Credicorp

How is interest charged on my UK business loan?

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.

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.

If you would like a current breakdown of interest and balance, request a statement of account. 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.

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Statement of account 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. Plain-English pricing explainer 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. What does the SECCI / Key Information Sheet cover for a UK business loan? The Key Information Sheet (KIS) for a UK business loan is the plain-English summary given before you sign. It sets out the rate, fees, total amount… Can I top up or extend my existing business loan in the UK? A business loan top up or term extension is a new lending decision, not an automatic change. We assess the company's affordability afresh and, if… Can I refer a friend? Yes. Referrals from existing customers are welcome and we publish the current referral terms in the portal. There is no pressure — we only want referrals… What does APR mean on a UK business loan, and how is the cost shown? What APR means on a UK business loan: APR is a regulated consumer-credit measure. For business lending we show the total cost of credit and a simple… What happens if I cannot connect my bank? You can upload PDF bank statements instead. The decision uses the same information; it just takes a little longer because the statements need to be… Can I pay my business loan off early in the UK? Yes. You can pay a UK business loan off early at any time. Request a settlement figure and we will confirm the amount needed, including any…

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