The term is the agreed length of time over which your company repays its Credicorp loan. It is fixed in your offer and sits at the heart of how your repayments are shaped, so it is worth understanding how it was set and where to check it.
How your term is decided
When we assess an application, we look at the amount your company wants to borrow, the product chosen, and how the borrowing fits your trading pattern. The term we offer reflects that assessment. It is designed to give a repayment shape your business can sustain, not the longest possible period.
- The amount borrowed and the product (Credicorp Flex or Slice)
- Your company's trading and affordability picture
- The repayment rhythm that fits your cash flow
Where to find your exact term
The precise term that applies to your facility is stated in your loan agreement and shown in your account dashboard. We deliberately avoid quoting standard term lengths here because the right figure is the one in your own offer.
Can the term change?
Terms are fixed once agreed, but in some circumstances a change can be requested. See our separate guidance on changing your term. Any change is at our discretion and confirmed in writing.
Credicorp lends only to UK limited companies and LLPs for business purposes. To see how the products and terms differ, take a look at what we offer.
See also: Can I shorten or extend my loan term?, Will a top-up change my repayments or term?, What is a term loan?.