Top-up Loans

A top-up loan settles your existing loan and provides you with additional funds, subject to eligibility.

It’s an option if you need additional funds for things like home improvements, debt consolidation or unexpected property repairs. The overall cost of borrowing on your top-up loan may be higher than on your existing loan, as the APRC could be higher.

To learn more about the term APRC and what it means, visit our guide, ‘What do our APRC rates mean?’

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 repays your current loan with the extra amount you want to borrow. At Evolution, we will complete a full application to make sure that you meet our current eligibility criteria and that a top-up loan is right for you based on your circumstances.

For example, let’s say you took out a loan of £5,000 and want to borrow an additional £5,000.  We’ll set up a new loan which covers what you already owe on the current agreement including any applicable charges, plus the amount you’re borrowing and the associated fees. You can choose to pay fees upfront if you prefer.

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

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

• Make one single repayment each month.
• Use your top up loan to consolidate all your debts. This would mean 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:

• Give our expert team a call on 0161 884 9396. We’ll take the time to understand your financial situation and provide a clear quote tailored to your needs.
• If you’re using your top up loan to consolidate debt, we’ll send the funds to your creditors directly.
• 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 a financial boost should you require it. But there are a few things to 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.
• 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.
• Taking out a top-up loan may reduce the amount of equity you have available in your property.

You may 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

Contact us 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, find out more about our homeowner loans to see whether one might be right for you. If you’re looking for a top-up loan to consolidate existing debts into a single payment, a debt consolidation loan could be a suitable solution.

No matter what type of funding you’re taking out, you need to choose a company you can trust. Here’s why Evolution Money might be 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 try and find a solution.
• 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.

Check your eligibility for a top-up loan by calling 0161 884 9396. We’ll tell you whether you’re likely to be accepted or declined.

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 helps to clear your existing loan balance and provide additional funds. Clearing your existing loan is subject to an early settlement fee. Your top up loan is also subject to a lending fee. Fees can either be included in your top up loan amount or paid upfront.

Even though there is no limit on how many times you can take out a top-up loan, your chances of getting one depend on various factors. These include your eligibility, your credit score and your affordability.

We understand that financial needs can change. Before you decide to take out a top up loan, it’s important to make sure that doing so will be affordable for you now and in the future. We’ll take the time to assess your situation and discuss your needs before moving forward.

Taking out multiple top-up loans over time could increase the total cost of borrowing, as extending your loan may result in paying more interest overall. Before applying for another top-up loan, consider whether it is the most suitable option for your needs and circumstances.

Instead, you may find it helpful to seek free, impartial guidance from organisations such as MoneyHelper, StepChange, National Debtline or Citizens Advice.

The repayment terms for our top-up loans are flexible and can range from 3 to 20 years. Your term will depend on what works best for your budget. Longer repayment terms can 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, which you can add to your loan amount and spread over the repayment term. Remember, you can choose to pay fees upfront if you prefer. An early repayment charge will also apply to your previous loan.

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

To check your eligibility without affecting your credit score, call us on 0161 884 9396.

To check your eligibility without affecting your credit score, call us on 0161 884 9396.