Will a top up loan affect my credit score?

When you check your top up options, we carry out a soft search. This helps you see your potential rate without affecting your credit score.

If you decide to apply, we'll then complete a hard credit check just like with a new loan. A hard search may have a short term impact on your credit score.

Once your top up loan is approved:

• A top up loan will show as a new loan, and your existing loan will be marked as settled
• An additional loan will show alongside your existing loan on your credit report.

Because any extra borrowing increases your overall debt, it may affect your debt to income ratio, which can influence how much you're able to borrow in the future.

Your credit report may change as a result, but the biggest factor in your long term credit score is how well you manage your repayments.