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Personal Loans Loan Refinancing

Loan Refinancing

If you have been stuck in a loan for a number of years it's important to consider refinancing, especially since there are many different options out there that could save you time and money. Refinancing allows you, as a borrower, to obtain a better interest rate and term. Some people think refinancing is available only for mortgage loans, but that's not the case. It's important to realize you can refinance almost any type of loan.

You could be a more credit-worthy borrower now than you were when you took out the loan. Your income could have improved, your debt could have decreased, or one of many other factors could have changed in your favor.

There are many great benefits of using a personal loan for loan refinancing.

  • When refinancing a loan, the original loan is paid off, allowing a second loan to be opened with a different term and interest rate, either one of which could be lower, leading to less total interest paid.

  • If you used a personal loan to pay off a bunch of credit card debt, your credit utilization goes way down, which can greatly improve your credit score. You may want to look into refinancing your personal loan into a better rate with another lender once the debt is cleared off your credit report.

  • Since there's no fee, obligation or hard credit inquiry, it makes sense to check rates and see if you can get a lower rate than what you are paying now. Personal loans are unsecured loans and do not require assets such as your home or car as collateral. It's important to shop around and find the best rates for your situation.

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