Can personal loans be refinanced?

Yes, personal loans can be refinanced. Refinancing involves taking out a new loan to pay off an existing one, often to secure a lower interest rate , reduce monthly payments , or change the loan term. Refinancing can be a good option if your financial situation has improved since you first took out the loan or if interest rates have dropped.

Can I borrow more money on my personal loan?

It is possible to borrow more money on your personal loan through a process called "top-up" or by refinancing. With a top-up loan , you increase the loan amount on your existing loan, subject to lender approval. Refinancing, on the other hand, involves taking out a new loan for a larger amount , which pays off the existing loan and provides you with additional funds.

Is refinancing a personal loan a good idea?

Refinancing a personal loan can be a good idea if it allows you to secure a lower interest rate , reduce your monthly payments, consolidate debts, or pay off your debt faster. It's important to consider any fees associated with refinancing and ensure that the new loan terms are beneficial in the long run.

Can I renegotiate my personal loan interest rate?

Yes, you can attempt to renegotiate your personal loan interest rate, especially if your financial situation has improved or if market interest rates have dropped. Contact your lender to discuss the possibility of lowering your rate. If renegotiation is not successful, refinancing with a new lender might be an alternative way to secure a better rate .

How do I get out of a personal loan?

To get out of a personal loan, you can pay off the remaining balance in full, refinance the loan to a new lender, or consolidate it with another loan. If you stop making payments on the loan, it can be sent to debt collectors and impact your credit rating .

Can I use a personal loan to pay off another loan?

Yes, you can use a personal loan to pay off another loan, which is a common form of debt consolidation . By consolidating multiple debts into one personal loan, you might be able to secure a lower interest rate and simplify your payments. It is important to compare the new loan terms to your existing debts to ensure this strategy saves you money.

How many times can I refinance a personal loan?

You can refinance a personal loan as many times as you'd like. You'd have to keep checking to see if its worth it, however if you have no early repayment or break fees the maths becomes simpler. It's important to remember that your credit score could be temporarily damaged when you take out a new loan. This is typical of how credit scores are measured, so by meeting your repayments in full and on time you could see your credit score return to normal or improve.

Can I refinance with the same lender?

You can refinance with your existing lender, and it's likely the most straight forward option you have. If they have deals for new customers, or if your credit score has improved, then you could have a decent case to be put on a lower rate.

Personal Loans Archives

Refinance your personal loan

If you're sick of paying too much interest, find out how you can save money when you refinance your personal loan. There is a range of options available and you might get out of debt sooner.

Read more…

How to get a personal loan with average credit

You could still get a personal loan with an average credit score.

Read more…

Apprentice loans

If you're thinking about getting an apprentice loan, explore the possibility of government-sponsored loans as well as loans offered by banks. Find out everything you need to know to compare your options.

Read more…

ANZ Fixed Rate Personal Loan

If you are budget-conscious and looking for a personal loan with clear expectations and repayments, the ANZ Fixed Rate Personal Loan is an option worth considering. With low fees and a competitive interest rate, this loan might be an option for you.

Read more…

A guide to interest rates

Compare your options and know what to look for with the highest or lowest interest rate.

Read more…

ANZ Variable Rate Personal Loan

The ANZ Variable Rate Personal Loan may be a great choice for borrowers who want options. With a free redraw facility and the option to make additional repayments, borrowers get the comfort of a personal loan that will let them access much-needed funds.

Read more…