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Have you been granted a loan but that is not enough and you still need more money to make ends meet? If you are experiencing that situation, a Top up Loan can be really helpful to give you the financial support you need. There are certain credit providers that enable customers to be granted more amounts of money when needed.
Even though Capfin does not bring that possibility yet, there is another reliable company that does offer this option to their customers, Barclays. For that reason, in the next article I will expose all the necessary information about their possibility of Topping up your loan. Then, I will give you some recommendations related to your credit score, crucial in the application stage. Finally, you will be given contact data regarding this company in South Africa.
Barclays, enables customers to receive amounts of money whose maximum tends to be R 50 000, which can be financed by making monthly repayments for a period of five years, which of course is the maximum allowed. But, if the customer believes that period of time is not enough, he can ask for additional time and the bank will give them around 10 years to do it so.
Moreover, the customer can complete the closure of the loan whenever he is ready, without having to wait for the approval of the bank as it happens with other financial companies.
Now, let’s move on by focusing on the part that calls our attention:
Topping up your loan
This type of service consists in asking the banking company for additional financial resources. This can be done if you make use of mobile or online banking, through which the company grants you the funds without problems. But, you need to bear in mind that companies is quite strict when considering if you are eligible or not. Your approval will be based on your income and how the application procedure moves on.
As said before, if you want to top up your loan, you can use that money to buy new items, appliances, and a new car or make improvements to your summer house.
Now, if you would like to know how topping up works, you first need to be aware of the fact that the company will not increase the amount of your current loan, but instead you will be approved to be granted a second loan.
Let me exemplify how topping up works for customers:
-If the customer has been granted R 200000 but that amount is not enough and he wants to get let’s say R 15000 more, the company can give him a new loan for R 35000 by closing the first loan. So, that means a fresh start for customers and more money.
However, please take into consideration that there can be a small fluctuation between the interest rate of the loan you obtained at the beginning and the new one, so might experience an increase.
Now, let me give you some recommendations related to maintaining a perfect credit record, which translates as being found eligible and approved for the loan you want to obtain.
-Make sure to comply with all the payments as agreed at the beginning of the loan, so that the credit provider has knowledge about how responsible you are when it comes to repayments and financing periods. That shows you are serious and responsible
-Make sure that all your personal data is written in the electoral roll, so that the company can easily have access to your information and begin the procedure
-It is recommended that you get advice from agencies whose aim is to have complete knowledge about your credit record, so as for you to know if the facts are right or not.
-Before the application make sure to consolidate any debt you might have created in the past, as those facts are usually present in your credit record
-Make all the necessary payments related to your credit card.
Finally, see how vital it is to possess a good credit record in order to apply for a loan? This type of information is really crucial at the time of deciding whether you are legally eligible or not. The fact that you do not have due debts and that you make a good use of your finances, will show companies that you are the perfect applicant and that it is worth for them to grant you the loan.
If you are the kind of customer that really enjoys obtaining information in person, with patience and time, you can directly go to one of Barclays´ office, which is in Johannesburg. It is found inside the Barclays Tower West, and the exact address is 15 Troye Street. You can also call there by dialing up this number: 011 350 4000
You also have the chance of contacting the company by phone in order to begin an application or clarify a query, such number is: 0800 716 598. This number is available every day from 8 in the morning to 10:00 pm.
The company´s website is a useful tool that will enable you to begin an application directly from there and ask for more details regarding lending programs and insurances for your family. You also have the possibility of sending quick messages. This is a great tool to take into advantage if you want to get in touch with the company during a holiday, which is a day the company is closed.
To conclude, if you were looking for more money that you were granted with your first loan, that is totally possible when you resort to Barclays, one of the leading financial companies. You will be able to expand your loan and cover any type of need you are facing at the moment. Please get in touch with the company´s professionals and let them help you with your finances, you deserve to be happy!!