I've paid my loan back in full early, why can't i see the top up option?
Rhi9999 (1 year ago)
I paid my loan back early, and in full - but can't see an option in the My Loan section to apply for a top up??
FLM Loans (10 mths ago)
The only time you're eligible for a top-up is if we receive the minimum amount of payments for your previous loan term on time from you. If you paid your loan off early, without making enough monthly payments, you won't be able to qualify for a top-up. Reason for this for example, is that we choose 12 payments, over 12 months, to show us, and you, that you can afford the repayments without leaving yourself short. A year is a good amount of time for you to gauge whether you will be able to comfortably afford the increased monthly repayment that comes with a top-up.
Remember for a:
12 month loan - 4 minimum payments
24 month loan - 8 minimum payments
36+ month loan - 12 minimum payments
If you do need more money, and your previous loan has been paid off, all you need to do is apply for a new one. Couple of things to remember though, you can only go up to £3000, and you will still need to provide us with a guarantor.
Comments (4)
FLM Loans (1 year ago)
as it mentions above, you have to make the correct number of monthly installments in order to qualify for a top up. If you make a payment early, this wouldn't be classed as a monthly repayment, it would just be an extra payment and you would still need to make a payment on your correct repayment date in order to be eligible to apply for a top up.
jo (10 mths ago)
i have paid 12 month instalments on time everytime but still dont have the option to top up, why?
FLM Loans (10 mths ago)
Hi jo,
As you have made your 12 monthly repayments on time, you are eligible for a top up of your current loan where you can borrow anything up to £5000 (Whatever amount you decide to borrow, pays off your existing loan and you will receive the amount left over.)
All you need to do now is log in to your online account at www.flmloans.co.uk and fill out the top up application. Remember, it can take a few days from your qualifying payment for the link to show up on your page because we need to make sure that your qualifying payment has been settled definitely.
Thanks
byrne0906 (1 year ago)
Can you help me, I thought I read somewhere on your website that if you pay your last monthly instalment early it would give you the option to top up your loan. Is this not correct?