2 min read
Definition
A settlement figure is the lender’s quote of everything owed to clear a facility on a specific date: the outstanding balance, interest accrued to that day, and any early repayment charge or exit fee.
In plain terms
It is the "close the account today" price, and it expires — pay a day late and the interest recalculates.
Why it matters for your company
Always request a settlement figure before refinancing so you compare like with like. Check whether early settlement saves money with the early repayment savings calculator.
Related reading
Outstanding balance
The outstanding balance is what you still owe right now — remaining principal plus any accrued interest and…
Read →Early repayment charge
An early repayment charge (ERC) is a fee some lenders apply when you clear a loan before the end of its term,…
Read →
Exit fee
An exit fee is a charge for closing or fully repaying a facility — sometimes separate from an early repayment…
Read →
Refinancing
Refinancing is replacing one or more existing debts with a new facility — usually to lower the cost, extend…
Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.