Increase Personal Loan – Get More Funds Fast (2026)

Have you found yourself needing additional funds after taking out a personal loan? Whether it's due to unexpected expenses or a change in your financial goals, you might be considering increasing your personal loan. Navigating this process can be complex, but with the right information, you can make an informed decision that aligns with your financial situation. Let's dive into how you can increase a personal loan and what factors you should consider.

Understanding Personal Loan Increases

Increasing a personal loan, also known as a top-up or loan extension, involves borrowing additional funds on top of your existing loan. This can be a viable option if you find yourself needing more money than initially anticipated. However, it's crucial to understand the implications, including potential changes to your repayment terms and interest rates. By comprehending these aspects, you can better assess whether this move is financially sound for you.

Interest Rates and Requirements

In 2026, interest rates for personal loans in Australia typically range between 6.49% and 12%, depending on the lender and your creditworthiness. When considering a loan increase, it's important to note that the additional amount might be subject to different interest rates than your initial loan. This is particularly true if market rates have shifted since your original loan agreement.

Eligibility criteria for increasing your loan generally include:

• A good credit score (typically 620+)
• Stable income
• Existing loan in good standing
• Proof of ability to repay

Each lender has specific requirements, and as part of Esteb and Co's access to over 83 lenders, we can help you navigate these options to find the best fit for your situation.

How to Increase Your Personal Loan

If you've decided that increasing your personal loan is the right choice, follow these steps to get started:

1. Review Your Current Loan: Check your loan agreement to understand the terms and any restrictions on increasing your loan.
2. Assess Your Financial Situation: Ensure that your income and expenses allow for the increased repayment obligations.
3. Contact Your Lender: Reach out to your current lender to discuss the possibility of a loan increase. They will provide information on their specific process and requirements.
4. Submit Required Documentation: This may include proof of income, updated financial statements, and any other documents your lender requests.
5. Consider a Co-Signer: If you're concerned about eligibility, a co-signer with strong credit can improve your chances of approval.
6. Wait for Approval: Once you submit your application, your lender will review your request. This process can take a few days to a couple of weeks.

Tips and Considerations

Here are some expert tips to consider before increasing your personal loan:

• Compare Options: Use Esteb and Co's wide lender panel to compare different lenders. You might find better terms with a new lender.
• Understand the Costs: Be aware of any fees associated with increasing your loan, such as application or origination fees.
• Impact on Credit Score: Applying for more credit can impact your credit score. Ensure you understand this risk and plan accordingly.
• Long-Term Financial Planning: Consider how the increased loan will affect your long-term financial goals and whether it will limit your ability to save or invest.
• Consult a Professional: If you're unsure, consulting with a financial advisor or a mortgage broker at Esteb and Co can provide personalised guidance.

Frequently Asked Questions

• Can I increase my personal loan amount with any lender?
  Not all lenders offer the option to increase an existing loan. It's best to check with your current lender or explore options through Esteb and Co's panel.
• How much can I increase my personal loan by?
  The amount you can increase your loan by will depend on your lender's policies, your credit profile, and your ability to repay the increased amount.
• Will my interest rate change if I increase my loan?
  It's possible. The additional funds may come with a different interest rate, so it's crucial to clarify this with your lender.
• Are there fees for increasing a personal loan?
  Some lenders may charge fees for increasing a loan, such as origination fees. Always ask about any potential costs involved.
• How does a loan increase affect my credit score?
  Applying for additional credit can temporarily lower your credit score due to the hard inquiry. Ensure your credit profile is strong before applying.
• Can I switch lenders to increase my loan?
  Yes, refinancing with another lender is an option if you're seeking better terms or a larger loan amount. Esteb and Co can assist with this process.
• What if my application for an increase is denied?
  If denied, consider improving your creditworthiness or discussing alternative options with a financial advisor.