What happens when my loan is fully repaid?

You have made the last payment and the loan is done. So what actually happens now? The short answer is reassuring: paying the loan off in full is what closes it, and most of what follows is automatic. This article walks through exactly what changes once the balance hits zero — the Direct Debit stopping, the records you can download, what it means for the company's business credit record, and how to borrow again if and when you need to.

The balance is cleared and the account closes itself

A Credicorp business loan is fully repaid the moment the last scheduled payment — or a settlement payment — reaches us and clears. At that point the outstanding balance is zero, and there is nothing further to pay. You do not need to phone us, sign anything, or submit a request to "finish" the loan. Repaying it is the act that closes it.

Once the balance is zero, the account is marked closed in our systems automatically. If a final adjustment is still working through — a small refund of overpaid interest, a residual fee, or a pro-rated amount — we will write to you with the detail before the account is fully tidied away. For the mechanics of closure and how to get it confirmed in writing, see how to close your Credicorp account.

The Direct Debit stops automatically — you do not need to cancel it

If you repaid by Direct Debit, the instruction is set to collect only the payments on your schedule. Once the final payment in that schedule has been taken, there is nothing left for it to collect, so it simply stops. We will not — and cannot — take any further money once the balance is zero.

Download your closing statement and settled-agreement record

Once the loan is settled you will usually want a clean record for the company's books showing it is paid off. Two documents do that job:

Closing statement of account

A final statement showing the amount advanced, everything you paid, and a closing balance of zero. This is the document an accountant or a future lender will want to see as proof the facility is cleared.

Settled-agreement record

A copy of your Business Loan Agreement together with confirmation that it has been settled and the account closed — a tidy record that the agreement ran its course and is now complete.

Both live in your signed-in portal once the loan is closed, where they are kept accurate to your account. This help centre is account-blind — we cannot see your balance or your documents from here — so the portal is always the source of truth. If you would like either document and cannot find it, ask using the Request a Statement of Account form, and we can also confirm the closure in writing. For a copy of the underlying agreement itself, see how to get a copy of your agreement, and for statements generally, how to request a statement of account.

Effect on the company's business credit record

Repaying a loan in full and on time is a positive event, and where we report to business credit reference agencies it is reported against the company — not against the director personally.

The update is not instant. Business credit reference agencies typically refresh on a monthly cycle, so it can take a few weeks for the company's file to show the account as settled and closed. Do not be alarmed if the loan still appears as open for a short period after your final payment — that is the agencies catching up, not a sign anything is wrong. A clean, settled facility is exactly the kind of track record that can help the company borrow on better terms in future. For the wider detail on what we share and with whom, see what 'arrears' means and how it affects your credit file, which explains the company-versus-director distinction in full.

Applying again, or topping up

Having a loan paid off does not lock you out — quite the opposite. A company that has borrowed and repaid in full has a demonstrated track record with us, and that history can count in its favour next time.

1. Apply for a fresh loan. When the business has a new need, you can apply again as a returning customer. You usually will not have to repeat the whole application from scratch — see returning customers and re-applying. Repaying on time can mean a larger amount becomes available, though every new request is assessed for affordability on its own merits and nothing is guaranteed.
2. Top up while a loan is still running. A top-up only applies before a loan is fully repaid — it adds to an existing balance. Once a loan is settled and closed, the route back is a new application rather than a top-up. If you think you will want more before you have finished repaying, see topping up or extending an existing loan.

Either way, any new borrowing is a fresh lending decision: we assess the company's current position, and if approved we issue a new Key Information Sheet showing the amount, the rate, the payment and the total payable before anything is signed. To start a new request when the time comes, head to our General Support Enquiry form or apply through the main site.

See also: Can I borrow again after repaying my loan?, Can I change my repayment date?, Can I consolidate two Credicorp facilities into one?.