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What is a Bamboo top-up loan?
A Bamboo top-up loan is for existing customers who would like to borrow some more money.
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. To make things simple, you will continue to have just one repayment with us every month. We will never increase the interest rate on a top-up loan and many of our customers are even offered a lower interest rate. The extra cash you can borrow will depend on your personal circumstances.
Key highlights
- Borrow additional funds and consolidate them with your existing loan.
- Only one monthly repayment to manage.
- Flexibility to choose a different loan term to your existing loan.
- Your APR on a top-up loan will never increase in fact you may even qualify for a lower APR.
- Your existing loan will be closed and reported as settled to credit reference agencies.
Important considerations:
- It is essential to ensure that you can comfortably manage the loan repayments without jeopardizing your financial stability.
- A top-up loan will increase your overall debt and the time required for full repayment.
- The application process for a top-up loan involves the same rigorous checks as a new loan application and will result in another hard search on your credit file.
- 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.