Personal Finance
Refinance your personal loan
and reduce what you're paying.
If your personal loan rate no longer reflects your situation, or you accepted the first offer at the time, it might be worth reviewing. We check across our lender panel and give you an honest answer.
Your rate at the start isn't necessarily your rate now
Personal loan rates are tied to your credit profile and the lending environment at the time you applied. Both of those can change significantly — and if your profile has improved or rates have shifted, a better deal may be available.
We review your current loan, factor in any exit fees, and check what's genuinely available across our panel. If the numbers make sense to switch, we'll show you how. If they don't, we'll tell you that too.
Lower rate potential
If your credit profile has improved, you may qualify for a better rate than at origination.
Full lender comparison
We compare your current deal against 50+ lenders before making a recommendation.
Exit fee factored in
We account for any break or exit costs — so the comparison is genuinely apples-to-apples.
Fast response
Tell us your current loan details and we'll come back with an honest answer quickly.
When refinancing makes sense
- Your credit profile has improved since taking out the original loan
- You accepted the first offer at the time and never compared lenders
- Interest rates in the personal loan market have shifted since you borrowed
- You want to adjust your repayment term — shorter to save interest, or longer to reduce monthly cost
We won't recommend refinancing if exit costs make it unviable — you'll get an honest assessment, not a sales pitch.
Personal Loan Refinance FAQS
Got questions? We've got answers.
Plain English. No jargon. Just the stuff people actually ask us.
What is personal loan refinancing?
Personal loan refinancing means replacing your current personal loan with a new one. You might refinance to look for a better rate, reduce repayments, change the loan term, consolidate debts or move to a lender with features that suit you better. We'll help compare your current loan against new options so you can decide clearly.
When is it worth refinancing a personal loan?
It may be worth refinancing if your credit score has improved, interest rates have changed, your income is stronger, your repayments feel too high or your current loan has fees that no longer suit you. We'll look at the rate, fees, term and payout costs to see whether the refinance is genuinely beneficial.
Can I refinance a personal loan and credit card debt together?
Yes, in many cases a personal loan refinance can also consolidate credit card debt or other eligible debts. This may simplify repayments and help create a clearer payoff plan. We'll compare your current debts with the proposed new loan so you understand the repayment and total cost difference.
Does the new lender pay out my old personal loan?
Usually, yes. If your refinance is approved, the new lender may pay out your existing loan directly, or settlement may be arranged in a way that clears the old debt. We'll help coordinate the payout process and make sure you understand when the old loan is closed.
Can I extend my loan term to reduce repayments?
Yes, extending the term may reduce your regular repayments, which can help with monthly cash flow. The trade-off is that you may pay more interest over the life of the loan. We'll show you both sides, so you can choose between lower repayments now and lower total cost over time.
Can I refinance if my financial situation has improved?
Yes, an improved income, better credit score, lower debts or stronger repayment history may help you qualify for better refinance options. We'll review what has changed and help you present the application positively. It's a great feeling when your finance can catch up with the progress you've made.