If you have an existing loan with us but you later need to borrow additional funds, there are two ways in which you can do this. You can either apply for a second loan which will run alongside your current agreement or you can apply to increase your existing loan. If you choose to add to your existing loan this would be done at the prevailing rate at the time of application and could result in you paying a different interest rate or having a different term than your existing agreement.

Total borrowing cannot exceed our maximum unsecured lending limit of £35,000, whether as one loan or several.

All applications are subject to affordability and our lending criteria.

Apply for a new loan alongside your existing loan

We can set up a new loan for the additional amount you wish to borrow. This will run alongside your existing loan and you may prefer this option if you have nearly repaid your current loan or it is on a lower interest rate than is currently available. This would mean you would have two separate monthly repayments. Your old loan would continue to be repaid at the existing interest rate. The new loan would then be charged at the interest rate stipulated at the time of application.


There are circumstances where you may need to take two separate loans, for example, if your current loan does not allow you to borrow for a different purpose, if you had an existing Member Loan but wanted to clear a credit card, the additional borrowing would need to be in the form of a Consolidation Loan

Borrowing Limits

Individual product borrowing limits apply, please see the table below for a breakdown of each product.

ProductTop-UpMaximum AmountAdditional Information
Member LoanYes£35,000You cannot top-up this loan for consolidating purposes.
Consolidation LoanYes£25,000None.
Student Officer LoanNo£10,000You can apply for other products as long as borrowing doesn’t exceed £35,000.
Commutation LoanYes50% of your commutation entitlement or £50,000, whichever is lower.None.
Loyalty LoanYes£40,000The amount you borrow cannot exceed the amount held within your savings.
70+ LoanYes£5,000Must be repaid before your 80th Birthday.
Holiday LoanYes£4,999Any top-ups can only be taken out over the remaining loan term.
Christmas LoanYes£2,000Any top-ups can only be taken out over the remaining loan term.
Revolving creditYes£5,000None.


Download key documents here

General Loan Terms and Conditions

Top-Up Loan; combine your existing and new loans

If you choose to combine your existing loan with your new lending, a new loan agreement will be issued as it will cover the new conditions of the loan. This will include the remaining balance on you existing loan, the additional amount you wish to borrow, the total sum of borrowing, and the new term and interest rate. By arranging a top-up loan you will have one fixed monthly repayment.

When you borrow additional funds this may be over a different term and may have a different interest rate to your current borrowing. All top up loans are completed at the prevailing rate at the time of application so this means you may pay a higher interest rate than you pay on your current loan. You could also pay more interest over the term of the loan if you extend your term as you pay interest over a longer period.

Apply for Additional Borrowing

If you want a separate loan product you can simply proceed with an application. If you are applying for a new loan and you already have an outstanding one with us, we will find out during the application process if you wish to keep them as separate loans running side by side, or merge them and sign a new loan agreement.

If you have any queries or wish to find out your remaining balance on a current loan, you can call a member of our Loans Team on 0161 741 3160.