When your company takes a top-up on its loan, you are increasing the amount outstanding, so it is normal for your repayments to be reshaped. Exactly how depends on the product and the terms we agree, and everything is set out clearly before you commit.
What typically changes
A larger balance generally means either higher repayments over the existing period, a revised term, or a combination of the two. The rate that applies to the additional borrowing is the rate shown in your top-up offer, which may differ from your original rate.
- Repayment amounts may increase
- Your term may be revised
- The rate on new funds is set in the top-up offer
You see the new shape first
Before any top-up completes, we show you the revised repayment schedule and the updated agreement. Nothing changes until an authorised company officer accepts it. You are never moved to new terms without agreeing to them.
If a top-up would stretch you
If the reshaped repayments would be difficult for the business, it is better to take less or pause. Our team can talk through the options with you before you decide.
Credicorp is an exempt business lender; the Financial Ombudsman Service and FSCS do not apply.
See also: How do I change the bank account my repayments come from?, Can I shorten or extend my loan term?, What is a loan term and how is mine set?.