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 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 have any questions, please feel free to reach out to our dedicated loyalty team on 0330 165 5122 or via email at loyalty@plata.com.
Our opening hours are:
Monday to Friday: 9am – 5pm
Saturday: 9am – 2pm
