Creditcorp offers two products, Flex and Slice, and they behave quite differently once you look at how the balance, drawdown and term work. Understanding the contrast helps you read your own facility correctly and judge which suits a future need.
Creditcorp Flex
Flex is a flexible facility with a limit. You can draw up to that limit, and as you repay capital you may free up headroom to draw again. Your balance moves up and down with how much you have drawn, and interest reflects the amount actually drawn at any time.
- A limit you can draw against, in stages
- Repaying can restore headroom to redraw
- Interest follows what is drawn
Creditcorp Slice
Slice is a fixed advance. The amount is drawn and then repaid over an agreed term, with the balance steadily reducing. There is no redraw; additional funds would mean a top-up request.
- A fixed amount, repaid over a set term
- Balance reduces towards zero
- More funds need a separate top-up
Which to consider
Flex tends to suit fluctuating, recurring needs; Slice suits a defined one-off purpose. Your offer and agreement set the exact terms for whichever you hold.
Both are available only to UK limited companies and LLPs for business purposes.
See also: How much of my Flex limit is still available?, Where can I see my current loan balance?, How redrawing works on a Creditcorp Flex facility.