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At Bamboo, we’re very excited to be launching a new product – the chance to top up an existing loan. With our Bamboo top up loan you may be able to borrow more money from us . If you’re not sure what a top-up loan is, you can get yourself up to speed with our quick guide to additional borrowing. In a nutshell, a top-up loan is a type of loan enabling existing customers with a good payment record to borrow more money.
For instance, if you have an unsecured loan of £4,000, you might be eligible to top up existing loan amount to £5,000, which means that you will have additionally borrowed an extra £1,000. The £1,000 you’ve additionally borrowed will be added to the balance you have to repay.
Here’s what one of our customers who has gone through the top up process has to say:
“Second time round of using Bamboo for a loan and still very impressed with how simple and quick the whole process is. The application form is clear and easy to follow. Once confirmation of eligibility has been provided (best feature in my view), you simply provide a few more additional details and and then submit the form for a final decision. Once approved, loan payout is within 24 hours providing peace of mind and allowing you to get on with other priorities in your life. No complaints and very much recommended.”
Topping up an existing loan:
How much can we top up an existing loan by?
If you’re a Bamboo guarantor loan customer, the maximum loan amount you can borrow is up to £8,000 including the top up and if you’re a Bamboo unsecured loan customer, the maximum you can borrow is up to £5,000. The amount you are eligible to top up by will depend on a number of factors including how long you have had the existing loan and how much you can comfortably afford to repay.
Who can top up an existing loan?
As with all borrowing, topping up an existing loan is subject to checks. We will check your repayment history and your personal situation to check that you can afford repayments. If you’ve missed any payments on your current loan, it is unlikely we’ll consider you for a top up loan.
Will the APR change if I take out a Bamboo top up loan?
We won’t increase the rate you pay, and you could even be eligible for a preferential rate product – call us on 0330 159 6011 to find out. All our loans are based on a fixed repayment term with affordable monthly repayments.
How can I apply for a Bamboo top up loan?
To top up an existing loan, simply give us a call on 0330 159 6011 between 8am and 8pm Monday to Friday and between 9am and 2pm on Saturdays.
From there, one of our personal loan experts will talk you through the whole process. They can answer any additional questions you might have and tell you whether you’re eligible to top up your existing loan.
- Author The Bamboo Team
- Posted 2 November 2017