2 min read
Definition
The total amount payable is principal plus all interest plus every compulsory fee, summed over the term. It cuts through headline rates, flat rates and factor rates because it is denominated in pounds you will actually pay. It is the truest basis for comparing two offers.
In plain terms
It is the bottom line — what leaves your account in total. A lower rate on a longer term can carry a higher total amount payable.
Why it matters for your company
Always compare offers on total amount payable, not the quoted rate. Work it out with the true cost of borrowing calculator. See total cost of credit.
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See indicative terms on business loans, or apply online in minutes.
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Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.