if i pay off my existing loan in full can i apply for a new larger one?
kerrylh (12 mths ago)
I currently have an open loan. However, if I pay this off in full will I be able to apply for a new larger one and if so, how long should I wait being completing the application? Thanks
FLM Loans (10 mths ago)
If you pay your loan off early, then yes you can apply for a larger loan, or a top up. As long you have made the correct number of payments to be eligible for a top up, before you settle your loan. The application for a top up must be made within 12 months of your loan being settled.
The application for a top up is the same as applying for a new loan. We have to complete the necessary checks to make sure your guarantor is suitable, or still suitable if you're using the same guarantor. The application can be done online to speed it up as much as possible.