Repayments on Credicorp loans are collected by Direct Debit on your agreed schedule. This guide explains how to set one up, make changes, and what happens if a payment cannot be collected.
Do I need to set up a Direct Debit?
In most cases your Direct Debit mandate is set up automatically as part of the application process, using the business bank account details you provided. You will receive a Direct Debit confirmation notice from your bank before the first collection is taken.
If your mandate was not set up at application — or you need to change it — you can request this at any time using the form below.
How to request a Direct Debit set-up or change
- Open the form. Open the Direct Debit request form and sign in when prompted
- Choose your action. Select what you want to do: set up a new mandate, change the amount, change the date, or cancel
- Enter the details. Enter the payment amount and your preferred collection date if relevant
- Submit. Submit the form — our payments team will action it and send you confirmation
Changes to an existing mandate usually take effect before the next scheduled collection date, provided you submit the request at least three working days in advance.
Changing your business bank account
If your company has changed its bank account, you will need to set up a new Direct Debit mandate on the new account and cancel the old one. Use the Update your contact details form to notify us of the new account, then use the Direct Debit form to set up the replacement mandate. Do not cancel the old mandate before the new one is confirmed, or you risk a missed payment.
What happens if a Direct Debit collection fails?
If your bank returns a collection unpaid — for example because of insufficient funds or a cancelled mandate — the following happens:
- We are notified by the payment processor on the day of the failed collection
- We email and (where applicable) text you the same day
- A missed-payment charge may be applied as set out in your Business Loan Agreement
If a payment is at risk, contact us before the collection date. Acting early means more options are available to you. See What to do if you miss a payment for the full process.
Can I pay manually instead?
Yes. You can make a manual bank transfer at any time — for example to catch up on a missed payment or to make a one-off extra payment. Sign in to your account to see the correct payment reference and account details to use. Always quote your loan reference in the payment reference so the funds are matched to your account correctly.
Questions about your Direct Debit
If you are unsure about your Direct Debit status, have received a notification from your bank, or have any other question about how payments are collected, contact our payments team. If a payment has already failed, see what happens if your Direct Debit fails for the next steps.
See also: How to download your loan documents, How to get a business loan: a step-by-step guide, How to raise a complaint with Credicorp.