An overpayment is any amount your company pays above the scheduled payment due. Credicorp accepts overpayments on both Flex and Slice, and they are a useful way to reduce what you owe when cash flow is strong.
What an overpayment does
- It reduces your outstanding balance.
- Because interest is charged on the balance you owe, reducing the balance can reduce the total cost over the life of the facility.
- It does not change the rate shown in your offer — it changes the amount that rate applies to.
How it affects future payments
How an overpayment feeds through depends on your product. On Credicorp Slice, an overpayment can reduce later scheduled amounts or shorten the time to clear the balance. On Credicorp Flex, an overpayment reduces the drawn balance and frees up availability, and your next collection is recalculated and renotified. If you want a specific outcome — for example to shorten the term rather than lower the payment — tell us when you make the overpayment.
How to overpay
Make an overpayment by bank transfer using your statement reference, or by card through your online account where supported. Keep paying your scheduled Direct Debit as normal unless we confirm otherwise. If you are overpaying with the intention of closing the account, ask for a settlement figure instead.
For next steps, read making a one-off extra payment, whether an overpayment reduces the payment or term and requesting a settlement figure.
See also: Can I change the date my payment is taken?, Can I pay a Flex drawing from a different card or account?, Can I pay extra towards my balance?.