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If you have a personal loan you may be wondering whether it’s worth switching loans to save money. There are a few things you need to check before you switch to make sure you will save; this guide will take you through what you need to know to make sure you end up in a better spot than you are currently.
Find out what you need to know to make the right decision for you.
Switching to a new personal loan can offer a number of ways to save money. You could get a better interest rate, reduce your fees or even consolidate other debt into your loan to reduce what you're paying each month overall. However, you could also end up paying more if you're not worth it.
To make sure you don't do this, you need to keep in mind subtract the cost of switching from any savings you get from taking on the new loan. For example, do you have to pay an early repayment fee with your current loan? Is there an early repayment fee on your new loan? Remember to take these into account.
An easy way to do this is by using a loan comparison calculator, like the one below, to see how much you will actually save.
The two costs you may encounter when switching or refinancing your personal loan are fees from your old provider and fees from your new provider.
Your current lender may charge:
Refinancing is when you take out a new loan with a preferable interest rate and conditions and use it to fully pay off and close down your current loan. When comparing your refinancing options keep the following in mind:
The easiest way to compare your refinancing options is by using the personal loan comparison calculator, and get started by comparing your personal loan options on the page above.
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