A Plata top-up loan is for our existing customers who wish to access additional funds. You can apply through your online account.
If you are approved, we will close your current loan and set up a new one, combining the additional funds you need with the amount required to settle your previous loan. This means you will only have a single monthly repayment to maintain. Importantly, the interest rate on the top-up loan will always be the same as the existing loan and in some cases, the interest rate will be even lower, depending upon individual circumstances.
A Plata top-up loan may become available to apply for over time. We look at a range of factors to determine eligibility, and if you qualify, you will see the option to apply when you log in to your online account.
If you are approved for a top-up loan, we will close your current loan and open a new loan for the extra cash you need plus the amount needed to close your original loan. You will still have just one monthly repayment to make, like you do now. We will not increase the interest rate when you top-up and in some cases, you may even be offered a lower one. The amount you can borrow will depend on your personal circumstances.
Before applying for a top-up loan, please remember:
- Make sure you can comfortably afford the repayments, both now and in the future.
- All top-up loan applications are subject to fresh credit and affordability checks.
You can check your eligibility at any time via your Plata loan account.
Want us to keep you informed?
If you’d like us to let know you when you may be able to borrow more, please log in and check that you're opted in to receiving additional borrowing updates from us.
If you have taken out a top-up loan but wish to return it within your 14-day cooling-off period, you must notify us of your decision within 14 days of signing your top-up loan agreement and return the funds within 30 days.
As a top-up loan involves closing your current loan and opening a new loan, the new loan is not just for the extra cash but also for the settlement figure that will close your current loan. Hence when returning your top-up loan, you will need to return both the cash advance and the settlement figure that closed your previous loan.
This means, after withdrawing from your top-up loan, you won't have any further loan repayments or an open loan account with us.
If you are unable to return both the cash advance and the settlement figure, please contact our Servicing team.
If you signed your loan agreement longer than 14 days ago and haven’t notified us that you wish to withdraw, then you will need to request an early settlement figure.
If you already have a loan with Plata, you might be able to take out an additional loan that sits alongside your existing loan. This means your current loan stays exactly as it is, while your new loan has its own repayment schedule and interest rate.
You can hold up to two Plata loans at the same time.
Your additional borrowing options are personalised to you and may change over time, so the best way to see what is available to you is to log in to your online account.
If you’d like us to let you know when you may be able to borrow more, please log in and check that you're opted in to receiving additional borrowing updates from us.
Yes, you may be able to borrow more money with Plata.
The options available to you are personalised and can change over time. If you're looking to borrow more, log in to your online account to see what you may currently be able to apply for and choose the option that best suits your needs.
Your additional borrowing options could include:
- An additional Plata loan – keep your current loan and apply for another loan, resulting in two monthly repayments.
- Top up your existing loan – use your new loan to repay your current loan, keeping one monthly repayment.
- A new loan after repaying your current loan – if you've already finished paying off your Plata loan, you may be able to apply for a repeat loan with Plata.
Want us to keep you informed?
If you’d like us to let you know when you may be able to borrow more, please log in and check that you're opted in to receiving additional borrowing updates from us.
If you can't find what you are looking for then head on over to our contact page to see how best to contact us. Our Southampton based staff are available to help answer your questions.
