Payments

Can I pay my loan off in one lump sum?

Clearing the whole facility in one go is entirely allowed and often saves money on an interest-bearing loan. The only rule that matters is that you pay a settlement figure, not the balance shown on your statement.

Why the settlement figure, not the balance

The statement balance is a snapshot; the settlement figure is the exact amount to close the account on a specific day, including any interest to that day. Pay the balance alone and you may leave a small residual owing. See requesting a settlement figure and the difference between your balance and a settlement figure.

How to do it

Request the settlement figure, pay it in full before its validity date by transfer with the correct reference, and confirm the account is closed. See how to pay off your facility in full and how early settlement works.

Check for any charge or saving

Early settlement usually reduces the total interest you pay. Check whether any settlement charge applies first — see does early settlement save money and is there a penalty for early repayment.

Credicorp lends to companies rather than to you personally, so this is business finance outside the consumer-credit regime. That does not change the practical steps below.

See also: How to pay off your facility in full, Requesting a settlement figure, How early settlement works.

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