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.
Buddy Loans is a direct lender £1000-£7500 +441618504141 Alexandra Court, Carrs Road, Cheadle, SK8 2JY rated stars by Trustpilot.com based on 1128 merchant reviews
Always helpful, reliable and will go out of there way for customers, never had an issue an this is my second loan with them Same great service each time!
Great Company, the communication from start to finish was great, my loan was quickly approved and I received the full amount within 48 hours. I highly recommend Buddy Loans to anyone looking for a guarantor Loan.
Great customer service
I dealt with 2 people mainly and they were soo helpful. Couldnt ask for better customer service.
Very helpful, everything was explained to me and I was asked if I understood each step. Good communication and all callers very friendly. The loan will take a lot of worry off my daughter and I was happy to be her guarantor.
I found them very polite and helpful, they quickly and efficiently sorted out my loan and kept me up to date with its progress. Daniel in applications was brilliant as was Paul in the underwriting team. Thoroughly recommend them!!
Prompt and fast payout
A very professional firm with very little paperwork involved all done and completed within a week. Faultless.
I was a guarantor
These were great. Polite, professional and had a genuine concern to ensure all was explained. I was the guarantor for a good friend and know these guys helped him so much.
Excellent friendly helpful service
Every person I spoke to was very friendly and helpful and they were very knowledgeable about their product would recommend to anyone looking for a loan
Amazing service and very easy and simple process
Amazing service and very easy and simple process. Thank you very much. Would highly recommend. Staff were great very friendly and very informative about everything
From the initial application online right through to the pay out team, brilliant! Easy online application followed by a prompt call back. The whole process was explained thoroughly by a friendly team. Can't thank Buddy enough!!
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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.