Credicorp Flex is a revolving credit facility — you draw what you need, repay it, and the limit restores. Managing it well means only using what you need and repaying as quickly as your cash flow allows, because interest accrues daily on the outstanding balance.
How the daily interest model works
Interest is 0.25% per day on the balance drawn. If you draw £200 and repay £100 after 7 days, you only paid 7 days' interest on the £200, and from day 8 onwards interest only accrues on the £100 remaining. The incentive is to repay as much as possible, as quickly as possible.
Step 1 — Assess how much you actually need
Flex drawdowns should be sized to the specific need, not the maximum available. Borrowing £300 when you only need £150 means paying interest on the extra £150 until you repay it. Draw the minimum that covers the business purpose.
Step 2 — Make a drawdown
- Sign in to the portal at clients.credicorp.co.uk.
- Go to your Flex summary and select Make a drawdown.
- Enter the amount (within your available limit) and confirm the business bank account for the transfer.
- Review the amount and confirm. Funds are usually transferred the same business day.
Step 3 — Repay as soon as you can
There is no early repayment charge on Flex repayments. Any repayment immediately reduces your balance and stops interest accruing on that amount. You can make a repayment at any time from the portal.
Step 4 — Track your balance and interest
The portal shows your current outstanding balance, the daily interest rate applied to it, and the total accrued interest to date. Check it regularly — especially if you have had the facility drawn for several weeks — to ensure the total cost remains within what you planned.
When not to use Flex
Flex is designed for short-term business cash-flow needs. If you are drawing regularly but not repaying — i.e. the balance is growing month-on-month — the facility is not working as intended and you should contact us to discuss your situation.
See also: What is Credicorp Flex and how does it accrue?, How to request a top-up or further draw, How to close your Credicorp Flex facility.