The cost calculator on our website lets you estimate the total cost of a Credicorp loan for any amount between £50 and £500 and any term between 14 and 84 days. This page explains how it works and how to use the output to decide whether to proceed.
How to use the calculator
- Go to the Business loans section of the Credicorp website and select See the cost or Calculator.
- Use the sliders or input fields to set the loan amount and loan term.
- The calculator instantly shows the total cost of credit, the total repayment amount, the establishment fee, and the indicative repayment schedule.
Understanding the output
- Daily interest: 0.25% per day on the balance. This is fixed and does not change regardless of your company's credit profile.
- Establishment fee: £5 one-time, deducted from the loan amount or added to the repayable amount depending on the loan structure.
- Total cost of credit: the total interest plus fee.
- Total repayable: the amount you borrowed plus the total cost of credit. This is capped at 100% of the amount borrowed — you will never repay more than double.
- Representative APR: shown for comparison purposes. Because our loans are very short-term, the APR appears high even for small total costs — focus on the pound amount rather than the APR when assessing affordability.
Checking affordability for your company
Divide the total repayable by the number of scheduled payments to see the payment size. Then check your company's bank statements from the last three months and assess whether your average balance and regular inflows can comfortably cover each payment. A good rule of thumb: each payment should represent no more than 20% of your company's average weekly receipts.
What the calculator does not show
The calculator shows a cost estimate, not a guaranteed offer. The actual loan offer you receive — if approved — will reflect a credit assessment of your company. The final figures in your Key Information Sheet are the ones that matter.
See also: What a business loan costs and why, How much can my business borrow?, What to do if you miss a payment on your Credicorp loan.