Many businesses open a Credicorp Flex facility partly as a safety net: somewhere to turn quickly if a cash gap appears, even if they hope not to use it. Leaving it open and undrawn is a perfectly reasonable way to use the product.
What an unused facility means
- You have an approved limit available to draw against when you choose.
- Charges generally relate to what you actually draw, so an undrawn balance behaves differently from a drawn one.
- You can draw at short notice without reapplying, which is the main benefit of keeping it open.
Keeping it ready
To make sure the facility is there when you need it, keep your account details current, keep your contact information up to date, and respond to any periodic checks we carry out. A facility that is reviewed and in good standing is one you can rely on in a pinch.
Check the specifics in your offer
Exactly how charges apply to a drawn versus undrawn balance is set out in your agreement, so check the terms shown in your offer rather than assuming. If anything is unclear, ask our support team before you rely on it. As business lending, Flex sits outside the consumer-credit regime, so FOS and FSCS cover do not apply.
See also: How quickly can I access Flex funds after a drawing?, Is Flex secured, and do directors need to give a guarantee? and Can I manage more than one facility from a single account?.