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.