Loan Question

getmoney_2

I've one month left to finish paying off a loan 12 month term (never missed a payment) and now need another for various private reasons on a 36 month term basis once the initial one ends.

Just asking if anyone has had any experience doing so, is it as simple as calling up my existing loan company and asking them? do they just extend the existing agreement and i sign a new contract?

Also will having a loan with this company (sainsburys) ensure i get a better rate if i stay(extend) with them seeing as i have showed the ability to repay?

Thanks

Takeaway_Addict

The fact you have paid it of without fail is a good sign but obviously the amount you require and your current wage are all factors for a new application.

I personally would use a loan comparison site and apply for the best rate from there, unless you believe your credit rating is poor then maybe phoning the company you have just used would be the best way

getmoney_2

Okay I will do that thanks

One other question (I know you guys aren't the banks)

My Loan ends June 30
Would I be able to get the top up at the start of June with the same provider/new provider?

Or would I have to wait in fear of getting rejected for having this existing loan still going for another 30 days?
My debts at the start of June would equal 18% of my salary (£20000) and i'm borrowing £5000....

Takeaway_Addict

getmoney wrote: »

Okay I will do that thanks

One other question (I know you guys aren't the banks)

My Loan ends June 30
Would I be able to get the top up at the start of June with the same provider/new provider?

Or would I have to wait in fear of getting rejected for having this existing loan still going for another 30 days?
My debts at the start of June would equal 18% of my salary (£20000) and i'm borrowing £5000....

Its a bit like how long is a piece of string really....

Go with your own judgement