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Top up loan...does anyone know?

Caseyface
Caseyface Posts: 313 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Loans
Does anyone know if Lloyds Tsb allow you to top up an existing loan?

Thanks

Comments

  • Cash_Flow
    Cash_Flow Posts: 1,103 Forumite
    Caseyface wrote: »
    Does anyone know if Lloyds Tsb allow you to top up an existing loan?

    Thanks

    Yes they do, you need to apply in a branch or over the phone.

    Please don't apply online as the system can not process "top up loans";)
  • Caseyface
    Caseyface Posts: 313 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thanks for that Cash :D

    I'll give them a call to go and see someone at my local branch :)
  • naijapower
    naijapower Posts: 1,393 Forumite
    Yes. most high street banks do top up loans.
  • Typhoon2000
    Typhoon2000 Posts: 1,180 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It will mean paying off your existing loan (sometimes with a small penalty) and taking out one for the new amount, normally at a rate not as favourable as one you may have got a few years ago.
    They keep inviting me to borrow more and its in the small print.
  • naijapower
    naijapower Posts: 1,393 Forumite
    Well, in some cases, the new rate is more attractive and it could save you money
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