I took out a loan off 拢70 on an item they would have given me upto 拢130 for. I was wondering if it was possible for me to take out a new loan but with the difference. So basically could I get the higher loan without having to pay off the current one in full. Maybe by just paying the interest and renewing it at a higher amount?|||It is possible but in most cases you will be paying 2 way interest on the item that you have originally borrowed for and on the new loan.
If you can afford it than it is of course possible.
See the link bellow, it is a simple loan amortization calculator that can give you a pretty good example of what to do with your loan, borrow more or pay it off. I found it on Spreadsheet123.com|||they are not going to give you any more money
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