When am I eligible for a top up?
You could be eligible to apply for a top up loan once:
- You've made a minimum of between one and six repayments, depending on your individual circumstances
- You haven't had any missed payments in the last three months
- The balance of your existing loan is £7,000 or less
- You are able to afford the top up loan amount
To see if you are currently eligible to apply to top up your loan, log into your account.
You don't need to have cleared the balance of your original loan, because we would use the top up loan to settle the outstanding balance. However, you can't have more than one loan at once.
Here's an example of how a top up works:
Your current balance (money left to pay on your original loan) is £1,500.00. You apply for a top up of £5,000.00.
We will pay out £3,500.00, and use the remaining £1,500 to settle your existing loan. The starting balance of your new loan will be £5,000.
You can apply for a top up loan using either the same guarantor or a completely new one, as long as they are aged 18-75, haven’t had trouble paying their bills in the past, and can afford to make the monthly payments if you don't.
Before you borrow more money from us, we'll need to check that you can afford the new loan and go through our eligibility checks with you and your chosen guarantor.