How is my top up loan interest rate calculated?

Your top up loan includes the top up amount and your outstanding loan balance. We calculate the interest rate for your top up loan by evaluating your personal circumstances and our own costs. Our own costs are influenced by market conditions including Bank of England rate changes. A combination of these two factors may cause the interest rate on your top up loan to change compared to your previous loan.

Your repayments will continue to be made directly from your salary on your payday. Your first repayment will come out of your salary on your next payday. It will be the same amount as the regular repayments on your current loan.

Your first repayment will be the same amount as the regular repayments on your current loan. After that first repayment, your new regular repayment amount will be different, depending on the size and term of your top-up loan.

We calculated your new regular repayment amount by deducting the first repayment and any interest accrued from your new total balance. Then using that figure we calculated the regular repayment over the term of your top-up loan at your top-up loan interest rate.

Your final repayment could be a matter of pennies higher or lower than your previous regular repayments. This is because we don’t ask you to repay fractions of a penny in any given period. If you’re accepted for a top-up loan, you’ll see exactly how much all your repayments will be in your new loan agreement.