Which top up loan is right for me?

Taking out any loan is a big financial decision, so it's important you look over your options carefully.

Whether you decide to top up your current loan or take out a second loan, make sure you consider the following:

Current interest rates

The current interest rate you're offered will affect the overall cost of borrowing more money, so it's important to compare your current loan rate with any top‑up or additional loan options.

If the new loan has a higher interest rate than your existing one, topping up may be more expensive than taking out a separate additional loan. However, if you're offered a lower rate, a top‑up loan could be the more cost‑effective choice.

No matter which lender you choose, always look at the total cost of borrowing, including interest and any fees.

We use a soft search, which allows you to compare the cost of a top‑up loan versus an additional loan side by side, without affecting your credit score.

Loan term

How long you choose to borrow for will affect your monthly repayments.

Borrowing over a longer period can reduce your monthly payments, but extending the term usually means paying more interest overall.

If your priority is reducing the total cost, you may prefer a shorter repayment term to save on interest.

Loan management

You might find it more convenient and easier to manage just one repayment - even if it could cost you more in the long-run than managing two separate monthly repayments.