A loan statement is a periodic summary of what has happened on your facility. Think of it like a bill from a utility or telecoms provider: a clear record of activity over a period, so you can see exactly where things stand.
What a statement typically shows
A statement pulls together the movements on your account during the period it covers, so you can reconcile it against your own records.
- Repayments received during the period.
- Interest and any charges applied.
- The opening and closing balance for the period.
Why it is useful
Statements help you keep your bookkeeping accurate, check that payments have been applied as expected, and plan ahead with a clear view of the remaining balance. Keeping statements also gives you a tidy paper trail for your accounts.
Credicorp lends only to UK limited companies and LLPs for business purposes. Your statements are available in your account and reflect the actual activity on your facility, so always rely on your own statement rather than any general description. If you need a copy or have a query about an entry, our team can help.
See also: What is an overpayment?, What is a repayment schedule?, What is an early repayment charge?.