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There are times when after you have just taken out a loan, you realized that you are still a little short of funds. When this happens, you’d generally wonder whether it is a good idea for you to borrow more on your existing loans. Below are some options that you might want to consider.

Topping up a loan

A top up loan is where you already have an existing loan and you decide to borrow more on top of the loan attached to you. This means that you’re going to have to take out a new loan that is enough to pay for the existing loan along with how much it is that you wish to add to your borrowing. The old loan will then be paid off and you get the top-up amount.

For instance, you have an existing loan at £5,000 and you want to top up £10,000, £5,000 will be used to pay off your existing loan and you will get the £5,000. The old loan will then be closed and you will be given a new term for the new loan. How much the loan will cost you, interest-wise, would depend on the top up amount. It will also depend on the term that you will choose. It’s important to understand that this is a loan on top of another loan so expect that the interest rates may be a little than what you were offered for the old loan.

Be aware that since this involves closing a existing loan before its term, there is a very good chance that you might have to deal with early repayment fees.

Running two loans side by side

There are also lenders that may allow you to take out another loan while you still get to keep the existing one. This results in you paying off two loans. The old loan is still going to have the same repayment terms so whatever your interest rate was then will be the same. You’ll be given a new repayment term for the new loan though, which is likely to be more expensive compared to the earlier one.

However, since you get to keep the old loan and you are not closing it before its term, this means that you will not be subject to any early repayment fee. This is ideal if you want to avoid having to pay for any additional costs.

The chances of getting a loan approved when you do not have a job are always slimmer. Lenders would be a little hesitant to lend you money when they find that you do not even have a regular job to begin with. Lenders want assurance that if they will lend money, they can be paid back. Without a regular job, convincing them that you can, will be a little challenging. 

Still, it shouldn’t be the end of the world for you if you do not have a job. These days, with more lenders offering their services, a number have crop up that offer more flexibility in terms of the loans they are offering. What used to be really rigid rules on borrowing are slowly becoming more flexible over time to pave the way for the less ideal borrowers and to let them access to extra cash as long as other eligibility requirements are met. 

Other income sources

Despite having no job, you can still get approved for a loan as long as you can show proof that you have some other form of income. Whether you are receiving government benefits or income from a business, lenders will look into this to assess whether you can afford to pay back what you plan on taking out.

Expect high rates

Since you are taking out an unsecured loan, expect that the lenders will subject you to more expensive rates. The reason for this is that you don’t have a regular income source, to begin with. Lenders will consider you a risky borrower. Borrowing money is always going to be more expensive for people who may not be in the best financial circumstances.  

Other factors that could help approval

If you are self-employed, lenders are going to consider that. They will likely need documents to support that though so make sure to have all the papers ready. If you have assets that generate income, lenders will also look at you more favourably. It would help too if you have a good credit history especially for loans you may have taken out in the past. 

Payment Method?

Once funds are available, we send it directly to your checking account that is registered during your application. You should be able to receive the funds in a just a few minutes to an hour. No need for complicated documents or extra requirements. We’ll send it right away.

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