We've recently made some changes to our top up policy and our criteria. Let me enlighten you on what's been updated and how to check if you're eligible to apply.
Why change it?
We review our top up criteria, much like any other process within our business, on a regular basis. This is to make sure we’re constantly adapting as we learn and continue to make lending decisions that are responsible and affordable for our customers.
There are a couple of things we’ve changed to our top up criteria. Firstly, you'll need to have made 12 months of payments on time and had no changes in your financial circumstances to be able to apply for a top up. Secondly, we have put a limit on the number of top up loans a customer can have - which now means you won't be eligible to apply for another top up if you've already had two or more top up loans in the past.
It’s important our customers can comfortably afford their loan repayments along with their other financial commitments and priority bills. These updates to our criteria help us to make sure a top up loan is right for you and wouldn’t cause you any financial difficulty.
Checking your eligibility
The easiest way to check if you’re eligible to apply for a top up is to go to your online account or via the Amigo app, where you’ll find an up-to-date status on your top up eligibility.
It's important you keep your information on your account up-to-date, this includes your bank details as well as your personal details. Keeping this up to date means we’re able to give you the most accurate information on whether you're eligible to apply for a top up.
A quick summary for you
To be eligible to apply for a top up loan you must:
- have made 12 successful monthly payments
- had no negative changes in your financial circumstances
- have not already received two or more top up loans in the past
If your loan is up to date and you’ve not had any issues maintaining your payments on time, you could be able to apply for a top up. Just remember, it’s down to your individual circumstances and we can’t guarantee if you’ll be eligible. You may be able to use your current guarantor or you may need to find a new one. Either way, they’ll need to meet our criteria and be able to afford the monthly payments.
If you ever have any questions regarding your top up eligibility, you can check out our guide. Alternatively, you can always get in touch by phone or email, and one of our agents will be happy to help with your queries.