You can repay your Credicorp loan in full at any time before the end of your agreed term. Early repayment means you pay less in total, because interest only accrues on the days the loan is outstanding. This guide tells you exactly how to do it.
Can I repay my loan early?
Yes. There is no restriction on repaying early, and we will never penalise you for doing so. If an early repayment charge (ERC) applies, it is a fixed fee set out in your Business Loan Agreement — it does not increase the longer you hold the loan. An ERC is only triggered if you repay before a certain point in the loan term; the details are in your agreement and your Key Information Sheet.
How to get your early settlement figure
Your settlement figure is the total you need to pay to clear the loan on a specific date. It includes:
- The outstanding principal (the amount you borrowed that has not yet been repaid)
- Any interest that has accrued up to the settlement date
- Any applicable early repayment charge
- Any unpaid fees or missed-payment charges already applied to your account
To get your settlement figure, sign in to your account and navigate to your loan. The portal shows a live settlement figure and lets you choose a settlement date. Alternatively, contact our team and we will provide one in writing.
Settlement figures are date-specific: if you request a figure for today and pay tomorrow, the figure will be slightly higher because one more day of interest has accrued.
How to make an early repayment
Once you have your settlement figure and a settlement date:
- Sign in. Log in to your account at clients.credicorp.co.uk
- Select Repay early. Go to your active loan and select Repay early
- Confirm the date and figure. Confirm the settlement date and the figure shown
- Make the payment. Transfer the amount from your business bank account to the details displayed
Please pay the exact settlement figure shown. If you pay a different amount, the difference will either leave a small balance outstanding or create a small overpayment that we will refund.
What happens to my regular payments?
Once your settlement payment has cleared and your loan is marked as repaid, any future scheduled direct debit collections will not be taken. If a scheduled payment date falls within the period it takes for your bank transfer to clear, contact us in advance so we can avoid a double collection.
When will my account close?
Your loan account closes automatically once the settlement payment has been received and processed. You will receive an email confirmation. Any overpayment is refunded to your business bank account within a few working days.
Can I get confirmation for my records?
Yes. Once your loan is fully repaid, a settlement confirmation is available to download from your account. This is a useful document to keep if you ever need to demonstrate that the loan is cleared — for example, when applying for finance from another lender.
Questions?
If you are unsure about your settlement figure or have a question about early repayment, contact us before you make a payment. We can confirm the exact amount and make sure your loan closes cleanly on the date you choose.
See also: Can I pay my loan off early?, Early repayment: how to do it and what you save, Can I repay Credicorp Slice early?.