The term on your Credicorp loan is set in your agreement, but business needs move, and in some circumstances the term can be changed. Shortening and extending pull in opposite directions, so it helps to be clear on what each would mean for your company.
Shortening your term
A shorter term means clearing the balance sooner, usually with higher individual repayments. Because interest is charged on the outstanding capital over time, repaying over a shorter period can mean less interest overall, as set out in your agreement. If you simply want to clear it faster, you may not need a formal change at all.
Extending your term
Extending spreads the balance over a longer period, which can lower each repayment. The trade-off is that interest may accrue over a longer time, so the total cost can be higher. It can still be the right call if it keeps repayments comfortable.
- Shorter term: higher payments, potentially less interest overall
- Longer term: lower payments, potentially more interest overall
How to request it
Ask our team. Any change is at our discretion, may be subject to a fresh affordability view, and is confirmed in a revised agreement before it takes effect.
Credicorp lends only to UK limited companies and LLPs for business purposes.
See also: What is a loan term and how is mine set?, Will a top-up change my repayments or term?, What counts as a change to my loan terms?.