Credicorp Flex is a facility — an agreed limit you can use over time — so it has a term, like any facility. Here is what to expect as that term comes to an end, and what your options are.
In the run-up to the end of the term
We will contact you before the facility reaches the end of its agreed period, so nothing comes as a surprise. At that point the picture is simple: any drawings you still have outstanding need to be repaid in line with their terms, and the facility itself can be reviewed.
Your options
- Clear your drawings and let it close. If you no longer need the facility, repay any outstanding balance and it simply comes to an end. There is no penalty for not renewing.
- Review for renewal. If the facility is useful and the business can comfortably support it, it can be reviewed for continuation. As with any lending, that review is affordability-led and considers your track record — see how a Flex limit is set and raised.
Reaching the end of the facility term does not change the cost cap or pricing on a drawing you have already taken — each drawing keeps its agreed terms and its own 100% total-cost cap. You will always see what is outstanding and what it costs to clear.
If money is tight as the term ends, talk to us early rather than letting a payment fail — see setting up a repayment arrangement. For how clearing a drawing affects the facility while it is live, see does clearing a drawing close the facility. Because this is lending to a company for business purposes, it sits outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001 and is not covered by the Financial Ombudsman Service or the FSCS.
See also: Can my company use Flex and Slice together?, Can I leave my Flex facility open but unused?, Can I have several Flex drawings running at the same time?.