I’ve seen the option to borrow more on top of my existing loan, but I get the “we can’t lend you more money right now” screen, and an explanation stating “you need to make repayments for at least six months”, which is why I posted this topic.
Full explanation is:
“We need you to have been making repayments on your current loan for at least six months before we can allow you to borrow more. Once you’ve had your loan for at least six months, feel free to have a look again to see what we can offer you”
Now, my current loan would be fully repaid after the sixth monthly instalment, so from the above language I think it is a bit unclear whether I would be able to pay it off early and borrow more straight away or not. “you need to have been making repayments for at least six months” implies in my mind that six actual months need to have elapsed before I can borrow more. But perhaps that’s not the case?
Doesn’t seem unclear to me, that’s if you want to borrow more on top of an existing loan - if you pay it off, you can apply for a new one right away
They’re basically saying that if you borrow, lets say 10k and you needed an additional 5, they need to see you making repayments on the initial 10k first for 6 months to make sure you’re not a risk to them, to prove you can afford it