Top-up Loans

A top-up loan lets you borrow more money and add it to your existing loan balance.

You don’t need to start a brand-new application if you need extra funds. Instead, we combine your new borrowing with what you already owe, leaving you with just one monthly repayment to manage. It’s a great option if you need additional funds for things like home improvements, debt consolidation or unexpected expenses.

When you take out a top-up loan with us, we don’t just add extra money to your existing balance. Instead, we create a new loan that combines the remaining balance of your current loan with the extra amount you want to borrow.

For example, if you have a loan of £5,000 and want to borrow an additional £5,000, we’ll set up a new loan for £10,000. This will pay off your existing loan and provide you with the additional funds.

Bear in mind that the new loan might come with a different interest rate and repayment term than your original loan, which could mean your overall interest payments may be higher than before. Rest assured, we’ll always explain your options clearly so you know exactly what to expect.

A top-up loan can be a practical way to manage your finances, especially if you’re already paying off existing debt. The key benefits include:

• Borrow more without starting fresh. We’ll add the new amount to your existing loan balance, letting you access the funds you need without the hassle of applying for a new loan.
• Combine your new borrowing with your existing loan, leaving you with just one monthly repayment. No more keeping track of multiple payments across different lenders or accounts.
• Repay over 3 to 20 years. Choose a term that suits your budget, so you can manage repayments at a pace that works for you.

Here’s how to get a top-up loan with Evolution Money:

1. Give our expert team a call. We’ll take the time to understand your financial situation and provide a clear quote tailored to your needs.
2. If you’re happy to go ahead, we’ll send you the funds and you can use them for whatever you need.
3. Pay off your loan amount, plus any interest, over a term that works for you. Once, you’ve made your final repayment, you’re all done.

A top-up loan could give you the financial boost you’re after, but there are a few things you should consider before applying:

• Although you’ll only have one monthly payment, you may extend your loan term, which could mean paying more overall. However, this might be necessary if you want lower monthly repayments or a more manageable financial plan.
• Like all secured loans, a top-up loan uses your property as collateral. You’ll need to be confident in your ability to make regular repayments to avoid the risk of losing your home.

You should be eligible for a top-up loan with us if:

• You’re an existing customer
• You’ve made at least 11 continuous repayments on your existing loan

Give us a call on 0161 768 9410 to check your eligibility, with no impact on your credit score. We’re here to make the process as smooth as possible for you.

If you’re not an existing customer, browse our selection of homeowner loans to see which one might be right for you. If the main reason you’re looking for a top-up loan is to consolidate existing debts into a single payment, our debt consolidation loans could be a suitable solution.

No matter what type of funding you’re taking out, you need to choose a lender you can trust. Here’s why Evolution Money is the right choice:

• We look at your full financial picture, not just your credit history. As long as you meet our eligibility criteria, we’ll work with you to find a solution.
• We pride ourselves on transparency. You’ll receive a full breakdown of costs and terms upfront, so there are no surprises.
• We’ve earned a reputation for trust and reliability, with hundreds of customers rating us ‘Excellent’ on Feefo. We’ve also earned Feefo Platinum Service Awards multiple times over the years.
• We’re regulated by the Financial Conduct Authority (FCA) and are members of the Finance and Leasing Association (FLA), so you can trust that we’ll always have your best interests in mind.

First, you need to check your eligibility by filling out our simple online form. This tells you if you’re likely to be accepted or declined. You can find it at the top of this page or by visiting the online eligibility page.

If you’re eligible, you’ll then speak to one of our advisors to get an actual quote based on the amount you need to borrow and your ideal repayment term.

Once you’ve got your quote, you’ll need to provide some more details about yourself and your property.

Yes, you can! A top-up loan lets you borrow extra funds on top of your existing loan. You won’t have to apply for a completely new loan and you’ll have just one payment to manage, making it easier to stay on top of your repayments.

We understand that financial needs can change so, while topping up a loan typically happens just once, it’s not out of the question to do it again if it works for you. The key is making sure it’s affordable for you now and in the future, so we’ll take the time to assess your situation before moving forward.

The repayment terms for our top-up loans are flexible and can range from 3 to 20 years, depending on what works best for your budget. Longer repayment terms mean lower monthly repayments but also mean greater total interest paid over time.

Get in touch with our team and we’ll help you find a repayment term that suits your financial situation and goals.

Yes, there are fees associated with our top-up loans. These include a Lending Fee and a Product Fee, which you can add to your loan amount and spread over the repayment term.

We believe in complete transparency, so we’ll provide a full schedule of our fees and charges before you make a decision, ensuring you understand exactly what you’re agreeing to.

A top-up loan lets you borrow additional funds on top of your existing loan, increasing the total amount you owe. It’s ideal for situations in which you need to take out extra money while continuing to pay off your original loan.

On the other hand, loan renewal means extending the terms of an existing loan or taking out a new loan to replace the old one. Renewals are usually offered at the end of your current loan term, while a top-up loan allows you to access more funds right away.

Whereas a top-up loan lets you add extra borrowing to your existing loan, a debt consolidation loan combines multiple existing debts into one loan with a single interest rate. If you’re managing several different debts at once, taking out a debt consolidation loan could make your finances easier to manage by wrapping everything up into a single monthly repayment.

Ready to get the financial boost you need? Give our friendly team a call to check your eligibility, without affecting your credit score.