Want to borrow more?
You've got a couple of options. Double check your budget to make sure you can afford both the combined monthly amount and the total repayment. If that all sounds good, let's look at the options:
Apply for a new, separate loan. You’d have two repayments and two separate repayment amounts and dates. That’s where the budgeting comes in — make sure the extra repayment and total amount fit with your other financial commitments.
Combine your existing loan with your new one. That means borrowing enough to pay back what you already owe, as well as to provide the extra money. Remember that there will be an early repayment charge with this option*, so find out what that will be and factor it into your planning. You’ll end up with one loan, one monthly repayment and one total repayment amount.
*Bear in mind: Repaying your loan early will incur up to 58 days of additional interest on the amount you repay. But don't worry - we'll make sure you know exactly what the full repayment amount will be before you commit.
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All loans are subject to status and eligibility and you must be over 18 and a UK resident to apply. The interest rate we offer you is based on your loan requirements and individual circumstances. The minimum rate we offer is 2.9% APR and the maximum rate is 28.9% APR.
Popular questions about loans
That’s totally up to you — we like to keep things flexible so you can pay extra when and if you want to. It’s important to remember, though, that anything that reduces the overall time of your loan will create a cost for early repayment. More about that later.
You have three early repayment options:
- Pay everything.
- Make one (or more) extra payments to reduce the overall amount you owe.
- Make one (or more) extra payments to reduce your monthly payments.
All three options mean we count up some of the interest we'll be losing (up to a maximum of 58 days' worth, starting from the day you tell us you want to pay more). Not sure how that works out for you? No problem — just give us a call on 0800 707 6471 and we'll talk you through your options and all the numbers involved.
Before we answer that, it’s important to say don’t panic. If you know in advance that you might struggle, get in touch right away. We know things don’t always go smoothly in life. We don’t want to add to your stress, and we’ll do everything we can to help you through.
If you don’t get in touch, and end up falling behind on repayments, it’ll cost you more in the long run — financially and emotionally. Missing or late payments can result in:
- Extra interest charges.
- Added charges for late or missed payments. You can find information about those in your loan agreement.
- Court proceedings leading to an order to pay us back (called a Judgment) as well as extra interest and charges.
We don’t want it to come to this for any of our customers. But if we don’t hear from you, we have to take measures to get the money back, and that means it’ll cost you more, because we can increase both your usual monthly payment and the overall amount you owe. It could also have a negative effect on your credit rating, which could cause problems if you need to borrow again in the future.
Always remember we’re here to help in any way we can. If you’re worried about your repayments for any reason, get in touch on 0800 141 2261 8am to 9pm Monday to Friday and 8am to 5pm on Saturdays.
Fancy a chat?
Our team is here to answer your questions, talk through your needs and help you through the process.
0800 707 6471
(+)44 141 951 7320 if calling from abroad
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