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People also ask
Can you refinance a personal loan?
Yes, you can refinance a personal loan. Refinancing a personal loan entails taking out a new personal loan and using those funds to pay off the old loan. The point of refinancing a personal loan is to save money, so the new loan should have a lower interest rate.
What is refinancing and how does it work?
Refinancing is the process of replacing an existing loan with a new loan that pays off that loan. 1 锘?Doing so may allow you to save money on interest, lower your monthly payment, or switch from a variable interest rate to a fixed rate. 2 锘?/div>Do I Meet the Requirements to Refinance a Loan?
Should you refinance to a longer or longer term?
Securing a lower refinancing rate reduces your cost of borrowing so you鈥檒l pay less on your personal loan, overall. If you鈥檙e struggling to make your minimum loan payments, refinancing to a longer loan term offers lower minimum monthly payments (though you鈥檒l pay more toward the loan overall due to interest charges).
Should you refinance your student loans?
If you鈥檝e consistently made loan payments on time and your credit score has grown, then you may receive a lower rate on a new loan and refinancing could save you money. You need lower payments. Refinancing can extend your repayment term, lowering your monthly payment and leaving more room in your budget.