Each line on your Creditcorp statement is a record of money moving in or out of your facility. Understanding what each charge represents makes reconciliation straightforward and helps your accountant post entries correctly.
Business Loan — fixed repayments
On a Business Loan you see a series of scheduled repayments, each of which covers a portion of the principal and a portion of the total cost of credit. Because the loan has a fixed term and fixed payments, the total you will pay is agreed upfront and does not change if you pay to schedule. The interest element within each payment is shown separately so you can record it accurately in your accounts.
Flex — interest on drawn balances
The Creditcorp Flex revolving credit facility charges interest only on the amount you have drawn, and only for the days it is outstanding. Your statement shows each drawdown, each repayment, and then the interest accrued for the period. If your balance moves during the month, you will see multiple draw or repay lines before a single interest charge at the period end. There is no charge on undrawn headroom.
Slice — the flat 6% fee
Creditcorp Slice spreads a specific business bill across 3–4 weekly instalments. The cost is a flat 6% fee applied once to the bill amount — there is no compounding interest. Your statement shows the original bill value, the fee charged, the instalment schedule, and each payment made. The total you pay is always the bill amount plus 6%, split across the agreed instalments.
Other lines you may see
- Drawdown — funds sent to your nominated business bank account.
- Repayment — a payment received from your company.
- Adjustment — a correction applied to the account; if you see one you did not expect, contact support.
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 do I download a statement for a specific month?, What counts as interest paid for your Corporation Tax return?.