Additional Borrowing
If you already have a Plata loan and are considering borrowing more, there are a couple of options that may be available to you. Your borrowing options are personalised to you and may change over time based on a range of factors related to your account. You can log in to your account to see what options are available to you.
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.
1. Top-up your existing loan
A top-up allows you to replace your current loan with a new one, allowing you to borrow extra while keeping just one monthly payment.
If you are approved, 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.
Key highlights of a Plata top-up loan
Borrow more and consolidate into a single loan.
Only one monthly repayment to manage.
Flexibility to choose a new loan term.
Your APR on a top-up loan will never increase, in fact you may even qualify for a lower APR.
Your existing loan will be closed and reported as settled to credit reference agencies.
Things to consider:
- A top-up loan increases your overall debt and repayment period.
- Make sure the new repayment fits comfortably within your budget.
- The application for a top-up loan involves a full credit check and affordability assessment and will result in another hard search on your credit file.
- It is important to carefully assess and compare all available borrowing options.
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.
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.
2. Apply for an additional loan
Prefer to keep things separate? No problem! With an additional loan, your existing loan stays as it is, and your new loan will have its own payment schedule and interest rate.
Why choose an additional loan?
Keep your loans separate – with different monthly payments and loan terms.
Different interest rates and terms – your new loan will have its own rate and payment period.
Greater flexibility – borrow additional funds without changing your current loan.
You can hold up to two Plata loans at the same time. If you already have two loans and need to borrow more, a top-up may be the right option for you.
As with all applications, we’ll assess affordability and carry out a credit check to help ensure this option is right for you.
- A fresh credit check will be conducted when you apply for a top-up or second loan.
- Responsible borrowing and on-time repayments can positively impact your credit score over time.
- Approval is subject to affordability checks and lending criteria.
Applying for an additional loan?
Your borrowing options are personalised to you and can change over time. The best way to stay informed is by logging in to your online account.
If no borrowing options appear in your account right now, check back next month. As these options are specific to your account, our customer service team won’t be able to advise on when your borrowing options may change.
3. Finished paying off your loan?
If you’ve already paid off your Plata loan and are looking to borrow more, head to our homepage and use the loan calculator to get a personalised quote in minutes.
Want us to keep you informed?
Additional borrowing options may become available for you to apply for in the future. If you’d like us to tell you when you can apply, please log in to your account and check that you’re opted in to receive additional borrowing updates from us.