Top-up loans

What is a Plata top-up loan?

A Plata top-up loan is designed for our existing customers who wish to access additional funds.

How does it work?

If you are approved, we will close your current loan and set up a new one, combining the extra cash you need with the amount required to settle your previous loan. To simplify matters, you will maintain a single monthly repayment with us. Importantly, the interest rate on the top-up loan will either be the same or in some cases lower than the existing loan, depending upon individual circumstances.

Key highlights:

  • Borrow additional funds and consolidate them with your existing loan.
  • Only one monthly repayment to manage.
  • Flexibility to choose a different loan term to your existing loan.
  • 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.

Important considerations:

  • It is essential to ensure that you can comfortably manage the loan repayments without jeopardizing your financial stability.
  • A top-up loan will increase your overall debt and the time required for full repayment.
  • The application process for a top-up loan involves the same rigorous checks as a new loan application and will result in another hard search on your credit file.
  • A top-up loan may not be the most cost-effective choice for additional borrowing. It is important to carefully assess and compare all available options.

When can I apply for a top-up loan?

You are eligible to apply for a Plata top-up loan once you’ve made at least 10 consecutive monthly repayments on time. If you’ve fully repaid your current loan, you can apply for another loan with us.

You can apply for a top-up loan by logging into your account.

Can I withdraw from my top-up loan?

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 that 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 on 0330 165 5125.

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.

Can I apply for a concurrent loan?

Plata does not offer concurrent loans. If you already have a loan with us and would like to borrow some more money, you can see if you meet the criteria for a top-up loan by logging into your online account.

If you have finished paying off your first loan, you can apply for a repeat loan with us. A repeat loan is just like taking out a new loan. You decide how much you want to borrow, go through the application process, and if approved, you’ll get the money in your account.

If you have any questions, please feel free to reach out to our dedicated loyalty team on 0330 165 5122 or via email at

Our opening hours are:
Monday to Friday: 9am – 5pm
Saturday: 9am – 2pm