A personal loan can give you a much-needed financial boost when you fall on hard times or experience an emergency. But in some situations, borrowers end up needing more money than they originally expected to cover urgent costs. That’s why we commonly get questions like, “Can you add more money to a personal loan?” and “Can you get another loan if you already have one?”
This article provides answers to these questions so that you can take care of your finances and get the loan you need as quickly as possible.
Can You Add on to a Personal Loan?
In some instances, it is not possible to add additional funds to an existing personal loan that you have already taken out. However, you may be eligible for a loan top-up and add more funds to your current loan so that your debt is all in one place with the same lender.
You may have a better chance of being approved, but there are possible restrictions to loan top-ups. Make sure to ask your lender if you are eligible for a loan top-up, if there are any fees associated with adding to your loan, and what restrictions may apply once you get additional money added to your current loan.
Can You Get Another Loan If You Already Have One?
Rather than adding onto your current loan, it may be worth considering taking out a second, separate personal loan instead. Different lenders have different policies about taking out multiple personal loans. For example, you may be capped at a total, overall amount or need to wait a certain amount of time to get a second loan after taking out your initial one.
Also, it may be necessary to prove that you have made multiple, consecutive payments on time before getting approved for a second loan. Meanwhile, some lenders do not allow top-ups of loans under any circumstances.
Contact Us to Discuss Your Financing Options
We understand that each person’s financial situation is unique and are here to answer all of your questions about the possibility of adding money to an existing loan that you have with us or taking out a second loan through our company. Before adding to a loan or getting a new one, it is a smart idea to think about how you will manage the additional debt, how your credit score may be affected, and how you avoid the cycle of debt.
Contact our branch location near you by phone or by visiting our office in-person to discuss your options. We will do whatever we can to make the additional loan process as quick, easy, and convenient as possible so that you can pay for what you need without any hassles or delays.