If your company's cash position improves and you want to clear your Creditcorp loan before it is fully due, early repayment is possible. This guide explains the process and the financial implications.
How to request a settlement figure
Log in to your Creditcorp account and request a settlement figure from the loan summary screen, or contact our team directly. The settlement figure is the total amount needed to repay the outstanding balance in full on a specific date. It takes into account any payments already made and any early repayment charge that applies under your agreement.
Settlement figures are valid for a fixed number of days (stated on the figure itself). If you do not pay within that window, you will need to request a fresh figure, as daily interest or charges may alter the total.
Early repayment charges
Whether an early repayment charge applies, and how it is calculated, is set out in your Business Loan Agreement. For Creditcorp's short-term business loans, the charge — if any — is applied on a fixed basis for a short window after drawdown rather than as a penalty on the full remaining term (illustrative, not a quote of your specific agreement). After that initial window, repaying early typically reduces the total cost of credit compared with running to the end of the scheduled term.
Your Key Information Sheet (KIS) and Business Loan Agreement are the definitive source for the exact charge that applies to your specific facility. If you are unsure, check those documents or ask our team to confirm the figure in writing before you pay.
Making the early repayment
Once you have a confirmed settlement figure, make the payment via bank transfer from your company's bank account to the details provided on the settlement figure. Do not rely on your regular scheduled collection — an early repayment requires a separate manual transfer of the full settlement amount. Once the transfer is received and confirmed, we will issue a written confirmation that the loan is fully settled and close the facility on your account.
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: How to understand your Creditcorp Business Loan Agreement, What to do if you cannot make a repayment on your Creditcorp loan.