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Extra loan?

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
in Home, Law & Money
I got a loan from my bank to pay for/cover a few things but I am just wondering, is it possible to get an extension on it to make it bigger?

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    star* wrote: »
    I got a loan from my bank to pay for/cover a few things but I am just wondering, is it possible to get an extension on it to make it bigger?

    Unlikely - you will most likely have to apply for a new loan, for a higher value.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    And then I can pay of the first loan with it, and use the extra for what I need?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    star* wrote: »
    And then I can pay of the first loan with it, and use the extra for what I need?

    Yes
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Is this quite a common thing to do?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    star* wrote: »
    Is this quite a common thing to do?

    Yes.

    Although, personally, I would shop around to see if you can get a better rate.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Cooool. Anyone know of a good one?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I would also seriously question if you really need a loan as well and that you cannot finance your needs another way.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Wyetry wrote: »
    I would also seriously question if you really need a loan as well and that you cannot finance your needs another way.

    :yes:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    star* wrote: »
    Cooool. Anyone know of a good one?

    Apart from the obvious do you really need a loan question? A website such as money supermarket will be able to compare rates/terms for your needs.
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