Top up your Barclayloan
Topping up your Barclayloan could be a good option if you want to borrow more money.
If you're registered for Online Banking or Barclays Mobile Banking and you already have a loan with us, you could top it up online up to ￡50,000. The amount will depend on your current status and is subject to application. Topping up gives you the cash you need – whether it’s for a new car, renovations or consolidating existing debts.
How topping up works
When you top up a loan, we don’t actually add money to it. Instead, we set up a new loan for the remaining balance plus the extra amount you want to borrow.
For example, if your current loan is ￡5,000 and you want to borrow an extra ￡2,000, we’ll open a new loan for ￡7,000 and pay off the first loan, leaving you with the remaining amount. Early repayment charges apply on the first loan.
The new loan may have a different interest rate from your initial loan, and the term might be different, too. This may mean that you’d pay more interest than you did before.
You could take out an additional loan
There may be times when you don’t want to top up an existing loan. This may be because you took your current loan for a specific reason and want to keep the repayments separate. In this case, you could consider taking out a second Barclayloan and having 2 separate repayments.
Why top up your Barclayloan?
You could borrow up to ￡50,000, depending on your circumstances. This amount includes your existing loan. Check now to see if you have a provisional loan limit in Online Banking or Barclays Mobile Banking2.
One fixed, monthly repayment to help you budget
Loans are available for repayment terms of up to 5 years, or up to 10 years on certain amounts, for selected, existing customers.
Repaying your loan early
You have the right to repay your loan early, in part or full, at any time. We’ll charge a fee equal to 30 days’ interest on the amount you’re repaying, as well as any other interest that’s due.