Instalment — one of the scheduled payments your company makes to repay a Slice. Instead of paying a bill in one go, you repay Credicorp through a short series of instalments collected by Direct Debit.
What an instalment contains
Each instalment includes a portion of the amount we advanced to pay your supplier, together with a share of the cost of the credit as set out in your offer. The make-up of each instalment is fixed when you accept.
Key points
- The number of instalments and the date of each one is shown before you commit
- Instalments are collected by Direct Debit from your business bank account
- Meeting each instalment on its due date keeps your record clean and avoids a missed-instalment charge
Related terms
An instalment is part of your overall repayment schedule — the full list of dates and amounts for a Slice. The cost of credit is what you pay for spreading the bill, shown in your offer rather than as a figure we quote in general guidance.
See also: Slice glossary: cost of credit, Should I choose Flex or Slice? and Slice vs a business credit card.