Credicorp Flex

Yes — you can pay off any Credicorp Flex drawing early. There is no fee, no notice period, and no minimum interest charge. Paying early simply stops the interest meter the same day.

How to do it

1. Sign in to the customer portal.
2. Open the Flex panel and find the drawing you want to settle.
3. Click "Settle in full now". The portal shows the exact £ figure (drawn balance + any interest accrued to today).
4. Pay by debit card, Faster Payments, or schedule the settlement to your next Direct Debit collection.

What happens to your facility

Once a drawing is fully settled, that part of your credit limit is freed and available to draw again. The facility itself stays open with no fee or maintenance charge. An unused Flex line with a clean repayment history is exactly the kind of customer we periodically offer a limit increase to — see setting and raising your Flex limit.

Partial early repayment

You can also pay any amount above the minimum without settling the whole drawing. The extra amount goes against the principal, which reduces the interest in the next cycle. There's no fee for partial overpayment either.

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Drawing down from your Credicorp Flex facility is designed to be a 30-second action. Here is what happens:

1. Sign in to the customer portal.
2. Open the Flex panel — it shows your agreed limit, current drawn balance, and remaining headroom.
3. Type the amount you want to draw (any £ value up to your remaining headroom). The drawing tool shows the projected interest cost over a few illustrative repayment timescales so you can see what the drawing will cost.
4. Confirm. We run a quick eligibility check (limit still in date, no holds on the account) and issue the drawing.
5. Funds arrive in your nominated business bank account by Faster Payments, typically within 90 seconds — occasionally up to two hours during a bank's processing window.

You get a confirmation email plus a portal entry showing the drawing date, amount and projected minimum payment date. Interest starts accruing the day after the drawing lands.

The full mechanics — minimum repayments, the per-drawing cap, early repayment — are covered in our Credicorp Flex drawdowns & repayments guide. If you need help with a specific drawing, get in touch.

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Credicorp Flex is our revolving credit facility for UK limited companies. It works like a business overdraft, but with explicit terms and a per-drawing cost cap. Here is the short version:

• You agree a credit limit with us (typically £50-£500 to start, rising to £1,000 as you build a repayment history with us).
• You draw any amount up to your remaining limit, any time, from the portal.
• Interest accrues daily on the drawn balance only — the unused portion of your limit costs you nothing.
• You pay back at the agreed minimum each month, plus any extra you choose.
• Once a drawing is fully repaid, that part of the limit is free to draw again.
• The total cost of any single drawing is capped at 100% of the drawn amount.

It is designed for companies whose cashflow is unpredictable — seasonal, project-driven, or with periodic supplier-deposit cycles. For a full walkthrough of how a drawing works day by day, see our Inside Credicorp Flex guide. To talk through whether a one-time loan or Flex fits better for your shape, the business loans calculator compares both.

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Credicorp Flex is a revolving facility, so interest works a little differently from a one-time loan. The key idea is simple and worth knowing before you draw: you pay for what you use, not for the limit you hold. Here is how the charging works.

You are charged on the drawn balance only

Interest accrues only on the amount you have actually drawn down, and it accrues daily on that outstanding balance. The unused portion of your agreed limit costs you nothing — having a larger limit available does not cost more until you use it. As you pay a drawing down, the balance interest is calculated on falls, so the daily interest falls with it.

A one-off fee on first drawing

There is a single, one-off establishment fee on your first drawing from the facility, shown to you before you confirm. It is a one-time charge for opening the facility, not a recurring or monthly fee. After that, the cost is the daily interest on whatever you have drawn.

The 100% cap applies per drawing

The total cost of any single drawing is capped at 100% of that drawing — you will never pay more than double what you drew on any one drawing. The cap is applied per drawing, so it protects each amount you take in turn.

The facility stays open as you repay

Because Flex revolves, repaying a drawing frees that part of your limit to use again, and the facility itself stays open with no maintenance charge for simply holding it — see can I pay off a Flex drawing early and whether clearing a drawing closes the facility. Paying a drawing off early stops its interest the same day, since interest is charged only for the days the balance is actually held.

Seeing the exact figures

This article describes how interest is charged, not the rate — your actual daily rate, any fee and your limit are shown in your customer portal and on your agreement before you commit, so you always see the real numbers for your facility first. To understand how the limit is set and increased, see how your Flex limit is set and raised, and for the minimum you pay each cycle, how the Flex minimum payment is calculated. To compare a reusable line against a one-time loan for your cash flow, the business loans page shows both.

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Your Credicorp Flex limit is set during the application process, from the same affordability assessment that decides a one-time loan. The opening limit is typically the lower of (a) our policy maximum for the tier or (b) roughly 30% of the company's average monthly trading inflow.

What triggers a review

• Repayment history. Six months of clean Flex usage (drawings repaid on or before their minimum-payment dates) automatically flags your account for a review.
• Trading-inflow growth. If your open-banking-linked bank statements show sustained trading growth (greater than 15% over 6 months), the affordability model recalculates a potential new limit.
• Customer request. You can request a review any time from the portal — "Request a limit review" in the Flex panel. No fee, no commitment.

How a request is reviewed

We look at three things: your repayment history on the existing limit, your current open-banking-linked bank-statement inflow (with your consent), and your overall affordability ratio (Flex + any one-time Credicorp loans + reported business borrowing elsewhere). The new limit must still sit within ~30% of average monthly trading inflow.

Most reviews complete within 2-3 working days. If you carry a vulnerability flag, the request is routed to a manual reviewer who reads the full picture.

Setting your own ceiling

From the portal you can set a PERSONAL limit lower than your agreed facility — useful if you want a self-imposed ceiling. The personal cap is a binding limit on drawings; you can adjust it any time.

For the full responsible-lending angle: setting and raising your Flex limit responsibly. To talk through your specific situation, contact us.

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Your minimum monthly repayment on Credicorp Flex is calculated using a simple formula: it is the GREATER of (a) 10% of your drawn balance at the cycle date, or (b) £20.

Worked examples

• Drawn balance £1,000 → minimum payment = max(£100, £20) = £100.
• Drawn balance £150 → minimum payment = max(£15, £20) = £20.
• Drawn balance £50 → minimum payment = max(£5, £20) = £20 (the £20 floor).

How the minimum payment is applied

Each cycle's minimum payment is split: interest accrued during the cycle is paid first; whatever remains of the minimum is applied against the principal. So if a £1,000 drawn balance accrues £75 of interest over the cycle, the £100 minimum becomes £75 interest + £25 principal, bringing the next cycle's balance to £975. Next cycle's minimum becomes £97.50 (10% of £975), and so on — the minimum scales down as the balance does.

Paying more than the minimum

You can pay more than the minimum any time at no penalty. Larger payments reduce the principal faster, which means less interest in subsequent cycles. To pay the full balance and close the drawing, use "Settle in full" in the portal — the meter stops the same day.

For the full mechanics and worked drawings, see our Inside Credicorp Flex guide. To check your specific cycle, see your statement in the portal or ask us.

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A common worry with a revolving facility is that paying off what you have drawn might "use it up" or shut it down. With Credicorp Flex it does the opposite: clearing a drawing refreshes the credit available to you, and the facility stays open. Here is what actually happens.

Clearing a drawing frees the limit

When you fully repay a drawing, that portion of your agreed limit becomes available to draw again. That is the whole point of a revolving line — you can draw, repay, and redraw against the same limit as your cash flow rises and falls, without reapplying each time. Repaying is what keeps the line useful, not what ends it.

The facility stays open

The facility itself remains open after a drawing is cleared, with no fee or maintenance charge for simply holding it. An unused Flex line costs you nothing while it sits there: interest is only ever charged on a balance you have actually drawn — see how interest is charged on a Flex facility. So there is no cost penalty for paying a drawing off and leaving the line ready for next time.

A clean line can be increased

Keeping a facility open and well-run works in your favour. A Flex line with a clean repayment history is exactly the kind of account we periodically review for a limit increase — see how your Flex limit is set and raised. Clearing drawings promptly is part of building that record.

If you do want to close it

The facility only closes when you ask us to close it. If you would like to, you can request closure once any drawn balance is settled — start from your customer portal or the Forms & Requests page, and we will confirm in writing. Closing a Flex facility is not the same as closing your whole Credicorp account; for that, see how to close your Credicorp account.

Paying a drawing off early

You can settle a drawing in full at any time, with no fee and no minimum interest charge, which stops that drawing's interest the same day — see can I pay off a Flex drawing early. Once it is settled, the limit it used is free again, and the facility carries on.

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