Your loan

When your company has repaid a Creditcorp loan in full, you are welcome to apply again if the business needs further funding. A clean repayment history can also count in your favour, though every application is assessed afresh.

How returning customers apply

You can start a new application from your existing account, which often means less to re-enter since we already hold your company details. We then assess the new request on its own merits, looking at current trading and affordability rather than relying on the past facility alone.

• Apply again through your existing account
• We reassess current trading and affordability
• A good repayment record can support your application

Flex may avoid a fresh application

If your repaid facility was Creditcorp Flex and it remains open with available headroom, you may be able to draw again rather than reapplying. A fully closed facility, or a Slice advance, would need a new application.

No automatic re-lending

We do not re-lend automatically just because a previous loan was repaid. Responsible lending means we check that new borrowing genuinely fits the business at the time you ask.

Creditcorp lends only to UK limited companies and LLPs for business purposes.

See also: How redrawing works on a Creditcorp Flex facility, Can I apply for a second loan while still repaying the first?, How repaying Flex frees up your limit again.

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Many businesses find their cash flow peaks on a particular day of the month, and a repayment date that lines up with it makes the loan far easier to manage. If your current date does not suit, you can ask us to move it.

How to request a change

Contact our support team through your account, telling us the date that would work better for your company. We will confirm whether it can be applied and from which payment it takes effect. A change usually needs to be requested with enough notice before your next due date so the new collection can be set up.

• Tell us the preferred new date
• Allow notice before the next due date
• We confirm the effective payment in writing

Things to bear in mind

Moving a date can slightly change the gap between payments, which can affect the interest charged for that period under the terms of your agreement. We will explain any effect before applying the change. Changing the date does not reduce what your company owes; it only shifts timing.

If you are changing the date to avoid a problem

If the real issue is that a payment will be hard to make, please tell us. Moving a date is not the same as a hardship arrangement, and we would rather help you find the right option.

We lend only to UK limited companies and LLPs.

See also: How do I change the bank account my repayments come from?, How to request a settlement figure, Can I change my monthly payment date?.

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Some companies hold more than one facility with us at the same time — for example a Creditcorp Flex alongside a Creditcorp Slice, or a second loan taken out after the first. A common question is whether those balances can be rolled together so there is a single payment to manage instead of two.

The short answer is that we can sometimes restructure two facilities into one, but it is a new lending decision — not a switch we flip in the background. Combining balances replaces your existing agreements with a fresh one, so we assess the company's affordability again and, if approved, issue a new Key Information Sheet (KIS) setting out the single new amount, rate, payment and total payable before anything changes.

What combining facilities actually involves

Pulling two balances into one is a form of debt consolidation — here, within Creditcorp rather than across different lenders. In practice it usually means settling the two existing facilities and writing a single new agreement that covers the combined amount. That has knock-on effects worth understanding:

• The product may change. Flex and Slice behave very differently — a flexible limit you can redraw against versus a fixed advance that reduces to zero. A combined facility sits on one set of terms, so the redraw behaviour of a Flex, for instance, would not carry across in the same way.
• The term and payment reset. A new agreement means a new schedule. The single payment might be lower or higher than the two it replaces, depending on the term we agree.
• The total cost can move. Spreading a combined balance over a longer term reduces each payment but leaves more borrowing in place for longer, which increases the total interest paid across the life of the facility. We show both figures — the new payment and the new total payable — so you can weigh them.

How to ask

Tell us what you would like to do using the General Support Enquiry form. Let us know which two facilities you mean and why you want to combine them — usually it is to simplify a single monthly outlay or to free up cashflow. We will look at the company's current position, both existing balances and any other borrowing it holds, and tell you whether a single restructured facility is appropriate.

If it is, the new figures arrive in a Key Information Sheet for you to consider. Nothing on either account changes until the new Business Loan Agreement is signed.

When it might not be the right move

Combining is not automatically cheaper. If one facility is close to being repaid, folding it into a longer new term can cost more overall — so it is worth checking where each balance stands first. Two related requests are often a better fit:

• If you simply want to clear one facility, ask for a settlement figure on that balance and pay it off, leaving the other running as it is.
• If you want to borrow more rather than reshuffle what you already owe, that is a further advance — see topping up or extending an existing loan.

Things we cannot do

• We cannot merge two facilities without the full affordability assessment and fresh disclosure — there is no quick "join these accounts" button.
• We cannot fold another lender's debt into a Creditcorp facility as part of this.
• We cannot guarantee a combined facility will reduce your total cost; that depends entirely on the amount and term we agree.

As with any further borrowing, the responsible answer is sometimes to leave well-functioning facilities as they are. If the reason for asking is that the current payments have become hard to meet, please look first at the options in our struggling-to-pay article — a Payment Arrangement or Hardship Variation is built for that situation and may serve the company better than a restructure. Free, independent help with business money worries is available from Business Debtline; see our note on free debt advice in the UK.

Creditcorp lends only to UK limited companies and LLPs for business purposes. Your own offer and agreement set the exact terms for whichever facilities you hold.

See also: Can I borrow again after repaying my loan?, Can I change my repayment date?, Can I pay my loan off early?.

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You can repay your loan in full at any point. To do this, request a settlement figure — the exact amount needed to clear the balance on a chosen date.

Because interest accrues daily on the outstanding balance, settling early reduces the interest you would otherwise have paid over the remaining days. An early-settlement charge of up to 28 days' interest may apply, though we waive it in many cases — the exact amount, if any, is shown in your settlement figure before you confirm.

Where early settlement reduces the interest you would otherwise pay, we will confirm any rebate when we provide the figure. To begin, see how to get a settlement figure, or read our fuller guide to early repayment and what you save.

See also: Can I borrow again after repaying my loan?, Can I change my repayment date?, Can I consolidate two Creditcorp facilities into one?.

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Early repayment is permitted at any point during the loan term. There is no lock-in requiring you to serve the full term, and many companies choose to settle when cash flow allows.

Requesting a settlement figure

To repay early, contact us through the client portal or by email and request a settlement figure. We will calculate the amount needed to clear the outstanding balance in full as at a specific date. The figure accounts for any early repayment charge that applies under your agreement — this will have been disclosed in your loan documentation before you signed.

Making the payment

Settlement is made by bank transfer to the account details provided in your settlement letter. Once funds are received and cleared, the direct debit mandate is cancelled and a confirmation of full repayment is issued to your registered email. Do not cancel the direct debit yourself before settling — doing so does not close the loan and may result in a missed scheduled payment being recorded.

Impact on the total cost

Settling early means fewer instalments are collected. Depending on your agreement, this may reduce the total amount paid compared with running to the full term — or an early repayment charge may partially offset that saving. Your settlement letter will show the exact position clearly.

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 at the end of the loan term?, How does the repayment schedule work?.

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The term on your Creditcorp loan is set in your agreement, but business needs move, and in some circumstances the term can be changed. Shortening and extending pull in opposite directions, so it helps to be clear on what each would mean for your company.

Shortening your term

A shorter term means clearing the balance sooner, usually with higher individual repayments. Because interest is charged on the outstanding capital over time, repaying over a shorter period can mean less interest overall, as set out in your agreement. If you simply want to clear it faster, you may not need a formal change at all.

Extending your term

Extending spreads the balance over a longer period, which can lower each repayment. The trade-off is that interest may accrue over a longer time, so the total cost can be higher. It can still be the right call if it keeps repayments comfortable.

• Shorter term: higher payments, potentially less interest overall
• Longer term: lower payments, potentially more interest overall

How to request it

Ask our team. Any change is at our discretion, may be subject to a fresh affordability view, and is confirmed in a revised agreement before it takes effect.

Creditcorp lends only to UK limited companies and LLPs for business purposes.

See also: What is a loan term and how is mine set?, Will a top-up change my repayments or term?, What counts as a change to my loan terms?.

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Yes — you can apply for additional borrowing while an existing Creditcorp business loan is still active. This is sometimes called a top-up, and it follows the same application process as your original loan rather than being an automatic extension.

How a top-up works

A top-up is a new lending decision. We look at your company's current trading performance, the outstanding balance on the existing loan, and your repayment history with us. A clean track record on your existing agreement is taken into account positively, but it does not guarantee approval or a particular amount.

If approved, the top-up facility and any remaining balance on the original loan are typically consolidated into a single new agreement with a revised term and repayment schedule. This simplifies your position — one direct debit, one schedule.

When to consider a top-up

• An unexpected cost arises part-way through the original term
• A new contract or opportunity requires prompt capital
• You need to bridge a gap before other finance completes

Alternative: Creditcorp Flex

If your funding needs are likely to recur, Creditcorp Flex — our revolving credit facility — may be more efficient than a series of top-up applications. You draw against a limit as needed and repay when cash flow allows, without requiring a new agreement each time.

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 does the Creditcorp business loan work?, What affects the amount Creditcorp will offer?.

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Two questions we hear regularly:

• "We would like to borrow a bit more — can we add it to the current loan?"
• "Can we spread the current repayments over a longer period to make them smaller?"

Both are new lending decisions, not changes that can be made automatically online. A loan top-up is a further advance, and a term extension changes the repayment schedule — neither happens at the click of a button. Responsible lending means we assess any further borrowing for affordability on its own merits. Where an extension to the term increases the total cost of the credit, we set that out clearly and re-agree it with you before it takes effect.

How a business loan top-up works

If the company wants to borrow more on top of its existing loan, please tell us using the General Support Enquiry form and we will explain the next steps. We will look at the company's overall position — its recent cashflow, the existing balance with us and any other borrowing it holds — and decide whether further lending is appropriate.

If a top-up is appropriate, we will issue a fresh Key Information Sheet (KIS) showing the new amount, the new rate, the new payment and the new total payable. Nothing changes on the account until the new Business Loan Agreement is signed.

How a term extension works

Extending the term spreads the repayment over more time. That reduces each payment. But it leaves the balance in place for longer, so it increases the total cost of the credit across the life of the loan. Interest continues to accrue on the outstanding balance for the additional period. In other words, a smaller monthly payment is traded against a higher overall amount repayable. We will show both figures clearly — the new payment and the new total payable — before any change is made, so the company can weigh the lower monthly outlay against the extra cost over the full term.

If the reason for asking is that the current schedule has become hard to meet, please look at the alternatives in our struggling-to-pay article first — particularly a Hardship Variation or a Payment Arrangement. These are designed for exactly that situation and may produce a better outcome than a longer term.

Things we cannot do

• We cannot consolidate other lenders' debts into the Creditcorp loan as part of a top-up.
• We cannot extend the term beyond the limits of the original product.
• We cannot agree a new amount or a new term without going through the proper assessment and disclosure.

A loan top-up is treated as a further advance, which means it goes through the same affordability assessment we apply to a first application — not a quick adjustment to a credit limit. We look at the company's current circumstances, not the position it was in when the original facility was agreed, because affordability can change as a business grows or contracts. If the assessment shows that more borrowing would stretch the company's finances, the responsible answer may be to decline the top-up even though the existing loan is being repaid on schedule.

What to have ready before you ask

To help us assess a top-up or a longer repayment schedule quickly, it is worth having a clear picture of the company's recent trading to hand — typically the latest management figures or bank statements, an idea of the amount you want to borrow or the new term you have in mind, and the reason for the request. The more context we have, the sooner we can tell you whether a further advance is appropriate and set out the new figures in a Key Information Sheet for you to consider.

Whatever you are weighing up, free, independent help with business money worries is available from Business Debtline — see our article on free debt advice in the UK.

See also: Can I borrow again after repaying my loan?, Can I change my repayment date?, Can I consolidate two Creditcorp facilities into one?.

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Both products provide fast access to business capital, but they are structured differently. Understanding the distinction helps you choose the one that fits your company's cash-flow pattern and purpose.

When a business loan makes sense

Choose a business loan when you have a specific, known cost to fund — a piece of equipment, a large stock order, a refurbishment project — and you want the certainty of a fixed repayment schedule from day one. You know exactly what you will pay each period and when the facility will be closed.

• One-off capital expenditure with a clear cost
• Bridging a defined gap until another event occurs (a client payment, a property completion)
• Situations where a predictable, identical instalment suits your budgeting

When Creditcorp Flex makes sense

Flex is a revolving credit facility: you draw what you need, repay it, and draw again — all against an agreed limit. The facility stays open and available, so you are not reapplying each time a need arises. It suits companies whose funding requirements fluctuate throughout the year.

• Managing working capital across busy and quiet periods
• Funding a rolling pipeline of smaller costs rather than one large one
• Businesses that want standby availability without committing to a fixed term

Can I have both?

Yes — some companies hold a Creditcorp Flex facility for day-to-day working capital and take a discrete business loan when a specific large cost arises. Each is assessed and agreed separately.

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 does the Creditcorp business loan work?, Is my company eligible for a Creditcorp business loan?.

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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.

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A common question when arranging business finance is whether directors are personally on the hook. With Creditcorp, the answer is clear: we lend to your company, and we do not take personal guarantees from directors.

What this means

The loan is a commitment of the limited company or LLP that borrows it, not of the individuals who run it. Your directors are not asked to sign a personal guarantee that would put their own assets behind the company's borrowing.

• The borrower is the company, not the director
• No personal guarantee is required from directors
• The facility sits on the company's books

What we still need from directors

While there is no personal guarantee, an authorised company officer must sign the agreement on the company's behalf, and we carry out identity and verification checks as part of responsible lending. Directors are expected to ensure the company manages the loan properly.

Why we structure it this way

Lending to the company keeps the borrowing where it belongs, in the business. Because Creditcorp is an exempt business lender outside the FCA consumer-credit regime, the Financial Ombudsman Service and FSCS do not apply, which is one reason we deal only with companies and LLPs.

We never lend to individuals or sole traders.

See also: Why don't you take a personal guarantee from directors?, No personal guarantee: what it means for directors, Why Creditcorp doesn't take personal guarantees from directors.

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If your company changes its business bank account, you will want repayments collected from the right place. You can update the paying account on your Creditcorp loan, and we verify the new account before any collection moves across.

How to update it

Ask through your account or contact our support team with the new business account details. The account must be in your company's name; we collect from and pay to verified business accounts, not personal ones. We then set up the new collection arrangement.

• Provide the new business account details
• The account must be in the company's name
• We verify it before collecting from it

Timing matters

Make the change with enough notice before your next due date so the new collection can be in place in time. If a payment is already in motion against the old account, it may need to complete first; we will tell you which payment the change takes effect from.

Keep the old account funded until confirmed

Until we confirm the switch is live, keep the previous account ready to cover a payment so nothing is missed during the change. A missed payment is treated the same regardless of the reason.

We lend only to UK limited companies and LLPs for business purposes.

See also: Will a top-up change my repayments or term?, How do I update my company's bank details?, How to update your business bank account details.

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If your company needs more funding than its current facility provides, you may be able to request a top-up rather than starting an entirely separate arrangement. A top-up is additional borrowing added to your existing loan, and it is always subject to a fresh assessment.

Starting a request

You can ask about a top-up from your account dashboard or by contacting our team. We will ask how much further funding the business needs and what it is for, then review your account and current trading.

• The additional amount your company is seeking
• The business purpose for the extra funds
• Your repayment history on the existing facility

What we assess

A top-up is not automatic. We look at affordability afresh, your conduct on the current loan, and how the larger commitment fits your company's cash flow. Approval, the amount, the rate and any change to your term are all confirmed in a new or revised agreement.

Flex versus Slice

With Creditcorp Flex you may have undrawn headroom you can simply draw rather than needing a top-up. With Slice, a fixed advance, additional funds mean a formal top-up request.

We lend only to UK limited companies and LLPs and take no personal guarantees from directors.

See also: Can I top up or extend my existing loan?, How drawdown works on your Creditcorp loan, Will a top-up change my repayments or term?.

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The Creditcorp business loan is straightforward: your company borrows a fixed amount, and we agree a repayment schedule before funds are released. There are no variable rates to watch and no surprises mid-term — the cost is set at the outset.

From application to funds

Once we have the information we need about your company, our system assesses the application and returns a decision quickly. If approved, we confirm the amount, term, and total repayable. You sign the agreement digitally, and funds are disbursed to your business bank account — typically within one business day of completion.

Repayments

Repayments are made on a fixed schedule — usually weekly or monthly — for the duration of the term. The amount stays the same each period, so your finance team can plan cash flow precisely. There are no balloon payments at the end; the final instalment clears the balance in full.

No personal guarantee

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.

The Creditcorp business loan suits companies that need a defined amount for a defined purpose and want certainty on cost from day one. If your funding needs are more flexible — drawing, repaying, and redrawing as required — you may want to look at Creditcorp Flex instead.

See also: What can I use a Creditcorp business loan for?, How does the repayment schedule work?.

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When your loan is approved, we produce a full repayment schedule that shows every payment date and amount before you sign. Nothing changes after drawdown unless you choose to repay early.

Fixed instalments

Each payment is identical in size throughout the term. Whether you choose weekly or monthly repayments, the instalment amount stays constant. This makes budgeting simple: your finance team knows exactly what leaves the account and when, with no recalculations required.

How payment is collected

Repayments are collected by direct debit from the business bank account you nominate at application. Ensure the account has sufficient funds on each due date to avoid a failed collection. If you anticipate a problem on a specific date, contact us in advance — we can discuss options before a missed payment is recorded.

Final payment and end of term

The final instalment clears the loan in full. There is no residual balance, no balloon payment, and no automatic renewal. Once the term ends, the facility is closed and there are no further obligations on the company.

If you want to repay ahead of schedule, you can do so at any time. See our article on early repayment for details of how that works and whether any charges apply.

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: Can I repay my Creditcorp business loan early?, What happens at the end of the loan term?.

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Drawdown is the point at which approved funds leave your Creditcorp facility and arrive in your company's bank account. Understanding the steps helps you plan around the cash arriving and know what to check before it does.

Before funds are released

Once your application is approved and the agreement is signed by an authorised company officer, we carry out final checks on the receiving account. Funds are paid only to a verified UK business account in your company's name. We do not pay loan funds to personal accounts.

• Agreement signed by an authorised signatory
• Receiving business account verified
• Any final conditions in your offer satisfied

When the money arrives

After drawdown is released, funds typically reach your account quickly, though clearing times depend on your bank. Your dashboard records the drawdown and your balance updates to reflect the capital now outstanding.

Drawdown on Creditcorp Flex

With a Flex facility you may be able to draw in stages up to your agreed limit rather than taking the full amount at once. Interest then reflects what you have actually drawn, as set out in your agreement.

As an exempt business lender, Creditcorp sits outside the FCA consumer-credit regime; the Financial Ombudsman Service and FSCS do not apply.

See also: How drawdown works, How redrawing works on a Creditcorp Flex facility, What happens after you sign the Business Loan Agreement.

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Interest is applied to your loan using the rate and method set out in your individual Business Loan Agreement. The agreement also shows the total amount payable if you keep to the original schedule.

How daily interest accrues

Interest accrues daily against the outstanding balance, so as you repay, the balance falls and the daily interest falls with it — you only pay for what you owe, for the days you owe it. Whatever happens, the total cost of credit is capped at 100% of the original principal, so you will never repay more than twice what you borrowed.

Getting a breakdown or settling early

If you would like a current breakdown of interest and balance, request a statement of account. If you are thinking of settling early to reduce the interest you pay, see whether you can pay your loan off early. To understand how the daily rate works in practice, see our plain-English pricing explainer. If anything is unclear, contact us and we will explain it.

See also: Can I borrow again after repaying my loan?, Can I change my repayment date?, Can I consolidate two Creditcorp facilities into one?.

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On a Creditcorp Flex facility, your available headroom is the portion of your agreed limit that you have not currently drawn. It is the amount you could draw right now, and it is one of the most useful numbers to keep an eye on when planning cash flow.

Where to find it

Your dashboard shows your agreed limit, the amount currently drawn, and the headroom remaining. As you draw, headroom falls; as you repay capital, it can be restored, subject to the terms of your agreement.

• Agreed limit: the most you can have drawn at once
• Drawn amount: what is outstanding now
• Headroom: what remains available to draw

What can affect your headroom

Drawing reduces headroom and repaying capital can restore it. We may also review availability if your company's circumstances change materially, as set out in your agreement. Headroom is not guaranteed indefinitely, so it is worth confirming before relying on a future draw.

Slice works differently

If your company holds a Slice advance rather than Flex, there is no headroom to draw against; it is a fixed amount. For more funding on Slice you would request a top-up.

We lend only to UK limited companies and LLPs and take no personal guarantees from directors.

See also: How to read your Flex statement, How redrawing works on a Creditcorp Flex facility, How repaying Flex frees up your limit again.

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Creditcorp Flex is designed to flex with your trading. As your company repays capital, it can restore available headroom under your limit, which you may then draw again. This makes Flex useful for businesses with uneven cash flow rather than a single one-off need.

What redrawing means

Redrawing is taking funds again from a Flex facility after you have repaid some of what you previously drew, up to your agreed limit. It is not new borrowing in the sense of a fresh application; it uses the limit you already hold.

• Repaying capital can free up headroom
• You can draw again up to your agreed limit
• Interest reflects what is drawn at any given time

What to check first

Available headroom is shown on your dashboard. Redraws are subject to your facility remaining in good standing and to the terms in your agreement, and we may review availability if your circumstances change. Slice does not work this way; it is a fixed advance.

Keeping control

Because Flex lets you draw repeatedly, it pays to draw only what your company needs at the time. Drawing less keeps interest lower, since it is charged on what you have actually drawn.

Creditcorp lends only to UK limited companies and LLPs for business purposes.

See also: How much of my Flex limit is still available?, How repaying Flex frees up your limit again, How drawdown works on your Creditcorp loan.

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Your Creditcorp loan statement is the full record of activity on your facility. Reading it confidently means you can reconcile it against your own bookkeeping and spot anything that needs a question.

The main sections

A statement typically opens with your opening balance for the period, then lists transactions in date order, and closes with the balance carried forward. Each line is dated and labelled so you can see exactly what moved and when.

• Opening balance at the start of the period
• Drawdowns where funds were released to you
• Payments received and how they were split
• Interest and any charges applied under your agreement
• Closing balance carried to the next period

Checking it against your records

Match each payment on the statement to your bank records. If a payment you made does not appear, it may not have cleared yet; allow a little time and check again. Interest lines reflect the rate in your offer applied to the capital outstanding during the period.

If something does not add up

Contact our support team with the date and amount of the line in question and we will explain or correct it. Keeping statements helps your accountant and supports your company's records.

Creditcorp lends only to UK limited companies and LLPs for business purposes.

See also: Why has my balance changed when I have not borrowed more?, Understanding the breakdown between capital and interest in your balance, Where can I see my current loan balance?.

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A settlement figure is the precise amount your company needs to pay to clear its Creditcorp loan in full on a particular date. Because interest accrues over time, the figure is tied to a date, which is why we provide it rather than asking you to estimate from your balance.

Why you need an exact figure

Your dashboard balance is accurate to the moment, but settling involves clearing all outstanding capital plus interest accrued up to the settlement date. Paying a rough figure risks leaving a small balance or accidental overpayment, so always work from a quoted settlement figure.

How to ask

Contact our support team through your account and ask for a settlement figure, telling us the date you intend to pay. We will calculate it under the terms of your agreement and confirm it to you.

• State the date you plan to settle
• We calculate capital plus interest to that date
• We confirm the figure and how to pay it

How long it is valid

A settlement figure is valid only for the date it is calculated to. If you pay on a different day, the amount changes, so ask for an updated figure if your plans move. Once paid and cleared, the loan is treated as repaid.

Creditcorp is an exempt business lender; the Financial Ombudsman Service and FSCS do not apply.

See also: Can I pay my loan off early?, How do I get a settlement figure?, How do I request a settlement figure?.

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Creditcorp provides business finance exclusively to UK-registered limited companies and LLPs. We do not lend to sole traders, partnerships, individuals, or companies registered outside the United Kingdom.

Basic eligibility criteria

• Incorporated in England, Wales, Scotland, or Northern Ireland as a limited company or LLP
• Active Companies House registration with no pending winding-up petition
• Trading for a minimum period (confirmed at application — newer companies may still qualify depending on revenue)
• A UK business bank account in the company's name
• Sufficient monthly revenue to support the proposed repayment amount

Who we do not lend to

• Sole traders or ordinary partnerships
• Companies in administration, receivership, or subject to a County Court Judgement that is unsatisfied
• Holding companies with no active trading operations
• Businesses operating in sectors we have determined to be outside our lending appetite (confirmed at enquiry stage)

No personal guarantee required

Directors do not need to provide a personal guarantee. Our lending decision is based on the company's own financial position, not on the personal assets of its directors or shareholders.

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 affects the amount Creditcorp will offer?, How does the Creditcorp business loan work?.

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If your company has a stronger month, putting extra towards your Creditcorp loan can be a sensible move. An overpayment is any amount above your scheduled repayment, and it goes towards reducing what you owe.

How an overpayment is applied

An extra payment normally reduces your outstanding capital. Because interest is charged on the capital still owed, lowering it can reduce the interest that accrues from then on, in line with your agreement. Your dashboard and statement will show the payment and the new balance.

• Reduces your outstanding capital
• Can lower the interest that accrues afterwards
• Shown on your statement and dashboard

Before you overpay

It is worth confirming how an overpayment will be treated on your specific facility, since the effect on a Creditcorp Flex limit can differ from a fixed Slice advance. Our team can confirm whether an overpayment reduces your next payment, shortens your term, or restores Flex headroom.

Overpaying versus settling early

An overpayment is a partial extra payment; settling early means clearing the whole balance. If your aim is to close the loan entirely, see our guidance on paying your loan off early instead.

We lend only to UK limited companies and LLPs and take no personal guarantees.

See also: What happens as my loan approaches the end of its term?, Understanding the breakdown between capital and interest in your balance, Why has my balance changed when I have not borrowed more?.

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When your company repays a Creditcorp loan, each payment is usually split into two parts: capital and interest. Understanding the split makes your statement far easier to read and helps you judge how quickly the debt is actually reducing.

Capital versus interest

Capital is the amount your company borrowed and still owes. Interest is the cost of borrowing that capital, charged at the rate set out in your offer. As you repay, the capital portion of your balance falls; interest is calculated on whatever capital remains outstanding.

• Capital reduces your underlying debt
• Interest is the charge for borrowing, applied to the outstanding capital

Why early payments look interest-heavy

Because interest is charged on the capital still owed, more of an early payment can go towards interest, with the capital share growing as the balance shrinks. This is normal and is reflected on your statement, where each payment is itemised.

Where to find your split

Your statement and dashboard show how each payment has been applied. If anything is unclear, our support team can walk you through a specific line.

These articles are general guidance for UK limited companies and LLPs and are not advice. Always read your own agreement, which governs your facility.

See also: Why has my balance changed when I have not borrowed more?, How is interest charged on my loan?, What happens as my loan approaches the end of its term?.

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Our offer reflects how much we believe your company can comfortably service within the proposed term. Several factors feed into that assessment, and understanding them helps you put your best application forward.

Key factors we consider

• Annual turnover and recent revenue trends — a business with consistent or growing income can typically support a larger facility than one with erratic receipts.
• Time in business — a longer trading history gives us more data to work with. Newer companies are not excluded, but the assessment may rely more heavily on recent bank statements.
• Existing credit obligations — outstanding loans, overdrafts, or finance agreements already affecting the company's cash flow are taken into account.
• Bank account conduct — we look at how the company manages its account day to day: returned payments, persistent overdrafts, or large unexplained outflows can reduce the offer.
• Industry and seasonality — some sectors carry higher cash-flow volatility, which we factor into the term and amount offered.

What we do not assess

We do not run a personal credit search on directors and we do not require a personal guarantee. Our assessment is company-level, using open banking data and business credit information where available.

Getting the most from your application

Ensure your business bank account data is accurate and up to date before applying. If your company has seasonal patterns, a brief note explaining them can help our team contextualise the figures correctly.

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 does the Creditcorp business loan work?, Is my company eligible for a Creditcorp business loan?.

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Creditcorp business loans are general-purpose commercial finance. You are not restricted to a single approved category of spend, which means you can direct the funds wherever your company needs them most.

Common uses

• Purchasing stock or raw materials ahead of a busy period
• Funding a marketing campaign or product launch
• Covering the cost of a large contract before the client pays
• Hiring and onboarding additional staff
• Acquiring equipment, vehicles, or fixtures
• Refitting or relocating premises
• Bridging a timing gap while a larger facility completes

What is not eligible

The loan must be used for bona fide business purposes. We do not lend for personal expenditure, and the funds must remain within the borrowing company. We may ask for brief detail on the intended use during the application — this helps us size the facility appropriately, not to restrict your choices.

Matching the product to the purpose

Because a business loan is a fixed sum over a fixed term, it works best when you have a specific cost in mind. If you need ongoing access to funds — for example, to smooth regular supplier payments — Creditcorp Flex may be a better fit. If you need to spread a single known bill into instalments, Creditcorp Slice is designed for exactly that.

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 does the Creditcorp business loan work?, What affects the amount Creditcorp will offer?.

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Customers often ask whether a particular adjustment counts as changing their loan terms. The distinction matters, because a formal change to your agreement is documented and accepted before it takes effect, while routine housekeeping is simpler.

Routine adjustments

Some changes do not alter the substance of your agreement. Updating the contact details we hold, or switching the verified business account repayments come from, are administrative and do not change what your company owes or over what period.

• Updating company contact details
• Changing the paying business account
• Adjusting your repayment date (timing only)

Changes that vary your agreement

Other changes alter the core terms and are treated as a variation. These include a top-up, a revised term, or a change to the repayment amount or structure. Because they affect the balance, the cost or the schedule, they are confirmed in a revised agreement that an authorised company officer must accept.

• Top-ups and additional borrowing
• Shortening or extending the term
• Changes to repayment amounts or structure

How we handle a variation

We show you the new terms first and apply nothing until you accept them. You are never moved onto different terms without agreeing. If you are unsure which category your request falls into, ask our team.

Creditcorp lends only to UK limited companies and LLPs for business purposes.

See also: Can I shorten or extend my loan term?, How do I change the bank account my repayments come from?, Will a top-up change my repayments or term?.

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APR stands for Annual Percentage Rate. It is the standardised cost measure used for regulated consumer credit — borrowing by individuals. Our lending is to limited companies for business purposes, which sits outside the consumer-credit regime, so an APR is not the figure we use. Instead we show the cost in the way that is clearest for a business decision.

What we show you

• the amount borrowed and the term;
• the total amount payable — every pound the company will repay;
• the total cost of the credit — the difference between what is borrowed and what is repaid;
• a simple annualised rate, so you can compare the cost against other business finance;
• the full repayment schedule.

All of these appear on your Key Information Sheet (KIS) and in the Business Loan Agreement before you sign, so the cost is never a surprise.

Why not an APR?

APR is designed to compare long-running consumer products such as mortgages and credit cards, where it works well. For short-term business borrowing it can mislead — annualising the cost of a facility that runs for a few weeks produces a very large percentage that overstates what the company actually pays. The total cost of credit and the simple rate give a truer picture of a short-term facility.

If anything is unclear

If you would like us to walk through exactly how the cost of your loan was worked out, please contact us — we would always rather explain than leave you guessing. For a fixed-rate loan the figures on your agreement hold for the life of the loan; if the terms are ever varied (for example a hardship variation that extends the term), we will reissue the relevant figures so the new total cost is clear before anything is agreed.

See also: Can I borrow again after repaying my loan?, Can I change my repayment date?, Can I consolidate two Creditcorp facilities into one?.

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As your Creditcorp loan nears the end of its agreed term, the focus shifts to clearing the remaining balance cleanly. Knowing what to expect in the final stretch helps you avoid surprises and plan the last few payments.

The run-up to the final payment

In the closing period, your repayments continue as scheduled, steadily reducing the outstanding capital to zero by the end of the term. Your dashboard shows the falling balance, and your statement records each payment as it is applied.

• Repayments continue on schedule
• The balance reduces towards zero
• The final payment clears any remaining capital and accrued interest

Checking the final figure

Because interest accrues on the capital still outstanding, the exact final amount is best confirmed close to the end. If you want to clear it ahead of the last scheduled date, ask us for a settlement figure rather than estimating.

After the last payment

Once the balance reaches zero, the facility is treated as repaid. For what comes next, see our guidance on what happens when your loan is fully repaid. With Creditcorp Flex, reaching the end of a term works differently from a fixed Slice advance, so check the terms that apply to your facility.

We lend only to UK limited companies and LLPs.

See also: What happens at the end of a Flex term, What is a loan term and how is mine set?, What actually happens if my company misses a Creditcorp repayment?.

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At the end of your loan term, the facility closes cleanly. The final scheduled payment clears the outstanding balance in full, and the direct debit mandate lapses. There is nothing further you need to do.

Confirmation of closure

Once the final payment has cleared, we will send a written confirmation to your registered email address stating that the loan has been repaid in full. Keep this for your company records — it confirms you have no outstanding balance with us.

No automatic rollover

Your loan does not roll over or renew automatically. If you need further funding after the term ends, you are free to make a fresh application. At that point we will reassess based on your company's current trading position, so a history of on-time repayments with us can only help.

Early closure

If you repay before the scheduled end date, the loan closes at that point rather than on the original end date. The confirmation of full repayment is issued in the same way. For details of how early repayment is calculated, see the separate article on repaying early.

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: Can I repay my Creditcorp business loan early?, Can I top up my existing Creditcorp business loan?.

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You have made the last payment and the loan is done. So what actually happens now? The short answer is reassuring: paying the loan off in full is what closes it, and most of what follows is automatic. This article walks through exactly what changes once the balance hits zero — the Direct Debit stopping, the records you can download, what it means for the company's business credit record, and how to borrow again if and when you need to.

The balance is cleared and the account closes itself

A Creditcorp business loan is fully repaid the moment the last scheduled payment — or a settlement payment — reaches us and clears. At that point the outstanding balance is zero, and there is nothing further to pay. You do not need to phone us, sign anything, or submit a request to "finish" the loan. Repaying it is the act that closes it.

Once the balance is zero, the account is marked closed in our systems automatically. If a final adjustment is still working through — a small refund of overpaid interest, a residual fee, or a pro-rated amount — we will write to you with the detail before the account is fully tidied away. For the mechanics of closure and how to get it confirmed in writing, see how to close your Creditcorp account.

The Direct Debit stops automatically — you do not need to cancel it

If you repaid by Direct Debit, the instruction is set to collect only the payments on your schedule. Once the final payment in that schedule has been taken, there is nothing left for it to collect, so it simply stops. We will not — and cannot — take any further money once the balance is zero.

Download your closing statement and settled-agreement record

Once the loan is settled you will usually want a clean record for the company's books showing it is paid off. Two documents do that job:

Closing statement of account

A final statement showing the amount advanced, everything you paid, and a closing balance of zero. This is the document an accountant or a future lender will want to see as proof the facility is cleared.

Settled-agreement record

A copy of your Business Loan Agreement together with confirmation that it has been settled and the account closed — a tidy record that the agreement ran its course and is now complete.

Both live in your signed-in portal once the loan is closed, where they are kept accurate to your account. This help centre is account-blind — we cannot see your balance or your documents from here — so the portal is always the source of truth. If you would like either document and cannot find it, ask using the Request a Statement of Account form, and we can also confirm the closure in writing. For a copy of the underlying agreement itself, see how to get a copy of your agreement, and for statements generally, how to request a statement of account.

Effect on the company's business credit record

Repaying a loan in full and on time is a positive event, and where we report to business credit reference agencies it is reported against the company — not against the director personally.

The update is not instant. Business credit reference agencies typically refresh on a monthly cycle, so it can take a few weeks for the company's file to show the account as settled and closed. Do not be alarmed if the loan still appears as open for a short period after your final payment — that is the agencies catching up, not a sign anything is wrong. A clean, settled facility is exactly the kind of track record that can help the company borrow on better terms in future. For the wider detail on what we share and with whom, see what 'arrears' means and how it affects your credit file, which explains the company-versus-director distinction in full.

Applying again, or topping up

Having a loan paid off does not lock you out — quite the opposite. A company that has borrowed and repaid in full has a demonstrated track record with us, and that history can count in its favour next time.

1. Apply for a fresh loan. When the business has a new need, you can apply again as a returning customer. You usually will not have to repeat the whole application from scratch — see returning customers and re-applying. Repaying on time can mean a larger amount becomes available, though every new request is assessed for affordability on its own merits and nothing is guaranteed.
2. Top up while a loan is still running. A top-up only applies before a loan is fully repaid — it adds to an existing balance. Once a loan is settled and closed, the route back is a new application rather than a top-up. If you think you will want more before you have finished repaying, see topping up or extending an existing loan.

Either way, any new borrowing is a fresh lending decision: we assess the company's current position, and if approved we issue a new Key Information Sheet showing the amount, the rate, the payment and the total payable before anything is signed. To start a new request when the time comes, head to our General Support Enquiry form or apply through the main site.

See also: Can I borrow again after repaying my loan?, Can I change my repayment date?, Can I consolidate two Creditcorp facilities into one?.

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The term is the agreed length of time over which your company repays its Creditcorp loan. It is fixed in your offer and sits at the heart of how your repayments are shaped, so it is worth understanding how it was set and where to check it.

How your term is decided

When we assess an application, we look at the amount your company wants to borrow, the product chosen, and how the borrowing fits your trading pattern. The term we offer reflects that assessment. It is designed to give a repayment shape your business can sustain, not the longest possible period.

• The amount borrowed and the product (Creditcorp Flex or Slice)
• Your company's trading and affordability picture
• The repayment rhythm that fits your cash flow

Where to find your exact term

The precise term that applies to your facility is stated in your loan agreement and shown in your account dashboard. We deliberately avoid quoting standard term lengths here because the right figure is the one in your own offer.

Can the term change?

Terms are fixed once agreed, but in some circumstances a change can be requested. See our separate guidance on changing your term. Any change is at our discretion and confirmed in writing.

Creditcorp lends only to UK limited companies and LLPs for business purposes. To see how the products and terms differ, take a look at what we offer.

See also: Can I shorten or extend my loan term?, Will a top-up change my repayments or term?, What is a term loan?.

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Your current loan balance is always visible when you sign in to your Creditcorp account. The dashboard shows the outstanding balance on your facility, refreshed each time a payment clears, so the figure you see reflects where your company actually stands rather than where it stood at the start of the term.

What the balance includes

The headline balance brings together the capital your company still owes plus any interest that has accrued up to that date under the terms set out in your offer. For a Creditcorp Flex facility, it also reflects how much of your available limit you have drawn and how much headroom remains.

• Outstanding capital not yet repaid
• Interest accrued to date at the rate shown in your agreement
• For Flex, the undrawn amount still available to you

Keeping it accurate

Payments can take a short time to settle, so a balance may look momentarily unchanged immediately after you pay. Once the payment clears, the figure updates automatically. If your balance ever looks wrong after a payment has settled, contact our support team and we will reconcile it with you.

Creditcorp lends only to UK limited companies and LLPs for business purposes. As an exempt lender we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.

See also: Why has my balance changed when I have not borrowed more?, Can I pay my loan off early?, How much of my Flex limit is still available?.

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It can be surprising to see your loan balance move when your company has not drawn any further funds. In almost every case there is a straightforward explanation, and your statement will show it line by line.

Common reasons

The most frequent cause is interest accruing. Interest is charged over time on the capital outstanding, at the rate in your offer, so a balance can edge up between payments even with no new borrowing. The other common cause is a payment clearing, which reduces the balance once it settles.

• Interest accruing on outstanding capital
• A payment clearing and reducing the balance
• A scheduled charge applied under your agreement

Timing effects

Balances also appear to jump around payment dates. Just before a payment is collected the balance may look higher; just after it clears, lower. This is normal and settles into a clear downward trend over the term.

When to check with us

If a change is large, unexpected, or you cannot match it to a line on your statement, contact our support team with the date and amount and we will explain it. We would rather you ask than worry.

Creditcorp lends only to UK limited companies and LLPs for business purposes.

See also: Where can I see my current loan balance?, Creditcorp Flex versus Creditcorp Slice: which suits your borrowing?, What does outstanding balance mean?.

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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.

Creditcorp 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?.

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The fees and charges that can apply to your account — including anything relating to missed payments — are set out in your Business Loan Agreement. We will never apply a charge that is not in your agreement.

Whatever happens to your account, the total cost of credit is capped at 100% of the original principal, so charges can never push the amount you repay above twice what you borrowed.

If you are worried about missing a payment, contact us first. Agreeing a payment extension or arrangement in advance is almost always better than letting a payment fail — and if money is tight, see what to do if you are struggling to pay.

See also: Can I borrow again after repaying my loan?, Can I change my repayment date?, Can I consolidate two Creditcorp facilities into one?.

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Once your company has cleared its Creditcorp loan in full, you should expect clear confirmation that the facility is closed. Keeping that record is useful for your bookkeeping and for any future application.

What happens at closure

After your final payment clears and the balance reaches zero, we mark the facility as repaid and update your account dashboard to reflect it. We confirm the closure to you so there is no doubt the obligation has ended.

• Final payment clears and the balance reaches zero
• The dashboard updates to show the facility repaid
• We confirm closure to you

What to keep

Retain your closure confirmation and final statement with your company records. They evidence that the loan is settled, which can help your accountant and supports any later borrowing.

Flex facilities

With Creditcorp Flex, reaching a zero balance does not always mean the facility is closed; it may remain open with headroom available unless you ask us to close it. If you want a Flex facility formally closed, tell our team and we will arrange it and confirm in writing.

Creditcorp lends only to UK limited companies and LLPs; as an exempt lender, the Financial Ombudsman Service and FSCS do not apply.

See also: How do I update my company's bank details?, How do I change the bank account my repayments come from?, How drawdown works on your Creditcorp loan.

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