Additional borrowing
If you already have a Bamboo loan and are considering borrowing more, there are a couple of options that may be available to you.
Your borrowing options are personalised to you and may change over time based on a range of factors related to your account. You can log in to your account to see what options are available to you.
Top-up your existing loan
A top-up allows you to replace your current loan with a new one, allowing you to borrow extra while keeping just one monthly payment.
If you are approved, we will close your current loan and open a new loan for the extra cash you need plus the amount needed to close your original loan. You will still have just one monthly repayment to make, like you do now. We will not increase the interest rate when you top-up and in some cases, you may even be offered a lower one.
The amount you can borrow will depend on your personal circumstances.
Benefits of a top-up
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Borrow more and consolidate into a single loan.
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Only one monthly repayment to manage.
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Flexibility to choose a new loan term.
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Your APR on a top-up loan will never increase in fact you may even qualify for a lower APR.
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Your existing loan will be closed and reported as settled to credit reference agencies.
Things to consider
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A top-up loan increases your overall debt and repayment period.
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Make sure the new repayment fits comfortably within your budget.
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The application for a top-up loan involves a full credit check and affordability assessment and will result in another hard search on your credit file.
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A top-up loan may not be the most cost-effective choice for additional borrowing. It is important to carefully assess and compare all available options.
You might be able to borrow more with a Bamboo top-up loan. If you're eligible, you'll see the option to apply under the "Top-up" tab in your online account. This typically becomes available after you have made more than 10 monthly repayments on time.
If you have any questions, you can contact our loyalty team and they will be happy to help.
If you are eligible, the extra cash you can borrow will depend on your personal circumstances.
We will only provide a loan if we view that it is affordable to you, but we cannot predict unforeseen changes in circumstances.
If you are eligible, you can apply for a top-up loan through your online Bamboo loan account.
A top-up loan involves completing a new application and fresh credit and affordability checks will be carried out as part of the application.
It is important to note that being able to apply for a top-up loan does not guarantee your application will be approved.
Apply for a second loan
Prefer to keep things separate? No problem! With an additional loan, your existing loan stays as it is, and your new loan will have its own payment schedule and interest rate.
Why choose a second loan?
- Keep your loans separate – with different monthly payments and loan terms.
- Different interest rates and terms – your new loan will have its own rate and repayment period.
- Greater flexibility – borrow additional funds without changing your current loan.
How does the application process work?
As with all applications, we’ll assess affordability and carry out a credit check to help ensure this option is right for you.
How many loans can I have at the same time?
You can hold up to two Bamboo loans at the same time. If you already have two loans and need to borrow more, a top-up may be the right option for you.
What checks are involved when I apply?
- A fresh credit check will be conducted when you apply for a top-up or second loan.
- Responsible borrowing and on-time repayments can positively impact your credit score over time.
- Approval is subject to affordability checks and lending criteria.
How can I apply for a second loan?
Your borrowing options are personalised and may change over time. The best way to stay informed is by logging into your online account.
If no borrowing options appear in your account right now, check back next month. As these options are specific to your account, our customer service team won’t be able to advise on when your borrowing options may change.
Finished paying off your loan?
If you've already paid off Bamboo loan and are looking to borrow more, head to our homepage and use the loan calculator to get a personalised quote in minutes.