Learn: using your loan

If your company's cash flow improves, paying your loan off early is almost always a sensible move — and we make it simple. You can settle at any point during your term, and you will usually pay less than the original total because settling early stops further interest from accruing. An early-settlement charge of up to 28 days' interest may apply, though we waive it in many cases, and the exact amount — if any — is shown in your settlement figure before you confirm. Here is how to do it and what you can expect to save.

Step one: ask for a settlement figure

You should never just guess the amount or pay your remaining instalments in one lump and hope it clears the balance. Instead, ask us for a settlement figure. This is the precise amount needed to close the loan completely as at a given date, taking into account what you have already paid and the interest rebate you are due. Because the figure depends on the exact date you pay, it is quoted with a short validity window. Our step-by-step guide to how to get a settlement figure shows you how to request one and how to read it.

What you save: the interest rebate

We charge simple interest over your term. When you repay early, you are no longer borrowing for the full original period, so you should not pay the full original interest. The settlement figure therefore includes an interest rebate — a reduction reflecting the time you are no longer borrowing for. In plain terms: pay the loan off halfway through and you avoid a meaningful chunk of the interest that would have accrued over the second half. The earlier you settle, the more of the remaining interest you save.

Settling early does carry an early-settlement charge of up to 28 days' interest — but we waive it automatically in many cases, including if your company is in financial difficulty, if settling early would not leave you better off, or in recognition of a consistent record of good standing. The exact charge, if any, is shown in your settlement figure before you confirm, so there are no surprises, and what you save on the remaining interest is still yours to keep. If you want the detail of how this works, read how the early-settlement charge works.

Step two: pay the settlement amount

Once you have your settlement figure and it is still within its validity window, pay the exact amount by the method we set out. Tips to keep it clean:

• Pay the precise figure quoted — not your usual instalment, and not a rounded number.
• Pay on or before the date the figure is valid to, so the rebate still applies as quoted.
• If the date slips, ask for a fresh figure rather than paying an out-of-date one.

After we receive and reconcile the payment, the loan is closed, any future Direct Debit collections stop, and you will be able to see the account marked as settled.

Partial early payments

You do not have to clear the whole balance to benefit. Paying down more than your scheduled instalment reduces the principal, which reduces the interest that accrues from then on. If you want to make a one-off overpayment rather than full settlement, tell us so we can apply it correctly and, if you wish, recalculate your remaining schedule.

Why it is worth doing

Short-term borrowing is relatively expensive by design — it is built for speed and short use, not to be carried for longer than you need. The single best way to reduce its cost is to repay it as soon as the company comfortably can. Because settling early stops further interest, it usually saves money even after any early-settlement charge. If you are ready, request your settlement figure today and pay it within its window — and if your reason for repaying early is that you are worried about affording the schedule, contact us first, because there may be better options than scrambling to clear it, and in genuine hardship the early-settlement charge does not apply.

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Drawdown is the moment the money you have borrowed leaves us and lands in your company's bank account. It is the practical end of the application process: once your Business Loan Agreement is signed and final checks are clear, there is nothing more for you to do but watch for the payment to arrive. Here is what happens, how quickly, and what can hold things up.

When drawdown happens

We release funds after two things are true: you have signed the Business Loan Agreement, and our final verification has passed. We typically approve within an hour and fund the same business day. If you sign and clear checks in the morning of a working day, the money is usually with you that afternoon; sign late in the evening or over a weekend and it will normally reach you the next business day.

The exact timing of the credit appearing in your account depends partly on your own bank and the payment rails it uses. Most UK business accounts receive funds sent by Faster Payments within minutes to a couple of hours, but some banks batch incoming payments. We do our part promptly; the last leg is between the payment network and your bank.

Where the money goes

Funds are paid to the company's nominated business bank account — the same account we verified during your application. We do not pay loan proceeds to a personal account, to a director, or to a third party. This protects you: it keeps the borrowing clearly with the company, where the business purpose sits, and it reduces the room for fraud. We lend to the company, not to its director personally, and there is no personal guarantee, so the company's account is the right destination.

If the account we hold on file is wrong or out of date, drawdown cannot complete until it is corrected and re-verified, so check it before you sign. For a one-time Business Loan Agreement there is a single drawdown of the full sum — you receive the whole amount at once, not in instalments.

What can delay it

A handful of things commonly slow drawdown down:

• An unsigned or partially signed agreement — every required signature must be in place.
• Bank details that do not match the verified company account, or a recently changed account we have not re-checked.
• A final identity or anti-fraud check that needs a quick confirmation from you.
• Sending late in the day, at a weekend or on a bank holiday, when payment networks and banks process less quickly.

If we need anything from you at this stage we will contact you using the details on your account. Remember that we will never ask you to move money to a "safe account" or send funds anywhere to "release" your loan — genuine drawdown only ever pays money to you, never asks you to pay first.

After the money lands

Your repayment schedule starts from the dates set out in your agreement and on your Key Information Sheet (KIS). Repayments are weekly or fortnightly, collected from the company account by Direct Debit. Keep enough cleared funds in the account on each collection date.

You can see your balance, your schedule and your documents at any time by signing in to your customer portal. If you want to understand exactly what changes once the agreement is live — your obligations, your cooling-off options and how servicing works — read after you sign the Business Loan Agreement. Both are good first stops in the days right after drawdown.

In short: drawdown is fast, it is a single payment to your company's verified account, and the clock on your schedule starts from there. If anything looks wrong with the amount or the timing, contact us straight away rather than waiting.

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One of the most common questions we get from active borrowers is simply: how is the interest worked out? The good news is that it is straightforward. We charge simple interest on what you borrow, not compound interest, and every figure that applies to your own loan is set out in advance on your Key Information Sheet (KIS) and in your Business Loan Agreement. Here is the method, worked through with an example so you can follow the logic.

Simple interest, not compound

Compound interest charges you interest on interest — the balance grows on itself over time. We do not do that. With simple interest, the charge is based on the original amount you borrowed (the principal) over the agreed term. Because our loans are short — between 14 and 84 days — and because the figures are fixed up front, you know the total amount payable and the total cost of credit before you ever sign. There are no surprises layered on later.

A worked example (illustrative only)

To show the shape of the maths, suppose a company borrows £200 over a short term and the simple interest charge for that term came to, say, £20. The total amount payable would be the principal plus the interest: £200 + £20 = £220. If repayments were fortnightly across the term, you would divide that £220 across the agreed number of instalments. That is the whole method: principal, plus a fixed interest charge, repaid on a schedule.

This is an illustration, not a quote — your figures are on your KIS. The £200 and the £20 above are made-up round numbers chosen only to make the arithmetic clear. They are not Credicorp's price and they are not an offer. The amount you borrow, your term, your interest charge and your exact instalments are personal to your loan and appear on your own Key Information Sheet.

Why we don't lead with an APR

You will not see us headline a consumer-style APR figure. APR is an annualised percentage designed mainly for long-running consumer credit; stretching it across a loan that may last only a few weeks can distort the picture and make a short, transparent cost look stranger than it is. Instead we show you the things that actually tell you what the loan costs: the amount borrowed, the term, the total amount payable, the total cost of credit, a simple annualised rate for comparison, and the full repayment schedule. We explain the reasoning more fully in daily interest vs APR.

Reading it on your own documents

The single most reliable way to know your interest is to read your KIS. It lays out, in plain English, every number that applies to you — so you are never guessing from a general example like the one above. If you are not sure which line is which, our guide to how to read a Key Information Sheet takes you through it field by field.

A few practical points worth knowing:

• The interest is calculated on the amount you actually draw down, over your actual term.
• Because it is simple interest, repaying early generally reduces what you pay — there is no compounding to unwind. An early-settlement charge of up to 28 days' interest may apply, often waived, and is shown in your settlement figure before you confirm.
• Your instalments are fixed and shown on the schedule, so you can plan cash flow precisely.

If your real figures ever look different from what you expected, do not work from a generic example — open your KIS, or sign in to your portal, and check the actual numbers. And if anything still does not add up, contact us and we will talk it through.

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If you have borrowed from us before, you will know our live product as a one-time loan: a fixed sum, drawn down once, repaid on a set schedule. We are also introducing a second kind of product — a running-credit facility — that works differently. Here is the difference between the two, so you know what each is for. One important note first: the running-credit facility is being introduced and is not necessarily available to everyone yet, so for what is actually on offer to you right now, see our business loans page.

The one-time loan

Our established product is a short-term Business Bridging Loan under a Business Loan Agreement. The shape of it is simple: you agree a fixed amount, you receive that whole amount in a single drawdown to the company's bank account, and you repay it over an agreed term — between 14 and 84 days — in weekly or fortnightly instalments. When you have repaid it, the agreement is complete. If you want to borrow again, that is a fresh decision and a new agreement.

This structure suits a specific, one-off need: a known gap to bridge, a single bill to cover, a particular opportunity with a clear cost. You know exactly what you are borrowing, exactly what it will cost, and exactly when it ends — all set out on your Key Information Sheet (KIS) before you sign.

The running-credit facility

A running-credit facility — governed by a Revolving Credit Facility Agreement rather than a Business Loan Agreement — works more like a flexible limit than a single lump. The defining feature is that you can draw, repay and redraw:

• You are approved up to an agreed credit limit.
• You draw what you need, when you need it, rather than taking the whole amount at once.
• As you repay, that headroom becomes available to draw again, up to the limit.

That makes it suited to recurring or unpredictable short-term needs — where the amount and timing vary — rather than a single fixed requirement. Instead of taking out a new loan each time, you draw against the facility as the need arises.

The key differences at a glance

Put simply:

• Drawdown: one-time loan = a single drawdown of a fixed sum; facility = multiple draws up to a limit.
• Repayment: loan = a fixed schedule to a defined end date; facility = you repay and can redraw the available headroom.
• The contract: a Business Loan Agreement for the one-time loan; a Revolving Credit Facility Agreement for the facility.
• Best for: loan = a known one-off need; facility = recurring or variable short-term needs.

Because these are genuinely different contracts with different mechanics, it is worth understanding which one you are entering. Our guide to loan agreement vs facility agreement compares the two documents directly and is the right place to go before signing either.

Which is right for you

Neither product is better in the abstract — they answer different questions. If your company has a single, defined need with a clear end, a one-time loan gives you certainty: fixed amount, fixed cost, fixed end date. If your company has a pattern of short, recurring needs and wants flexibility rather than repeated applications, a running-credit facility may fit better, once it is available to you.

Whichever you consider, the same discipline applies: read the KIS, understand the total cost, and only borrow what the company can afford to repay. And because the running-credit facility is still being rolled out, always check /business-loans/ for the products, amounts, terms and costs currently offered to your company before you make a decision.

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Your customer portal is the home for everything to do with your loan: your balance, your repayment schedule, your documents and your account details, all in one secure place. Here is how to sign in, how to add our app to your phone so you can reach it in a tap, and what you can actually do once you are in.

Signing in

To get started, go to the customer portal and sign in with the credentials linked to your account — the email address we hold for you and your password. If it is your first visit, follow the prompts to set your password and confirm your identity. If you have forgotten your password, use the reset link on the sign-in screen; we will send a secure reset to your registered email rather than ever asking you for your password directly.

A quick security note: we will never phone, text or email you asking you to read out your password or a one-time code. If anyone does, it is not us. Always reach the portal by typing the address yourself or using your saved app, not by following a link in an unexpected message.

Add the app to your phone

For day-to-day access, the easiest route on a mobile is our progressive web app. It works straight from your phone's browser — there is nothing to download from an app store. Open the app page on your phone, then use your browser's "Add to Home Screen" option (in the share menu on iPhone, or the browser menu on Android). That places a Credicorp icon on your home screen that opens straight into your account, so you can check a balance or a payment date in seconds without hunting for the web address.

Because it is a web app, it always loads the latest version, it does not take up much space, and it keeps you signed in securely on your own device. You can of course still use the full portal from a desktop or laptop whenever you prefer a bigger screen.

What you can do once you are in

The portal and app give you self-service control over the things you are most likely to need:

• See your current balance and exactly what is left to pay.
• View your full repayment schedule and upcoming collection dates.
• Download your loan documents and statements.
• Check the bank details and contact information we hold for you.
• Find the right place to ask for a settlement figure or to get in touch.

Having this to hand means you are never in the dark about where your loan stands, and you do not have to call us for routine information.

If you cannot get in

If sign-in is not working, first check you are using the email address registered to the account and that your password reset has come through (look in spam too). If you have changed email or lost access to your registered address, contact us so we can verify you and update your details securely — we will not simply switch a contact address on request without checking it is really you.

The portal is designed to save you time and give you confidence that the numbers you are looking at are the real, current ones. Sign in once, add the app to your home screen, and you will have your loan at your fingertips for the rest of its term.

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Whether you need a statement for your accountant, your bookkeeping, a finance application or your own records, getting one is quick. The fastest route is self-service through your customer portal; if you would rather we send one, or you need a particular format, you can request it through our forms. Both routes are below.

Download it yourself in the portal

The simplest way to get a statement is to download it directly. Sign in to your customer portal, go to the statements or documents area, choose the period you need, and download. The file is generated on demand and reflects your account as it stands, so the figures are current. You can download as many times as you like, at any time of day, without waiting for us to send anything.

Self-service has real advantages: there is no delay, you control exactly which dates the statement covers, and you can re-download a fresh copy whenever your records need updating. For most needs — handing figures to your accountant, reconciling your books, keeping a tidy paper trail — this is all you will need.

What a statement shows

Your statement sets out the activity on your loan account so the position is clear at a glance. Typically that includes:

• The original amount advanced and the agreed term.
• Each repayment received, with its date.
• Interest applied in line with your agreement.
• The current outstanding balance.

Because we charge simple interest with the figures fixed up front, the statement should line up neatly with the repayment schedule on your Key Information Sheet (KIS) and your Business Loan Agreement. If something does not match what you expected, the statement is the document to check it against — and then to raise with us if it still looks off.

Request a statement another way

If you cannot get into the portal, need a statement covering an unusual period, or require it in a specific format, you can ask us to produce one. Use our forms to make the request — tell us the account, the period you need and where to send it. We will verify the request is genuinely from you before we send anything containing your financial information, which protects your company's data.

This route is also the right one if you need an accessible format, such as large print, or if a third party such as your accountant needs to receive a copy directly with your authority. Just be specific about what you need so we can get it right first time.

Keeping statements safe

Statements contain information about your company's borrowing, so treat them like any other financial record: store them securely, and be careful who you share them with. We will only ever send your statement to you through verified, secure means — we will not email sensitive documents to an address we have not confirmed belongs to you, and we will never ask you to "confirm" your full security details to release a statement. If you receive a statement you did not request, or a message pressuring you to act on one, contact us to check it is genuine.

In short: for speed, download it yourself in the portal; for anything out of the ordinary, ask through our forms and we will sort it out securely.

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A rollover is what happens when, instead of repaying a loan at the end of its term, the borrowing is extended into a new period. It can sound like breathing room, and occasionally it is — but it also adds cost, and leaning on it repeatedly is a warning sign rather than a solution. We allow rollovers only within a cap, and we would much rather help you find a sustainable path than let a short-term loan quietly become a long-term burden. Here is what a rollover is, why we limit it, and what to do instead if you are struggling.

What a rollover actually is

Our loans are short by design — 14 to 84 days. A rollover means the loan is not cleared on schedule and is instead carried forward into a further term. The principal keeps working, and because borrowing continues, more interest accrues over the extended period. In other words, rolling over does not make the debt cheaper or smaller; it keeps you borrowing for longer and therefore paying more in total. That can be a reasonable, deliberate choice in a one-off cash-flow pinch — but only with eyes open to the extra cost.

Why we cap rollovers

We deliberately limit how many times a loan can be rolled over. We do this because a short-term product that rolls again and again stops being short-term: the costs stack up, and the borrower can end up paying far more than the original advance while never actually reducing what they owe. Capping rollovers is a guard rail. It protects your company from drifting into a cycle of extensions, and it forces a more honest conversation at the point where rolling over again would do more harm than good. We are not trying to trap you in repeat borrowing — quite the opposite.

If you are struggling, use hardship instead

This is the part that matters most. If you are thinking about a rollover because the company genuinely cannot make the repayment, a rollover is usually the wrong answer. Extending the loan adds cost on top of a problem you are already finding hard — it can make next month worse. The right route is to tell us early and use our support process.

We have a proper framework for this. Read our hardship and forbearance process to see how we can help — which may include adjusting your arrangements in a way that actually eases the pressure rather than compounding it. And if a payment is coming up that you know you cannot meet, do not wait for it to fail: what to do if you can't make a payment walks you through the immediate steps. Contacting us early almost always leads to better options than a rollover does.

Free, independent help

You do not have to work it out alone, and you do not have to rely only on us. Free, independent debt advice for businesses is available from:

• Business Debtline — businessdebtline.org, 0800 197 6026.
• The FSB — fsb.org.uk.
• HMRC Time to Pay for tax arrears — gov.uk.
• A licensed insolvency practitioner — r3.org.uk.

To sum up: a rollover extends a loan and adds cost, we cap how often it can be used on purpose, and it is not a substitute for dealing with real difficulty. If you can comfortably repay, repay — ideally early. If you cannot, talk to us about hardship support rather than rolling over. That is the route that actually helps.

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When you take out a loan with us, you have a 14-day window in which you can change your mind and withdraw from the agreement. We want to be clear about what this is from the outset: it is a voluntary policy we choose to offer, not a statutory consumer cooling-off right. Lending to a company is outside FCA consumer-credit regulation, so the consumer cancellation rules do not apply here — but we think a short reflection period is fair, so we give you one anyway.

Why it is voluntary, not statutory

The 14-day cooling-off period that many people associate with personal borrowing comes from consumer law. Our loans are made to UK limited companies and LLPs for business purposes, and a company is not an individual under Article 60B FSMA RAO 2001, so that consumer regime does not cover this product. That means the withdrawal window described here exists because we offer it as a matter of policy, and it is governed by the terms of your Business Loan Agreement — not because any statute requires it. We would rather be straight about that than imply a legal protection that is not in play.

When the window runs

The 14-day period starts the day after you sign your Business Loan Agreement and runs for fourteen calendar days. You can withdraw at any point inside that window. Withdrawing means unwinding the loan: you repay the principal we advanced, and the agreement is treated as not having gone ahead. Because we charge simple interest, the cost of using the window is small — you repay the principal plus the interest accrued to that day — and it is explained to you when you ask. Withdrawal is not an early settlement, so the early-settlement charge does not apply: there is no penalty for changing your mind.

How to use it

If you decide to withdraw within the 14 days:

• Tell us promptly, in writing where possible, so the date is clear.
• Be ready to repay the amount that was advanced to the company.
• Ask us for the figure you need to return — we will set out exactly what to pay and how.

If instead the loan has served its purpose and you simply want to clear it ahead of schedule outside this window, that is also fine and usually saves you money. The mechanics are the same kind of thing — you ask for a settlement figure and pay it — and we cover that route in early repayment: how to do it and what you save. Many borrowers find that the more useful option once they are past the first couple of weeks.

Know what you signed

The withdrawal window, your repayment schedule and the total cost of credit are all summarised before you commit on your Key Information Sheet (KIS). If you want a refresher on what that pre-contract summary contains and what protections and terms it sets out, read what the Key Information Sheet covers. Read it alongside this page and you will have both your obligations and your options in one view.

A final reassurance: using the withdrawal window is not held against you, and it does not affect any future application on its own. We offer it precisely so that you can take the loan with confidence, knowing there is a short, no-penalty path back if your circumstances change in the first two weeks. If you are weighing it up, contact us — we would far rather talk it through than have you feel locked in.

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If your company has borrowed from us before and is wondering whether it can borrow again, the honest answer is: possibly, but it is never automatic. A top-up — a further advance once you have a loan running, or a new loan after one has finished — is treated as a fresh lending decision every time. Here is what that means, what helps your chances, and how to go about it.

A top-up is a new decision, not an extension

It is tempting to think of a top-up as just adding more to an existing loan, like topping up a tank. We do not see it that way, and neither should you. Each time you ask to borrow more, we make a new assessment: a new affordability check on the company and a new Key Information Sheet (KIS) setting out the amount, term and full cost of the new borrowing. You are entering a new agreement on its own terms, with its own figures, not simply enlarging an old one. That is fairer to you, because it means each decision reflects the company's situation at the time — and it means you always see the cost before you commit.

What we look at

Because it is a fresh decision, we assess a top-up much as we assess any application. We look at the company: its turnover, its business bank-account history, and its business credit file with agencies such as Experian Business, Creditsafe and Equifax Business. We are checking that the company can comfortably afford the new repayments on top of anything it is already paying. We do not assess the director's personal income, and we do not record the borrowing on the director's personal consumer credit file. Our wider guide to what we look at when we decide sets this out in full, and it applies to top-ups just as it does to first applications.

Good standing helps

While nothing is guaranteed, being a borrower in good standing genuinely helps. That means:

• Repayments made on time, with Direct Debits collecting successfully.
• The company's finances in good shape since the last decision.
• Borrowing that stays within what the business can afford.

A clean track record with us is a useful signal, but it sits alongside the current affordability picture — it does not override it. If the company's circumstances have weakened, a strong history will not, on its own, make unaffordable borrowing affordable, and we will not pretend otherwise.

How and when to ask

If you want to explore a top-up, the best starting point is to make sure your current loan is on track and your details are up to date, then approach us about borrowing again. We will run the new checks and, if we can lend, issue a new KIS for you to review. Take the same care you took the first time: read the new figures, check the new schedule, and only proceed if the company can afford it.

It is also worth re-reading after you sign the Business Loan Agreement, because a top-up means signing a fresh agreement with fresh obligations — the same care that applied the first time applies again. For the current amounts, terms and costs on offer, see /business-loans/.

One last point of caution. If the reason you want to borrow again is that you are struggling to repay what you already owe, a top-up is usually the wrong tool — adding borrowing to cover borrowing tends to make things harder, not easier. In that situation, talk to us about support instead. But where a healthy company simply has a new, affordable need, a top-up can be a sensible next step — assessed fresh, and on clear terms.

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Sometimes a company needs to change the bank account it uses for its loan — perhaps you have switched business banks, opened a new account, or restructured how the business manages its money. Updating the account we collect repayments from (or, where relevant, pay funds to) is straightforward, but because it touches your money we treat it carefully. Here is how to make the change safely, and why we verify it.

How to request a change

To update the bank details we hold, make the request through our forms. Tell us which account you want to change — the collection account, the payout account, or both — and give us the new account details. Submitting it in writing this way gives us a clear, dated record and is more secure than a verbal change over the phone.

Please do not simply cancel your existing Direct Debit and assume the new account will take over. Cancelling a Direct Debit without a new instruction in place can cause a missed collection, which can affect your account standing. Let us set up the change properly so collections continue without a gap.

Why we verify changes

We will always verify a request to change your bank details before we act on it. That means confirming that the request genuinely comes from an authorised person at your company, and checking the new account belongs to the business. This is not us being difficult — it is one of the most important protections we offer. Bank-detail changes are a classic target for fraud, because if a criminal can redirect a payment or impersonate you, real money moves. Verifying the change keeps your company's funds where they belong.

Our verification when we speak to you is explained in how do you verify it is really me on the phone. The same principle applies to any change of details: we confirm identity first, then act.

Never act on an unfamiliar request

This protection runs both ways, and it is worth being blunt about it. We will never phone, text or email you out of the blue telling you our bank details have changed and that you must now send your repayment somewhere new. Genuine collection details do not change on a surprise message. If you ever receive a request like that — supposedly from us — asking you to pay a new account, treat it as a scam:

• Do not pay or change anything based on the message.
• Contact us through the channels you already know to check.
• Report it if you believe it is fraudulent.

Equally, if anyone contacts you claiming to be a supplier, a director or a colleague and asks you to change where company money goes, verify it independently before acting. The same caution that protects your loan account protects your whole business.

After the change

Once we have verified and applied your new details, future collections will use the updated account from the next eligible date, and you will be able to see the change reflected on your account. If a collection is due very soon, ask us whether it will come from the old or new account so there is no confusion. As always, keep enough cleared funds in the correct account on each collection date.

Changing your bank details is a routine thing to need — just do it through our forms, expect us to verify it, and stay alert to anyone who tries to rush you. If in doubt about any message that claims to be from us, stop and check with us first.

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