What reasons would you decline a top up?

Gophur (1 year ago)

My circumstances haven't changed?

FLM Loans (7 mths ago)

At FLM we believe in rewarding you for being committed to paying your existing loan agreement on time, which is why the top up is available.

 

FLM staff always look to pay out a loan and to top up a loan, at every possible opportunity - where many financial organisations look for a reason to decline an application, we look for the good things and reasons to pay out the loan wherever we can.

 

If your guarantor's circumstances (e.g. their status as a homeowner) had changed when applying for a top up, then a new guarantor would be asked for (this would be prior to a credit check being submitted).

Apart from that, there are only a few reasons why a top up loan would not be authorised:

  1. If there is anything which has appeared on your guarantors credit file that shows a poor track record of credit usage (or a change of financial circumstances since they stood as guarantor for you before), then we may feel it would be irresponsible for us to make the situation worse by accepting them as a guarantor for a further top up, and burdening them with more financial responsibility.
  2. If any late payments have been made to FLM on your current loan.

Believe me, there is no one who hates rejecting loan applications more than us, but we have to make sure that applicants and guarantors do not take on responsibility that we know will put them in a difficult financial situation in the future.

As long as the above financial circumstances haven't changed, and your repayments have been made to us on time, we will have no problem in authorising your top up loan.

Have a look here to find out more about the top process.

Comments (16)

shaz 4862 (9 mths ago)

I need a new gaurantor for my top up. Will this slow my application down?

FLM Loans (9 mths ago)

We perform the same checks on a new guarantor as we would on an existing guarantor (as we would need to make sure they still meet the crtieria second time round) it shouldn't slow down your application if you use a different guarantor.

mark 148 (9 mths ago)

hi yes i think i made a mistake,when you offered me the loan for 3000,i didnt think i could pay it,so i got a loan of 1750,but ive had a rise in my money,and i wish i did take the 3000 now,is there anyway we can up my loan to 3000,i bought myself a car which im made up with,but i really wanted a holiday aswell,so can you please help me thanks.

FLM Loans (9 mths ago)

If your loan has already been paid out then we wouldn't be able to increase your loan until you're eligible for a top up. (Normally 12 months, but it depends on how long you have your loan for)

Unknown 123 (8 mths ago)

'' If any late payments have been made to FLM on your current loan.
''

Does this apply to the entire loan ? I made a late payment back in 2008 simply due to an error with changing banks , i have made all payments on time since then, do you think this is justified to reject a loan ?

Thanks

FLM Loans (8 mths ago)

We can't accept any late payments on a loan. Late payment charges should never occur, we hate adding them but its necessary to cover the work we do trying to get your loan back on track. If you were in the process of changing banks and couldn't pay, then your guarantor should have been able to pay for you as agreed.

Yana (7 mths ago)

Hi, it states on my home page that my account is squeaky clean, why am I then not eligible for a top up?

Kind Regards

Yana Steel

FLM Loans (7 mths ago)

Hi Yana,

As you have made your12 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 all right.

Thanks

Steve (6 mths ago)

Hi there. I have just applied for a top up loan. My gurantor would like to know does she need to have anything to hand ready for when you phone her. Last time she was running round the house trying to find different documents and statements. Nothing has changed with her circumstances since the last Loan 12 months ago. Also will you need any copy's of I'd this time? Many thanks

FLM Loans (6 mths ago)

Hi Steve,

The call we go through with your Guarantor will be much the same as the previous Verbal Contract. So we will need to confirm bank account & debit card details as well as asking a few questions about income and expenses. All in all it shouldn't take longer than 10 minutes. Also if yourself or your Guarantor supplied ID for the original loan, then we should still have that on file, so it's unlikely you would have to send any new documentation in.

Adam Segura (5 mths ago)

Hi

I have been told via the website that I am squeeky clean but don't seem to be eligible for the top up loan - I have made more than 12 payments. Please can you advise? Many thanks

FLM Loans (5 mths ago)

Hi Adam,

It's great that your account is squeaky clean, but you need to make 12 monthly payments in order to qualify for a top up. This doesn't include any extra repayments you have made on top of your monthly amounts. After you have made your 12th payment, the option to topup will appear on your online account :)

Hope this helps!

Harris1989 (3 mths ago)

Hi i have paid 12 monthly payments and was looking
To top up my loan from £3000 to £5000 after
Paying off what is left of my £3000 loan after 12 payments
What will I be left with?

Kind regards.

FLM Loans (3 mths ago)

Hi Harris1989,

If you've made your 12th payment on time already, then you can log in to your account at www.flmloans.co.uk to apply for a top up of up to £5000. You can also view your current balance on your account.

The amount you will receive by topping up your loan equals the amount you apply for minus the amount of your current balance.

Thanks

suzannem 346 (3 mths ago)

If I have already had a top-up on my loan after the 12 month period, do I have to wait a further 12 months to be eligible again, or is £5000 the maximum loan amount?

FLM Loans (3 mths ago)

Hi suzzannem 346,

If you already have a top up loan and want to top up your loan again, you will have to fullfill the same criteria as before: 4 payments on time for a 12 months loan; 8 payments on time for a 24 months loan; 12 payments on time for a 36+ months loan.

Also, £5000 is the maximum of what you can top up your loan to.

Thanks


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