording the borrowing in your company accounts. If your accountant needs something in a specific format, let us know and we will do what we can to help.

How long are documents stored?

We retain your loan documents for at least six years after the loan is repaid, in line with standard accounting and legal retention requirements. If your account has been closed for longer than this, contact us — we may still hold documents depending on the circumstances.

Questions?

If you cannot find a document in your account, or if you need a document in a specific format, contact our team and we will assist.

See also: Where to find your account documents, How to read a Key Information Sheet and How to read your Key Information Sheet (KIS).

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Getting a business loan can feel complicated, but with Credicorp the process is designed to be transparent and fast. This guide walks you through every stage, from checking whether your company qualifies right through to funds arriving in your account.

Step 1 — Check that your company qualifies

Credicorp lends to UK limited companies and LLPs only. We do not lend to sole traders, partnerships without limited liability, or individuals. Your company must be incorporated at Companies House and trading in the UK. The borrowing must be wholly or predominantly for a business purpose.

The key eligibility points to check before you start:

• Your company is a UK limited company or LLP
• You are a director or designated member authorised to enter contracts
• The loan is for a business purpose — not personal expenditure
• Your company has a UK business bank account in its own name

We lend £50 to £500 over 14 to 84 days, repaid weekly or fortnightly. If your funding requirement is much larger or longer, our products may not be the right fit for your company at this time.

Step 2 — See the cost before you apply

On our website you can view the current loan amounts, terms, and the cost of borrowing before you share any details about your company or yourself. We think it is only fair that you know what a loan will cost before you commit. The exact figures — total amount payable, total cost of credit, and your full repayment schedule — appear on your Key Information Sheet (KIS) inside the application, before you sign.

Short-term business loans carry a higher daily cost than longer-term bank finance. Please read the cost information carefully and only proceed if the repayment fits your company's cash flow.

Step 3 — Gather your documents

Before you start the online application, have the following to hand:

• Company number — this is on your Companies House filing confirmation or on your certificate of incorporation
• Photo ID — a passport or driving licence for the director applying
• Business bank statements — the most recent six months, as PDFs, if you prefer not to use Open Banking
• Business bank account details — account number and sort code for the account you want funds paid into

If you connect your business bank via Open Banking during the application, you will not need to upload statements manually. Open Banking provides read-only access to your transaction history; you can revoke it at any time after your application is complete.

Step 4 — Complete the online application

The application is completed entirely online, in your own time. You will:

1. Create your account. Create a secure account so your progress is saved
2. Enter your company details. Tell us about your company — we look it up on Companies House automatically once you enter your company number
3. Complete an identity check. This is an AML check on you as a director, not a personal consumer credit search, and it does not affect your personal credit file
4. Share your bank data. Connect your business bank via Open Banking or upload your last six months of statements
5. Review and sign. Review your offer, read your KIS, and sign the Business Loan Agreement electronically
6. Sign the declaration. Sign a short Business Purpose Declaration confirming the loan is for your company's business

Most applications can be completed in under 20 minutes when you have your documents ready and use Open Banking.

Step 5 — We assess your application

Once you have submitted your application, our systems assess your company's profile. We look at business credit data, bank account activity, affordability, and identity. In many cases a decision is made automatically within minutes. Some applications go to a member of our team for a manual review, which may take a little longer.

We will contact you by email with the outcome. If we cannot lend at this time, we will tell you clearly; we do not leave applications open indefinitely.

Step 6 — Receive your funds

If your application is approved and you have signed all documents, we will arrange transfer of the loan amount to your company's business bank account. We aim to fund the same business day when your application is complete and your identity and bank are verified, though processing times can vary. Funds arrive as a bank transfer to the sort code and account number you provided.

Step 7 — Repay on schedule

Your repayment schedule is set out in your KIS and your Business Loan Agreement. Payments are collected automatically on the dates shown. If a payment date does not work for your company's cash flow, contact our team as early as possible — we would rather discuss your situation in advance than deal with a missed payment afterwards.

If you experience financial difficulty at any point, our Payment difficulty section explains your options, including how to request a payment arrangement. For information on how bank statements or Open Banking fit into the application, see whether to upload bank statements or connect by Open Banking. Free independent advice is also available from Business Debtline (0800 197 6026).

Ready to start?

You can begin your application at any time. See the cost first, then apply when you are ready. If you have questions before you start, our contact page has details for our team, or search the help centre for specific topics.

See also: How to download your loan documents, How to raise a complaint with Credicorp, How to read your Key Information Sheet (KIS).

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If you are unhappy with any aspect of your experience with Credicorp — whether it is how a decision was made, how we communicated with you, or a service failure — we want to hear from you and put it right. This guide explains the full complaints process.

How to submit a complaint

You can raise a complaint in any of the following ways:

• By email: complaints@credicorp.co.uk
• Through your online account: sign in and use the complaints section under support
• In writing: Credicorp Limited, [our registered address as shown in your loan agreement]

There is no specific form you need to complete. Please describe what went wrong, when it happened, and what outcome you are looking for. The more detail you can give us, the more effectively we can investigate.

What we will do

Once we receive your complaint:

1. Acknowledgement. We will acknowledge receipt within 5 business days
2. Investigation. A named member of our team will take responsibility for your complaint and investigate it
3. Final response. We aim to send you a final response within 8 weeks of the date you first complained
4. Update if delayed. If we need more time, we will write to you explaining why and when you can expect a response

What our final response will contain

Our final response will tell you:

• Whether we uphold your complaint in full, in part, or not at all
• The reasons for our decision
• Any steps we are taking to put things right, which may include a financial remedy or an apology
• Your right to take the matter further if you remain dissatisfied

What if you are not satisfied with our response?

Because Credicorp lends to UK limited companies and LLPs for business purposes, your borrowing is outside the Financial Conduct Authority's consumer-credit regime. This means the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS) do not apply to your loan.

If you are not satisfied with our final response, your options include:

• Referring to the Business Banking Resolution Service (BBRS) if your company meets their eligibility criteria (certain SMEs only — check thebbrs.org)
• Seeking legal advice — independent legal advice on contract disputes is available from solicitors specialising in commercial law
• Citizens Advice can help you understand your options even for business disputes

Urgent or sensitive complaints

If your complaint involves a time-sensitive matter — for example, a pending payment collection that you dispute, or a data breach — please contact us immediately and flag it as urgent. We will prioritise these cases.

If your complaint relates to financial difficulty rather than a service issue, please see our Payment difficulty guidance — there is a separate process for payment arrangements and hardship support.

Our complaints data

Credicorp publishes summary data on complaints volumes and resolution rates. You can find this in our About Credicorp section or request it directly by contacting us at complaints@credicorp.co.uk.

See also: How to download your loan documents, How to get a business loan: a step-by-step guide, How to read your Key Information Sheet (KIS).

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Before you sign a Credicorp Business Loan Agreement, you will receive a Key Information Sheet (KIS). This document summarises every financial detail of your loan in a standardised layout. It is not small print — it is the most important document to read before you commit. This guide explains each section so you know exactly what you are looking at.

What is a Key Information Sheet?

A KIS is a pre-contractual summary. It gives you the key figures for your specific loan offer in a clear, consistent format. Because Credicorp is a business lender operating outside the FCA consumer-credit regime, your KIS follows the voluntary best-practice format used across the responsible business lending sector rather than a statutory consumer-credit template — but it covers the same essential information.

You will receive your KIS inside your online application, before you reach the signature step. Take time to read it.

The figures on your KIS

Amount borrowed

The net amount of money Credicorp will transfer to your company's business bank account. This is the figure you are borrowing — not the total you will repay.

Total amount payable

The full sum your company will pay to Credicorp over the life of the loan, including the original amount borrowed plus all interest and any fees built into the repayment schedule. This is the single most important figure for understanding what the loan actually costs.

Total cost of credit

The total amount payable minus the amount borrowed. This is the pure cost of the loan to your company — every pound of interest and fees, with the principal stripped out. Comparing this number across different loan offers lets you see which is cheaper in cash terms.

Loan term

The number of days from the date you sign to the date of your final repayment. Credicorp loans run from 14 to 84 days.

Repayment schedule

A table showing every payment date, the amount due on each date, and the running balance after each payment. Check that each payment date is a date when your company can reliably make payment. If a date falls on a bank holiday or weekend, note that the collection may shift to the nearest working day — this will be stated in your agreement.

Repayment frequency

Whether repayments are weekly or fortnightly. This is set at the point you choose your loan term; it does not change after signing.

Early repayment charge (if applicable)

If an ERC applies, it is shown here as a fixed amount. The ERC is only triggered if you repay the full loan before a certain point in the term. Repaying after that threshold — or repaying on schedule — does not trigger it. The ERC is not a penalty for paying on time; it is a cost recovery for very early settlement.

What to check before you sign

1. Check the amount. Confirm the amount borrowed matches what your company needs
2. Check the total cost. Confirm the total cost of credit is acceptable for your business situation
3. Check each repayment date. Make sure every date works for your cash flow — if not, consider a different term
4. Check the bank account. Confirm the account shown for drawdown is the correct one

If any figure looks wrong or you do not understand a line, do not sign. Contact us and we will explain it before you proceed. You can also search the help centre — Fees & charges and Payments cover the most common questions in detail.

Where can I find my KIS after signing?

A copy of your KIS is attached to your Business Loan Agreement, which is available to download from your account at any time after you sign. Sign in and go to your loan documents.

See also: How to download your loan documents, How to get a business loan: a step-by-step guide, How to raise a complaint with Credicorp.

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You can repay your Credicorp loan in full at any time before the end of your agreed term. Early repayment means you pay less in total, because interest only accrues on the days the loan is outstanding. This guide tells you exactly how to do it.

Can I repay my loan early?

Yes. There is no restriction on repaying early, and we will never penalise you for doing so. If an early repayment charge (ERC) applies, it is a fixed fee set out in your Business Loan Agreement — it does not increase the longer you hold the loan. An ERC is only triggered if you repay before a certain point in the loan term; the details are in your agreement and your Key Information Sheet.

How to get your early settlement figure

Your settlement figure is the total you need to pay to clear the loan on a specific date. It includes:

• The outstanding principal (the amount you borrowed that has not yet been repaid)
• Any interest that has accrued up to the settlement date
• Any applicable early repayment charge
• Any unpaid fees or missed-payment charges already applied to your account

To get your settlement figure, sign in to your account and navigate to your loan. The portal shows a live settlement figure and lets you choose a settlement date. Alternatively, contact our team and we will provide one in writing.

Settlement figures are date-specific: if you request a figure for today and pay tomorrow, the figure will be slightly higher because one more day of interest has accrued.

How to make an early repayment

Once you have your settlement figure and a settlement date:

1. Sign in. Log in to your account at clients.credicorp.co.uk
2. Select Repay early. Go to your active loan and select Repay early
3. Confirm the date and figure. Confirm the settlement date and the figure shown
4. Make the payment. Transfer the amount from your business bank account to the details displayed

Please pay the exact settlement figure shown. If you pay a different amount, the difference will either leave a small balance outstanding or create a small overpayment that we will refund.

What happens to my regular payments?

Once your settlement payment has cleared and your loan is marked as repaid, any future scheduled direct debit collections will not be taken. If a scheduled payment date falls within the period it takes for your bank transfer to clear, contact us in advance so we can avoid a double collection.

When will my account close?

Your loan account closes automatically once the settlement payment has been received and processed. You will receive an email confirmation. Any overpayment is refunded to your business bank account within a few working days.

Can I get confirmation for my records?

Yes. Once your loan is fully repaid, a settlement confirmation is available to download from your account. This is a useful document to keep if you ever need to demonstrate that the loan is cleared — for example, when applying for finance from another lender.

Questions?

If you are unsure about your settlement figure or have a question about early repayment, contact us before you make a payment. We can confirm the exact amount and make sure your loan closes cleanly on the date you choose.

See also: Can I pay my loan off early?, Early repayment: how to do it and what you save, Can I repay Credicorp Slice early?.

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A payment arrangement lets you replace your existing repayment schedule with one that reflects what your business can realistically afford right now. This guide explains when to use one, how to request it, and what to expect.

What is a payment arrangement?

A payment arrangement is a formal agreement between you and Credicorp to accept reduced or restructured payments for a period of time. Instead of your original schedule, you pay an agreed amount at an agreed frequency — for example, £500 each month instead of £1,200 — until your situation improves or the arrangement is reviewed.

Entering into a payment arrangement is not a default. It is a practical solution for businesses experiencing a genuine short-term difficulty. Engaging with us early is always the right move.

When should I request one?

Consider a payment arrangement if:

• You have missed a payment or know an upcoming payment is at risk
• Your cash flow has changed significantly since you took the loan
• You have lost a key customer or contract
• You are dealing with a seasonal dip or unexpected business cost
• Your repayment schedule simply no longer fits your trading pattern

The sooner you ask, the more flexibility we have. Waiting until you are already in arrears limits the options available to both sides.

How to submit a payment arrangement request

1. Open the form. Open the Payment arrangement form and sign in when prompted
2. Enter your proposal. Enter the amount you can pay each time and how often (weekly, fortnightly, monthly)
3. Add context (optional). Optionally include a brief reason — this helps us understand your situation quickly, but you do not have to go into detail
4. Submit. Submit the form

Our payments team will review your request and respond by email, usually within two working days. We may ask for a little more information if the request covers a longer period or a significant reduction.

What happens while my request is being reviewed?

Your existing schedule remains in place until a new arrangement is formally agreed. If a collection falls due while we are reviewing your request, contact us directly so we can note it and avoid any automated follow-up in the meantime.

What if I need help urgently?

If a payment has already failed or will fail within the next 24 hours, call or email us directly rather than using the form — this is faster. Our contact details are on the contact page.

If your company is under serious financial pressure, you can also get free specialist advice from Business Debtline (0800 197 6026, Mon–Fri 9am–8pm). Their advisers work specifically with small businesses and their service is completely free and confidential.

Will a payment arrangement affect my account status?

A formal arrangement is noted on your account and may be reflected in any business credit data reported by Credicorp. However, an agreed arrangement always looks better than unresolved arrears — it demonstrates that you engaged with the problem and found a workable solution. Once your trading position recovers and you resume normal payments, your account returns to good standing.

More information

For a wider view of what options are available when repayments become difficult, see the Payment difficulty section of the help centre, or read What to do if you miss a payment.

See also: How to download your loan documents, How to get a business loan: a step-by-step guide, How to raise a complaint with Credicorp.

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Repayments on Credicorp loans are collected by Direct Debit on your agreed schedule. This guide explains how to set one up, make changes, and what happens if a payment cannot be collected.

Do I need to set up a Direct Debit?

In most cases your Direct Debit mandate is set up automatically as part of the application process, using the business bank account details you provided. You will receive a Direct Debit confirmation notice from your bank before the first collection is taken.

If your mandate was not set up at application — or you need to change it — you can request this at any time using the form below.

How to request a Direct Debit set-up or change

1. Open the form. Open the Direct Debit request form and sign in when prompted
2. Choose your action. Select what you want to do: set up a new mandate, change the amount, change the date, or cancel
3. Enter the details. Enter the payment amount and your preferred collection date if relevant
4. Submit. Submit the form — our payments team will action it and send you confirmation

Changes to an existing mandate usually take effect before the next scheduled collection date, provided you submit the request at least three working days in advance.

Changing your business bank account

If your company has changed its bank account, you will need to set up a new Direct Debit mandate on the new account and cancel the old one. Use the Update your contact details form to notify us of the new account, then use the Direct Debit form to set up the replacement mandate. Do not cancel the old mandate before the new one is confirmed, or you risk a missed payment.

What happens if a Direct Debit collection fails?

If your bank returns a collection unpaid — for example because of insufficient funds or a cancelled mandate — the following happens:

• We are notified by the payment processor on the day of the failed collection
• We email and (where applicable) text you the same day
• A missed-payment charge may be applied as set out in your Business Loan Agreement

If a payment is at risk, contact us before the collection date. Acting early means more options are available to you. See What to do if you miss a payment for the full process.

Can I pay manually instead?

Yes. You can make a manual bank transfer at any time — for example to catch up on a missed payment or to make a one-off extra payment. Sign in to your account to see the correct payment reference and account details to use. Always quote your loan reference in the payment reference so the funds are matched to your account correctly.

Questions about your Direct Debit

If you are unsure about your Direct Debit status, have received a notification from your bank, or have any other question about how payments are collected, contact our payments team. If a payment has already failed, see what happens if your Direct Debit fails for the next steps.

See also: How to download your loan documents, How to get a business loan: a step-by-step guide, How to raise a complaint with Credicorp.

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Your Credicorp account is available at clients.credicorp.co.uk. Once signed in, you can view your loan balance, download statements, make payments and submit requests without calling or emailing us.

How to sign in

1. Go to the sign-in page. Navigate to clients.credicorp.co.uk/login
2. Enter your email. Enter the email address associated with your Credicorp account
3. Enter your password. Enter your password and select Sign in

Once signed in, you will see your account dashboard. If you have more than one active loan, each is listed separately.

I have forgotten my password

Select Forgot password on the sign-in page and enter your email address. You will receive a reset link by email within a few minutes. If the email does not arrive, check your spam or junk folder. The reset link is valid for 60 minutes.

I cannot remember which email address I used

Your account email address is the one you provided during your Credicorp application. It may be a company email or the email address of the director who applied. If you are unsure, contact our support team with your company name and we will look it up for you.

My account is locked

After several failed sign-in attempts, your account is temporarily locked as a security measure. Wait ten minutes and try again. If your account remains locked, contact our support team and they will unlock it.

What can I do once signed in?

From your account you can:

• View your current balance, next payment date and amount
• See your full payment history
• Download statements and copies of your Business Loan Agreement
• Make a payment or request an early settlement figure
• Submit support requests including payment arrangements, extensions and detail updates

Most routine account tasks can be completed entirely online without contacting us.

Signing in to submit a form

Some forms on this help site — such as payment arrangements and statement requests — require you to sign in before you can submit them. You will see a prompt to sign in when you open those forms. After signing in you will be returned to the form automatically.

Forms marked as available to everyone (such as general enquiries and complaints) do not require you to sign in.

Can I update my sign-in email address?

Yes. Once signed in, go to your account settings to update your email address. Or use the Update your contact details form and our team will make the change for you. Your new email address will then be the one you sign in with going forward.

Still having trouble?

If you cannot sign in and the steps above have not helped, contact our support team. Have your company name ready and, if possible, the email address you think is registered. We can verify your identity and restore access quickly.

See also: How to submit a support request online, Adjusting text size, contrast and zoom and Can I pay extra towards my balance?.

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The help centre has a set of online request forms that send your request directly to the right Credicorp team. This guide explains how to find the right form, what to expect after you submit, and what to do if you are not sure which form you need.

Where are the forms?

All request forms are available from the Forms & Requests page. Each form is named for the task it covers — for example, Set up a payment arrangement or Request a statement of account. You can also reach individual forms directly from relevant help articles.

Do I need to sign in?

It depends on the form:

• Public forms (general support, complaints, callback request, additional support) — anyone can submit these without signing in
• Account forms (statement requests, update details, copy of agreement) — require you to be signed in to your Credicorp account
• Loan forms (payment arrangements, payment extensions, settlement figures, Direct Debit changes) — require you to be signed in and to have an active loan

If you open a form that requires sign-in, you will be prompted automatically. After signing in you are returned to the form. See How to sign in to your account if you need help accessing your account.

How to submit a form

1. Open the form. Go to Forms & Requests and select the form you need
2. Sign in if prompted. See the section above for which forms require sign-in
3. Fill in the fields. Complete all required fields — these are marked on the form
4. Review and submit. Check your answers and select Send request
5. Note the confirmation. You will see a confirmation on screen and receive an email receipt

Once submitted, your request goes directly to the relevant team — payments, hardship, support or complaints — so it reaches the right person without being routed through a general inbox first.

How long does a response take?

Most requests are acknowledged on the same working day and handled within two working days. Complaints are formally acknowledged within five working days as required by our complaints procedure. If you have not heard from us within those timescales, contact us directly quoting the reference number from your confirmation email.

Which form should I use?

The most commonly used forms are:

• General support enquiry — if you are not sure which form applies, start here
• Set up a payment arrangement — if you need to pay a different amount or frequency
• Request a payment extension — to move a single payment date
• Request a statement of account — to get a record of your payments and balance
• Make a complaint — if something has gone wrong and you want us to investigate
• Request a callback — if you would prefer to talk to someone

What if none of the forms fits my request?

Use the General support enquiry form and describe what you need. Our team will read it and pass it to the right person. Alternatively, you can contact us directly by phone or email — see how to contact us and what each channel can do for a full breakdown.

See also: How to download your loan documents, How to get a business loan: a step-by-step guide, How to raise a complaint with Credicorp.

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Before any funds are sent, you will sign a Business Loan Agreement electronically in the portal. This is a legally binding contract, so it is worth taking a few minutes to read each section. This guide explains what you will find and what to pay attention to.

Key sections of the agreement

• Parties — identifies your company (by name and company number) as the borrower and Credicorp as the lender. Check that your company name and number are exactly correct.
• Loan amount and purpose — states the principal (the amount being lent, before any cost of credit). Confirm this matches what you accepted in the portal.
• Total cost of credit and total amount payable — the total cost of credit is the fixed charge for borrowing; the total amount payable is the principal plus that charge. These are also shown on your Key Information Sheet (KIS) alongside the annualised cost for comparison purposes.
• Repayment schedule — a table showing each payment date and the amount due on that date. Check every date and amount against your company's expected cash-flow position before signing.
• Default and arrears — explains what happens if a payment is missed, including any additional charges (illustrative, not a quote of specific figures). Understanding this section is important if your company's income is seasonal or irregular.
• Early repayment — sets out whether and how you can repay the loan before the final scheduled payment date, and what the financial effect of doing so is. See how the Credicorp early repayment process works for a fuller explanation.

What to do if something looks wrong

If any detail in the agreement does not match what you expected — a different loan amount, wrong repayment dates, or a company number that does not match yours — do not sign. Contact our team immediately so we can investigate before the agreement is executed. Once signed, the terms are binding.

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 after you accept a Credicorp loan offer?, How the Credicorp early repayment process works.

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Your business bank account is at the centre of your Credicorp loan — it is where we send your funds and where your repayments are collected from. If your company has switched banks or opened a new account, it is important to tell us promptly so that payments are not disrupted.

Why you need to tell us quickly

Repayments are collected by direct debit from the bank account registered on your loan. If that account is closed or changed without telling us, a collection attempt may fail. A missed payment affects your company's relationship with us and may incur a charge. Equally, if you are awaiting a drawdown and your bank details have changed, we will send funds to the old account, causing a delay.

How to update your bank details

To change your registered business bank account:

1. Sign in. Sign in to your Credicorp account
2. Go to bank settings. Navigate to Account settings or Payment methods (the label depends on which section of the portal you are in)
3. Select Update bank account. Choose Update bank account
4. Enter your new details. Enter your new account number and sort code
5. Verify the account. We may ask you to confirm a small penny-test transaction or provide a bank statement showing the account is in your company's name
6. Confirm. Confirm the change

We will send a confirmation email once the update is processed. Please allow at least two working days before a scheduled payment for the change to take effect on your direct debit instruction.

What if I cannot update it in the portal?

If the option is not showing in your account, or if you have an active loan that is near a payment date, please contact us directly. We can update your bank details manually and confirm the change in writing. Do not wait until after a failed payment — contact us as soon as you know the account is changing.

Can the new account be in a different name?

No. We require your loan to be linked to a business bank account held in your company's legal name. We cannot accept personal bank accounts or accounts in a trading name that does not match your registered company name. If your company has changed its name, contact us to update your records at the same time.

Open Banking connections

If you connected your bank via Open Banking during your application, that connection is used for affordability assessment only — it is not the same as your direct debit mandate. Updating your direct debit bank details does not automatically update or disconnect your Open Banking link. If you used Open Banking and want to revoke that read-only access, you can do so directly in your bank's app or online banking under connected accounts or third-party apps.

Questions about payments?

Our Payments section covers direct debits, payment dates, and what to do if a payment fails — including what happens if your Direct Debit fails. If you have a question specific to your account, contact our team and we will help.

See also: How to download your loan documents, How to get a business loan: a step-by-step guide, How to raise a complaint with Credicorp.

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Credicorp's online application is designed to minimise the paperwork you need to gather. In most cases a handful of items is all that is required. Here is what to have ready before you start.

Documents always required

• Company number — your Companies House registration number. It is on your certificate of incorporation, any Companies House filing acknowledgement, or at find-and-update.company-information.service.gov.uk.
• Director photo ID — a valid UK or international passport or a full UK driving licence (photocard). The name must match exactly what is on your Companies House record. If the electronic AML check passes automatically, you may not be asked to upload a scan — but have one ready in case.
• Your company's bank account sort code and account number — the account that will receive the loan and from which repayments will be collected. This account must be in the company's name, not a personal account.

Business bank data — Open Banking or PDF statements

You need to share six months of your company's business bank account transaction history. You can do this in one of two ways:

• Open Banking (recommended) — connect your bank directly during the application. This takes a few minutes, requires no file uploads, and is supported by most major UK business banking providers. See how Open Banking works in your Credicorp application for details.
• PDF statements — download the last six full calendar months of statements from your online business banking and upload them as PDF files. We accept unmodified bank-generated PDFs only; screenshots or Excel exports are not accepted.

Documents you do not need

You do not need to provide management accounts, audited accounts, a business plan, tax returns, or a personal financial statement. Our decision is based on observable bank transaction data and Companies House records, not on projected or historic filed accounts. If you are in doubt about whether a specific document is needed, our team can advise before you start your 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 Open Banking is used in your Credicorp application, How Credicorp verifies your business identity and bank account, How Credicorp makes a lending decision.

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The client portal at clients.credicorp.co.uk is the primary self-service channel for managing your company's facility. Most routine tasks can be completed there without needing to contact the team directly, which is faster for your company and means actions are processed immediately during business hours.

What you can do in the portal

• View your current balance: See your outstanding principal, accrued finance charges, and available headroom (Flex) in real time.
• Download statements: Access current and historic monthly statements in PDF format.
• Submit a draw request (Flex): Request a new disbursement against available headroom.
• Request a settlement figure: Generate or request a payoff amount for early full repayment.
• Update contact details: Change the email address or phone number for facility notifications.
• Raise a query: Submit questions or disputes with a reference number for tracking.

Access and security

Portal access is granted to directors listed on the company's application. Each director has a separate login tied to their email address. Multi-factor authentication is required. If a director leaves the company, access should be revoked promptly by contacting Credicorp — the portal cannot be used to self-remove another director's access for security reasons.

What still requires direct contact

Some actions — such as changing the direct debit bank account, requesting a term-loan top-up, or reporting a potential fraud on the account — require verification that cannot be completed through the portal alone. In these cases, the portal query form is the fastest starting point as it creates a tracked case automatically.

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

See also: How is my Credicorp loan statement structured?, How do I request a top-up or further draw?.

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Before funds are released, your company receives a facility agreement to review and sign electronically. This is the binding contract setting out all commercial and legal terms. Taking a few minutes to verify the key sections prevents misunderstandings later.

Commercial terms to verify

• Facility amount: Confirm this matches what was agreed in your offer letter.
• Facility type: Term loan or Flex revolving — different repayment mechanics apply.
• Term length: The number of months your facility runs for.
• Repayment schedule or credit limit: For term loans, the fixed instalment amount; for Flex, the approved credit limit.
• Annual facility rate: Expressed as a percentage per annum; this drives the finance charge calculation.
• Early repayment clause: Whether a charge applies within the first 28 days and the mechanics of any partial overpayment.

Legal and default provisions

The agreement also covers events of default — such as a missed payment, insolvency proceedings, or a material change in the company's circumstances — and the remedies available to Credicorp in those events. Read these clauses carefully. The agreement will also identify the company account from which direct debits will be collected and specify any requirement to notify Credicorp of director changes, significant asset disposals, or changes in trading status during the facility term.

Getting your questions answered before signing

Credicorp recommends that a company director or the company's accountant reads the agreement before signing. Queries can be submitted through the portal or by email to your relationship contact. Signing constitutes acceptance of all terms by the company — there is no cooling-off period as this is a business-to-business facility.

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

See also: How does early repayment work?, How do Credicorp loan repayments work?.

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Not every company receives the same offer. The amount we are willing to lend, the repayment term, and the total cost of borrowing are all shaped by factors specific to your company. This article explains the main ones so you know what to expect before you apply.

Factors that influence the amount we can offer

• Average monthly receipts — we look at the money coming into your business bank account over recent months. A company with consistent, higher income is typically eligible for a larger facility (illustrative, not a quote).
• Existing debt obligations — if your company already has significant scheduled outgoings, that reduces how much additional repayment is sustainable each week or fortnight.
• Company age and trading history — newer companies have less observable track record. We lend to recently incorporated companies, but the offer may be more conservative until trading history builds.
• Companies House filing status — overdue accounts or confirmation statements can be a negative signal. Keeping your filings up to date before you apply is worth doing.
• Business credit profile — defaults, County Court Judgements (CCJs), or adverse entries against your company will affect what we can offer, or whether we can lend at all at this time.

Why your requested amount may be adjusted

You may request a specific amount during the application and receive an offer for a different figure. This happens when our affordability assessment indicates that the requested repayment schedule would be too large relative to your company's observable cash flow. We will always show you the adjusted offer clearly before you accept, so you are never committed without knowing the revised terms.

What you can do before applying

There is no guaranteed way to improve your offer before applying, but some practical steps tend to help: ensuring Companies House records are current, clearing any outstanding business credit issues where possible, and applying at a time when your company's bank account reflects its typical trading position. For a guide to the full application process, see what happens after you accept a Credicorp loan 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: How Credicorp makes a lending decision, What bank statements or documents do you need for a Credicorp application?.

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Accepting your Credicorp loan offer triggers a short sequence of steps before funds land in your company's account. This guide walks through what happens so you know what to expect and how quickly each stage moves.

Signing the documents

After you accept the offer in the portal, you will be presented with two documents to sign electronically:

• Business Loan Agreement — the legally binding contract setting out the loan amount, total cost, repayment schedule, and the terms and conditions that govern the facility.
• Business Purpose Declaration — a short statement confirming that the loan is being taken out for the purposes of your company's business activity, not for personal expenditure.

Both documents are signed within the portal using an electronic signature. You do not need to print, scan, or post anything. Copies are immediately available to download from your account and are also emailed to you. For guidance on reading the agreement documents, see how to understand your Credicorp Business Loan Agreement.

Funds transfer

Once both documents are signed and any final verification checks are complete, we arrange the bank transfer of the loan amount to the business bank account you provided during your application. We aim to send funds on the same business day when your application is fully complete, though the time funds appear in your account depends on your bank's processing times. We transfer via standard UK bank payment — there are no additional charges for the transfer itself.

Your repayment schedule starts

Your repayment dates are fixed at the point of signing and shown in your Business Loan Agreement and on your Key Information Sheet (KIS). Payments are collected automatically on those dates. You do not need to set up a separate standing order — the collection method is agreed as part of the application process. If a payment date falls on a bank holiday or weekend, your agreement will specify how that is handled. If you need to discuss a payment date ahead of time, contact our team early — we would rather help you plan than deal with a missed payment. See what to do if you cannot make a repayment for options available to you.

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 to understand your Credicorp Business Loan Agreement, What to do if you cannot make a repayment on your Credicorp loan.

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Approval is not the same as receiving funds. There are a small number of steps between a credit decision and money reaching your company's bank account. Understanding this process helps you plan your cash-flow timing accurately.

Step 1 — Sign the facility agreement

After approval you receive the facility agreement by email for electronic signature. Both the agreement and any supplementary documents (such as a direct debit mandate) must be countersigned by an authorised director of the company. Credicorp cannot disburse until the signed agreement is received and verified. This step is entirely in your company's hands — the faster you sign, the faster funds move.

Step 2 — Identity and bank verification

If you have not previously drawn from Credicorp, a brief verification step confirms the destination bank account is registered to your company. This is a standard fraud-prevention check and is usually completed automatically against open banking data or bank statement upload. For returning borrowers whose account details have not changed, this step is typically bypassed.

Step 3 — Disbursement

Once verification is complete, Credicorp initiates the transfer. For most companies, funds arrive within one working day of the agreement being countersigned by Credicorp. Same-day disbursement may be available for facilities below a certain threshold where verification is instant — your relationship manager can confirm whether this applies to your facility. As an illustrative example (not a quote), a company signing at 10 am on a Tuesday could reasonably expect funds by close of business Wednesday, or earlier if same-day processing applies.

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

See also: What does my facility agreement contain?, How do Credicorp loan repayments work?.

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Credicorp Flex is a revolving facility rather than a fixed-term loan. Your company is approved for a credit limit, and you draw funds when needed — you only incur a finance cost on what is actually outstanding, not on the full limit.

How daily accrual works

Finance charges on a Flex facility accrue each calendar day based on your closing balance that day. The daily rate is derived from your agreed annual facility rate. As an illustrative example (not a quote), a company with £20,000 drawn at an annual facility rate of 24% would accrue roughly £13 per day — the precise rate is fixed in your facility agreement and does not fluctuate. Accrued charges are added to your outstanding balance on a monthly cycle and form part of the amount shown on your statement.

Drawing and repaying within the limit

Subject to your credit limit remaining in place, your company can draw additional funds and repay at any time. Repayments reduce the outstanding balance, which in turn reduces the daily accrual from the following day. This means repaying early — even partially — directly lowers the ongoing cost of the facility. There is no penalty for early partial or full repayment on a Flex facility.

How Flex differs from a term loan

A standard Credicorp term loan has a fixed repayment schedule and a set end date. Flex is open-ended within the facility term: your company can recycle capacity as it repays, giving more control over working-capital timing. Flex is suited to companies with fluctuating cash-flow needs; a term loan is better suited to a one-off, defined capital requirement.

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

See also: How do Credicorp loan repayments work?, How do I request a top-up or further draw?.

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If you anticipate that your company will not be able to make a scheduled repayment, the most important thing you can do is contact us before the date — not after. Early contact gives both sides more options and reduces the risk of additional charges accumulating.

Why timing matters

Once a repayment collection attempt fails, your account enters arrears. At that point the options available to your company may be narrower, and your business credit profile may be affected sooner. Contacting us in advance — even if you are not yet certain a payment will be missed — allows our team to review your company's position and discuss what support is available.

We do not operate a rigid script for these conversations. We treat each situation on its own facts. A company experiencing a one-off short-term cash squeeze is in a very different position from one with a sustained trading difficulty, and we take that into account.

What to have ready when you contact us

• Your company name and account number (shown on your agreement and in the portal)
• A clear description of why the payment cannot be made on the scheduled date
• Your best current estimate of when the company will be in a position to resume normal payments
• Any supporting information — for example, an invoice you are waiting on, or a record of a client payment that has been delayed

Formal payment arrangements

If your company's difficulty is likely to persist for more than one repayment, our team can discuss a formal payment arrangement. This is a written variation to your repayment schedule that sets out revised dates and amounts. A payment arrangement does not remove the underlying obligation, but it provides a structured way to manage it without continued failed collections. If your company is in sustained financial difficulty, independent free advice is available from Business Debtline (0800 197 6026). For the process of repaying the loan early if your company's position improves, see how the Credicorp early repayment process works.

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 the Credicorp early repayment process works, What happens after you accept a Credicorp loan offer?.

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Missing a loan payment is stressful, but dealing with it quickly is always the right move. This guide explains what happens when a payment is missed, what you should do, and where to get free support.

What happens when a payment fails?

If a direct debit collection is not honoured by your bank on the due date, the following typically happens:

• We receive a notification from the payment processor that the collection failed
• We send you an email and (if applicable) an SMS alert on the same day
• A missed-payment charge is applied to your account as set out in your Business Loan Agreement
• Your account status is updated to reflect the arrears

We do not report to personal credit reference agencies because your loan is to your company, not to you personally. However, business credit data on your company may be updated to reflect missed payments, which can affect your company's credit profile with other lenders.

What you should do immediately

1. Check your bank balance — confirm whether the issue was insufficient funds, a bank error, or a direct debit mandate problem
2. Contact us the same day — reach our team as early as possible. The sooner we hear from you, the more options we have to help
3. Make a payment if you can — if funds are available, you can make a manual payment to bring your account up to date. Sign in to see your current balance and payment details
4. Do not wait to see if it resolves itself — it will not. Arrears compound quickly on short-term loans

What if you genuinely cannot pay right now?

If your company is experiencing genuine financial difficulty — not just a timing issue — the most important thing is still to tell us. We can discuss options including:

• A revised repayment arrangement based on your current cash flow
• A short-term payment deferral in exceptional circumstances
• A reduced payment plan while you stabilise

We take a pragmatic approach to companies in temporary difficulty. We would rather agree a workable plan with you than pursue the full outstanding balance through other means. Our Payment difficulty section covers all of these options in detail. To understand what happens to your credit file, see what arrears means and whether it affects your credit file.

Free independent advice

You do not have to deal with this alone. Free, confidential advice for businesses experiencing financial difficulty is available from:

• Business Debtline — free specialist advice for UK small businesses, 0800 197 6026 (Mon–Fri 9am–8pm)
• MoneyHelper — government-backed guidance for both individuals and businesses
• Citizens Advice — general financial and legal guidance

Using one of these services is free and does not affect your position with us. Getting expert advice is always a sensible step.

Will a payment arrangement affect future borrowing?

A formal payment arrangement on your current loan will be noted on your account. This may affect whether Credicorp can lend to your company again in the future, and it may affect business credit data held by third-party agencies. However, reaching an agreed arrangement is always better than unresolved arrears — it shows you engaged with the problem and resolved it responsibly.

Contact us

If a payment has failed or you know an upcoming payment may be at risk, please contact our team right away. Early contact always leads to better outcomes for your company.

See also: How to download your loan documents, How to get a business loan: a step-by-step guide, How to raise a complaint with Credicorp.

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