A settlement figure is the precise amount your company needs to pay to clear its Credicorp loan in full on a particular date. Because interest accrues over time, the figure is tied to a date, which is why we provide it rather than asking you to estimate from your balance.
Why you need an exact figure
Your dashboard balance is accurate to the moment, but settling involves clearing all outstanding capital plus interest accrued up to the settlement date. Paying a rough figure risks leaving a small balance or accidental overpayment, so always work from a quoted settlement figure.
How to ask
Contact our support team through your account and ask for a settlement figure, telling us the date you intend to pay. We will calculate it under the terms of your agreement and confirm it to you.
- State the date you plan to settle
- We calculate capital plus interest to that date
- We confirm the figure and how to pay it
How long it is valid
A settlement figure is valid only for the date it is calculated to. If you pay on a different day, the amount changes, so ask for an updated figure if your plans move. Once paid and cleared, the loan is treated as repaid.
Credicorp is an exempt business lender; the Financial Ombudsman Service and FSCS do not apply.
See also: Can I pay my loan off early?, How do I get a settlement figure?, How do I request a settlement figure?.