Increasing a credit can often be accomplished without a problem. Financial institutions usually examine the new application using the same criteria as an initial credit.
New solvency exam when credit is increased
When you want a credit increase, a new contract must be signed. You should expect a new creditworthiness review. It is a good idea to reflect before asking for a credit increase, especially if your financial situation has deteriorated. A negative comment can appear on ZEK if you were late with a monthly payment.
The conditions for a new loan may be worse in that case where the bank may even refuse the increase.
Two loans from two different banks are possible
If the examination of conditions reveals that the increase in credit would become more expensive, it may be wise to simply complete a new loan with better terms from another bank. This naturally depends on the amount. Banks that do not admire the existence of a second loan, systematically proposing the purchase of another credit. However it is not indispensable, but it depends on the cost calculation.
In view of the procedure, it is simpler to increase an existing credit with the old bank than to make a second loan. We can quickly calculate the variant that is most advantageous for you. It may therefore be wise to present the interesting offer you received to the current bank and to negotiate in this way the advantageous interest rate for the increase.
Before asking for a credit increase, you have to study carefully whether your financial situation allows you to increase your monthly fees.
Payment and credit check
Payment directly after approved application for customers of Widesave Bank, GetUp Bank and PocketSupport Bank every day of the week (during customer service opening hours). For other banks, payment is made on the same day if you apply before 9:00 a weekday. If you apply instead between 9:00 – 13:00 on a weekday, the money is in the account the next business day during the morning while applications coming in after. 13 will be paid the next business day in the afternoon. You will always be informed via SMS when the credit is paid out.
Banks are generally willing to increase a credit if the available amount allows for an increase in monthly fees. Buying credit can give you appreciable relief when the interest rate is most advantageous. If debt restructuring is not feasible, a second credit may be a solution.