A Top Up is a facility we can offer to customers who have a proven track record of controlling their finances and sticking to their monthly repayment plan. It allows these customers the option to borrow more cash during the term of their existing loan.
If you’d like a Top Up, for anything from covering the costs of home improvements to a new purchase, you can apply for one at any time. Provided that one third of your payments due have been made, or the required amount of monthly payments has been met; (see below), we’ll be happy to help.
As with all of our loans, any additional borrowing is subject to meeting our credit worthiness and affordability criteria.
You may also be able to top up your loan if your outstanding balance is less than £4500. Once you reach that amount or less left to pay, you can apply for a top up.
To be sure that extra borrowing is right for you, you’ll need to meet the criteria below. This is also subject to credit worthiness and affordability assessments.
12 month loan - 4 monthly consecutive payments with no late payments
18 month loan - 6 monthly consecutive payments made on time
24 month loan - 8 monthly consecutive payments made on time
30 month loan - 10 monthly consecutive payments made on time
36 month loan - 10 monthly consecutive payments made on time
42 month loan - 10 monthly consecutive payments made on time
48 month loan - 10 monthly consecutive payments made on time
54 month loan - 10 monthly consecutive payments made on time
60 month loan - 10 monthly consecutive payments made on time
If your personal circumstances or needs change during your loan, we offer lots of ways to help. We can make changes like rearranging your repayment dates, offer you a top up facility or arrange early settlements with no hidden fees. If you’re ever in difficulty meeting your repayments, please contact us right away. We’ll do everything we can to help.
If you decide that you’d like to top up your loan, we’ll first generate a settlement figure. This will reduce the remaining balance of your current loan. Your new top up loan will be used to clear the balance of your current loan, and what’s left after that settlement is yours. Most customers continue with the same guarantor but if you need to provide a new one, it's still a simple process.
We're committed to providing you with peace of mind by offering this option, reinforcing that we’re there when you need us. Many customers have already topped up their loans to help manage unexpected expenses.
So, if you need a little extra we’re only a call away. If you wish to top up your current loan or simply discuss your options, just call our team on 0330 1200 313** or email on us info@1plus1loans.co.uk. We’ll be happy to talk you through your options.