Your business bank account is at the centre of your Credicorp loan — it is where we send your funds and where your repayments are collected from. If your company has switched banks or opened a new account, it is important to tell us promptly so that payments are not disrupted.
Why you need to tell us quickly
Repayments are collected by direct debit from the bank account registered on your loan. If that account is closed or changed without telling us, a collection attempt may fail. A missed payment affects your company's relationship with us and may incur a charge. Equally, if you are awaiting a drawdown and your bank details have changed, we will send funds to the old account, causing a delay.
How to update your bank details
To change your registered business bank account:
- Sign in. Sign in to your Credicorp account
- Go to bank settings. Navigate to Account settings or Payment methods (the label depends on which section of the portal you are in)
- Select Update bank account. Choose Update bank account
- Enter your new details. Enter your new account number and sort code
- Verify the account. We may ask you to confirm a small penny-test transaction or provide a bank statement showing the account is in your company's name
- Confirm. Confirm the change
We will send a confirmation email once the update is processed. Please allow at least two working days before a scheduled payment for the change to take effect on your direct debit instruction.
What if I cannot update it in the portal?
If the option is not showing in your account, or if you have an active loan that is near a payment date, please contact us directly. We can update your bank details manually and confirm the change in writing. Do not wait until after a failed payment — contact us as soon as you know the account is changing.
Can the new account be in a different name?
No. We require your loan to be linked to a business bank account held in your company's legal name. We cannot accept personal bank accounts or accounts in a trading name that does not match your registered company name. If your company has changed its name, contact us to update your records at the same time.
Open Banking connections
If you connected your bank via Open Banking during your application, that connection is used for affordability assessment only — it is not the same as your direct debit mandate. Updating your direct debit bank details does not automatically update or disconnect your Open Banking link. If you used Open Banking and want to revoke that read-only access, you can do so directly in your bank's app or online banking under connected accounts or third-party apps.
Questions about payments?
Our Payments section covers direct debits, payment dates, and what to do if a payment fails — including what happens if your Direct Debit fails. If you have a question specific to your account, contact our team and we will help.
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.