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Extending loan to minimise payment

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sam2015_2
sam2015_2 Posts: 196 Forumite
in Loans
I'm thinking of extending the term on my personal loan by 2 years. It is just to keep the monthly payment low for the next 18 months. Do they do credit search to extend the term? Do I need to give reason?

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  • boo_star
    boo_star Posts: 3,202 Forumite
    Part of the Furniture 1,000 Posts
    sam2015 wrote: »
    I'm thinking of extending the term on my personal loan by 2 years. It is just to keep the monthly payment low for the next 18 months. Do they do credit search to extend the term? Do I need to give reason?

    It's a consolidation so yes, they will check your file and they're unlikely to agree if you can't afford the current repayments. Or even if you could with the lower rate.
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