If you transfer more than the amount due in any given period, the excess is applied to your outstanding principal balance immediately. The effect on your facility depends on the product type.
Business Loan overpayments
On a fixed-term Business Loan, an overpayment reduces your remaining capital. By default, this shortens the remaining term while keeping your scheduled instalment amounts the same — you pay off the loan earlier and pay less total cost as a result. If you would prefer to keep the original term and have lower future instalments instead, contact us and we can recalculate your schedule. Some facilities include an early-repayment charge for overpayments above a threshold within a defined period; check your agreement or contact us to confirm whether this applies to you.
Credicorp Flex overpayments
For Credicorp Flex, any amount you repay above the minimum restores your available headroom immediately. If you overpay to the point of clearing the entire drawn balance, the facility remains open and you can redraw at any time up to your limit. There is no penalty for overpaying a Flex facility.
Credicorp Slice overpayments
Slice instalments are fixed at one quarter (or one third) of the billed amount plus the flat 6% fee per instalment. Sending extra funds ahead of a scheduled instalment will be held and applied when that instalment falls due. Contact us if you want to settle the full remaining balance early.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: Can I split a repayment across two separate transactions?, Can I reschedule a single repayment?, How do I get a payment receipt or confirmation?