A few weeks ago I got approved a loan for some money. Now I’m realising we actually needed more than how much I’m borrowing 
Previously I was approved to borrow a lot more than how much I decided to borrow.
If I pay off in full, will I be able to apply for a new loan immediately after?
Kicking myself for not borrowing enough :(.
Not guaranteed no.
Your best bet would be to speak to the lender
I’m guessing it is monzo.
If a loan is current reported on the credit file (while it will be given it was approved weeks ago) monzo will, or used to, take that into consideration even though it was their loan, and meant claimants were not able to apply for another right away.
Lending might have got smarter, but it’s a risk.
I think Monzo allow you to top up the loan, credit checks allowing, so that could be an option if it’s a Monzo loan.
(Edit) now with more info We've added the option to borrow more on top of your Monzo loan 🧮
Think you need to have made so many payments by memory:
Your best bet is likely to find another loan with someone else, depending on how recently you borrowed the money, it may not be on your credit report yet so you might find approvals easily. If it’s already on the report, it may be harder but still should be possible if your credit rating is okay.
If you repay your Monzo loan, that might take up to six weeks to show on your credit file as paid back, during which time it might be harder to borrow. Additionally, some lenders might not like that you’ve paid something back early, so that could make it harder and it’s a lottery as to whether Monzo will offer you a new bigger loan or not.
Really, it’s all guesswork but it’s worth a search now, usually the loans linked through one of the credit rating products like ClearScore or Credit Karma are a good place to start as you might find you are pre-approved through them for one.
Yep, Six months according to the linked post!
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