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Top Up Loans
Borrowing more with Novuna Personal Finance
Voted UK’s Best Personal Loan Provider for the last 10 years running
4.9 3545
4.9/5
Low rates from
7.4 % APR
Representative on £7,500 to £25,000
Representative on £7,500 to £25,000
Get access to the money you need, when you need it
If you already have a Novuna loan and wish to borrow extra, you could apply to replace your existing loan or open a second one.
Eligible Novuna Personal Finance customers may be able to arrange a top up loan, which involves replacing your existing loan with a new one. It will be an entirely new agreement which may carry a different interest rate and term to your current loan.
Here’s how a top up loan works:
- You’ll be able to see if you’re eligible for a top up loan in the Novuna Personal Finance app or online account. You can also call our team on 0344 375 5500 to check your eligibility.
- Submit your top up loan application form. This involves a soft search, so you will receive a personalised interest rate with no impact on your credit score. This APR will be unique to the new loan which means it may not be the same as your existing one.
- If you choose to go ahead with the top up loan, we’ll set up a new loan to cover the amount of your existing loan and the extra amount you want to borrow. We’ll then settle your existing Novuna loan and release the additional funds to your bank account. You’ll continue to only have one loan (and just one fixed monthly repayment) to think about.
For example: let’s say you have £10,000 settlement quote on your current loan, including any early settlement charges, and want to borrow an extra £5,000. We’ll open a new loan for £15,000 and use £10,000 of this to close your original one. You’ll then be given the remaining £5,000, though you will need to repay £15,000 in total plus interest over the agreed loan term.
You may wish to take out a separate loan to borrow the extra money you need. This involves applying for a new loan that you’ll manage in addition to your current loan. It’s likely your new loan will carry a different APR to your existing one and could also have a different term.
Here’s how an additional loan works:
- Apply for a new Novuna Personal Finance loan for the extra money you need.
- If accepted, you’ll be offered an APR that’s unique to the new loan. This may differ to the interest rate on your existing loan.
- You will make your new loan repayments in addition to your existing loan repayments until both agreements are settled.
For example: let’s say you have a £10,000 settlement quote on your current loan and want to borrow an extra £5,000. You could apply only for the additional amount and, if accepted, the funds would be deposited into your account within two working days. You’d then make two separate monthly repayments each month.
Am I eligible for a Novuna top up loan?
To be eligible to apply for one of our top up loans, you must:
- Meet all of our standard eligibility criteria
- Have just one existing personal loan agreement with Novuna Personal Finance
- Have made six consecutive monthly loan repayments for your existing loan
- Use the same bank details as your existing loan
- Have managed your loan well (i.e. not been in arrears)
Do remember that meeting our eligibility criteria does not automatically guarantee you will be accepted for a loan. We take into account a number of factors during the decision-making process, including assessing your credit history and affordability.
Check your eligibility
Download the Novuna app
Head to the Novuna Personal Finance app to find out whether you're able to top up your loan.
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Login to your account
Find out whether you can apply for a top up loan, and manage almost all other aspects of your account online. Register and login here.
Contact our team
Call our Customer Experience team on 0344 375 5500. Lines are open between 9am to 6pm, Monday to Friday (excluding bank holidays).
Top up loans FAQs
- Which top up loan option is right for me?
- Will a top up loan affect my credit score?
- What are the pros and cons of a top up loan?
- Can I change my mind if I top up my loan?
Which top up loan option is right for me?
Taking out any loan is a big financial decision, so it’s important you look over your options carefully. Some things to consider are…
- Interest rate
The interest rate you’re offered will impact how much it will cost to borrow any extra money. So always compare the costs between your current loan and any top up or additional loan.
If the interest rate of a new loan is higher than your current loan then it could be more expensive to top up your loan (which would involve paying more on the amount you originally borrowed too) than it would be to take out an additional loan and make two separate monthly repayments.
On the other hand, if you’re offered a better rate for the additional borrowing, you may find it more cost-effective to get a top up loan than taking out an additional loan.
Always consider the full cost of borrowing money, including the amount of interest you’ll pay in total plus any additional fees or charges.
Use soft search to compare your options. With our soft search feature, you can find out the cost of a top-up loan versus taking out an additional loan with no impact on your credit score. The total cost of borrowing is displayed side by side, giving you a simple and convenient way to compare the cost.
- Loan term
How long you want to borrow money for will affect your monthly repayment too. If you’re applying for extra money but want to keep your monthly repayments down, you may choose to borrow for longer and spread the cost.
However, if your priority is paying less overall, you may choose to save on interest by shortening the repayment period when you top up your loan.
- 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.
Will a top up loan affect my credit score?
Initially, a top up loan involves a soft search which allows you to find out the cost of borrowing and compare your options before committing to a hard search. A soft search won’t affect your credit score. We’ll just review the information you’ve provided and take a look over your credit report to help us check your eligibility and decide what interest rate we’ll be able to offer you.
If you do decide to go ahead, though, a top up loan involves the same checks as a new loan. This means applying for a top up loan will involve a hard credit check which may have a short-term impact on your credit score.
If you go ahead and take out a top up loan, this will appear on your credit report as a new loan and your existing loan will be marked as settled. If you take out an additional loan, both your new and existing loan will show on your credit report. It’s also worth noting that any additional borrowing will affect your debt-to-income ratio, which could have an impact on the amount you’re able to borrow in the future until you pay off some of your existing debts.
Any changes to your credit report will likely have an impact on your score. Though, ultimately, it’s how you manage your debt that will have the biggest difference. Our guide on how personal loans impact your credit score tells you more.
What are the pros and cons of a top up loan?
Some of the benefits of a top up loan are:
- Find out how much a top up loan could cost with no impact on your credit score
- You could borrow the extra money you need quickly. In most cases, we’ll be able to give you an instant decision.
- You may have a higher chance of acceptance when you’re invited to apply for a top up loan with us, as we’ll know the loan amount you currently have will be settled.
- It gives you an opportunity to agree on new terms, such as how long you borrow money for. This could be beneficial if your circumstances have changed since taking out your original loan.
- Your repayments will always be fixed, so the amount you pay each month won’t change. This can help you to stay on top of your finances.
- Choose your repayment date in the app or your online account. This is particularly handy if you choose to take out a second loan, as you can choose for both loan repayments to be made on the same day each month.
- It’s simple to repay your loan, in part or in full, at any time.
The main disadvantage of a top up loan is it will increase your overall debt (and most likely increase your monthly payments too) so you must be sure you can comfortably afford the new repayments.
You may wish to extend the loan term to bring your repayments down, though be aware that you could end up paying more interest in total this way. This also means you’ll be increasing the amount of time you have a loan with us.
Can I change my mind if I top up my loan?
You will have a 14-day Right to Withdraw period, during which time you’ll be able to withdraw your top up or additional loan agreement. However, if you do decide to cancel your loan, you won’t be able to get your original one back and you will need to repay the full balance within 30 days (which includes the original loan amount plus any additional borrowing). If you decide to cancel your agreement after the cooling off period, you will need to settle your loan in full and up to 58 days’ interest will be payable.
Remember, you also have the option to make unlimited free overpayments on Novuna personal loans. So if you find yourself in a position to repay an additional amount early, you’ll be able to do so on the app or online.