Can I Increase
My Current Buddy Loan?

A: This is a good question, and it may be possible to have a "top up" loan with Buddy Loans, however, there are a few factors involved as customers are only allowed one (1) loan at a time with Buddy Loans.

* How long have you had your current Buddy Loan:
How long have you had your current Buddy Loan and how has that loan been paid?

We usually require three (3) or more payments prior to considering a top up loan, which would be a loan increase.

* The current balance on your Buddy Loan and how much more are you looking to borrow:
We need to look at your total debts and who you owe and how much you wish to borrow, so we can calculate if you can afford the higher loan amount. In addition we will ask as to what the increased loan amount is to be used for.

As we only allow customers of Buddy Loans to have one (1) open loan at a time, the current loan you have would be incorporated or paid off by the new loan or topped up.

How this works is a new Buddy Loan is granted, which pays off the old Buddy Loan, and has the higher loan value incorporated in it.

An example of a top up Buddy Loan may be this:

You have an existing loan with Buddy Loans that has a balance of £3,000. You wish to borrow £2,000 more.

Once your new loan of £5,000 is approved, the old Buddy Loan is paid off, and the remaining balance after paying off your previous Buddy Loan, will be paid into your guarantor's bank account, just like your first Buddy Loan was handled.

The new loan will be under the revised terms and conditions and interest rate we will have outlined to you in your contract.

What we will look at in order to grant your request for a loan top up is:

* Affordability: Your ability to repay the increased loan amount, and higher monthly payment.

* Your guarantor(s): Is your guarantor OK with you increasing your loan amount, and are they willing to sign as guarantor again.

Q: Can I have more than 1 Buddy Loan at a time?

A: While we will consider a "top-up" loan paying off an existing Buddy Loan, and lending more money, this is still only one loan. Buddy Loans does not loan multiple lines of credit or loans.

Q: What interest rate and terms will I receive on my new top up Buddy Loan?

A: The terms and interest rate for your new top up loan will be discussed and clearly explained to you as we process your new loan application.

Q: Do I have to accept the new top up loan if it is approved?

A: No, you are not under any obligation or cost to accept or decline the new top up Buddy Loan. You can just continue to make the payments on your existing Buddy Loan.

Benefits of a Buddy Loan

  • Easy online application
  • Quick approval
  • Money in your account within 24 hours (in most instances)
  • No deposit required
  • No upfront fees
  • Loan can be for any purpose, to buy a car, consolidate bills, repairs, home improvements
  • Competitive interest rate
  • Loan can be paid back over 60 months (5 years)

Apply today and have your loan tomorrow!


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from 0 to 10

Representative Example


36 months

£158.57 p/m

Total Repayable

Interest Rate
41.16% (fixed)

Representative 49.9% APR.

Terms and Conditions apply. Suitable Guarantor required. All loans are subject to status and affordability checks prior to approval. All applicants must be 18 or over.

Minimum period for repayment: 12 months | Maximum period for repayment: 60 months | Minimum APR 49.8% | Maximum APR 49.9%
Representative example: Amount of credit £3,250 for 36 months. Interest (fixed at 41.16%): £2,464.57. Total amount payable of £5,714.67. Representative 49.9% APR (Variable). 36 repayments of: £158.57.