A real fear in difficulty is that asking for help will trigger a wave of extra charges. On a Credicorp loan it will not.
No penalty charges for asking
We do not apply a charge simply because you are in difficulty or have asked for support. Any fee that could ever apply is already set out in your Business Loan Agreement — we do not invent new ones.
What does continue
Interest continues to accrue at 0.25% per day on the outstanding balance, as it always does, and the total cost of credit stays capped at 100% of what you borrowed. A longer arrangement costs more interest, but never more than the cap.
Everything shown up front
If an arrangement or variation changes what you will pay overall, we show you exactly how before you agree. There are no hidden costs bolted on for being in difficulty.
See how the cost cap protects you even in arrears in the guide below.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: What happens to the 100% cost cap if I fall behind?, Does interest keep building while my company is in arrears?, Our hardship and forbearance process.