Refinance Your Personal Loan
Paying more interest than you need to? If your circumstances have improved since you took out your personal loan, refinancing could save you money. We compare options from 40+ lenders to find you a better deal.
Lower your rate. Reduce your repayments. Save money.
Are You Paying Too Much Interest?
Personal loan rates vary significantly between lenders and over time. The loan that was right for you a year or two ago might not be the best option today.
Maybe your credit score has improved. Maybe market rates have dropped. Maybe you originally took a high-rate loan because it was your only option at the time. Whatever the reason, refinancing gives you the chance to switch to a better deal.
We compare personal loans from over 40 lenders to find you the best rate for your situation - and we will be honest if refinancing does not make sense for you.
See How Much You Could Save
| Scenario | Balance | Rate | Monthly | Term |
|---|---|---|---|---|
| Current Loan | $15,000 | 15% | $357 | 4 years |
| Refinanced (lower rate) | $15,000 | 10% | $380 | 3.5 years |
| Your Benefit | - | -5% | Pay off 6mo sooner | $1,500+ saved |
Disclaimer: Example only. Actual savings depend on your current loan terms, credit profile, and approved refinance rate. Early exit fees from your current lender may apply. Comparison rate based on $30,000 over 5 years.
When to Consider Refinancing
Refinancing could make sense if any of these apply to you
Your Credit Has Improved
If your credit score has increased since you took out the loan, you may qualify for significantly better rates now.
Interest Rates Have Dropped
Market rates fluctuate. If rates have fallen since you got your loan, refinancing could lock in savings.
You Want to Pay Off Faster
Refinancing to a lower rate with the same payments can help you become debt-free sooner.
You Need Lower Repayments
If your circumstances have changed, refinancing with a lower rate or longer term can reduce monthly payments.
You're on a High-Rate Loan
If you originally got a bad credit loan and your situation has improved, much better rates may be available.
Your Income Has Increased
Higher income can qualify you for better rates from more lenders, opening up new options.
What to Watch Out For
Important factors to consider before refinancing
Early Exit Fees
Some personal loans have exit fees if you pay them off early. We'll calculate whether refinancing still saves money after any fees.
Comparison Rate Matters
Don't be fooled by headline rates. The comparison rate includes fees and gives you the true cost of the loan.
Total Cost vs Monthly Savings
Extending your term lowers repayments but may cost more overall. We show you both options so you can decide.
Establishment Fees
New loans often have setup fees. These need to be factored into whether refinancing is worthwhile.
Credit Score Impact
Applying creates a credit enquiry. However, closing one loan and opening another is not additional debt.
Loan Amount Limits
Some lenders have minimum loan amounts. If your balance is low, refinancing options may be limited.
Our Promise: We will calculate all the costs and only recommend refinancing if it genuinely benefits you. If staying with your current loan makes more sense, we will tell you.
How Personal Loan Refinancing Works
We make switching loans simple
Share Your Current Loan Details
Tell us about your existing loan - the lender, balance, rate, and remaining term. We'll assess your refinancing potential.
We Compare Your Options
We search our panel of 40+ lenders to find rates that could beat your current loan. No credit score impact at this stage.
Review the Numbers
We show you the potential savings, factoring in all fees and charges. You'll see clearly whether refinancing makes sense.
Switch and Start Saving
If it works for you, we handle the switch. Your new lender pays out the old one - you just enjoy the lower rate.
Checking your options won't affect your credit score
Refinancing: Pros and Cons
Potential Benefits
- Lower interest rate can save thousands
- Reduce monthly repayments to ease your budget
- Pay off your loan faster at the same payment
- Escape a high-rate bad credit loan
- Consolidate with other debts (top-up)
- Better terms and conditions
Things to Consider
- Early exit fees on current loan may apply
- Establishment fees on the new loan
- Extending term increases total interest
- Credit enquiry from new application
- May not benefit if balance is low
- Some paperwork and process required
Stuck on a High-Rate Bad Credit Loan?
If you took out a personal loan at 18-25% because you had bad credit at the time, and you have been making consistent payments for 12+ months, you may now qualify for a significantly better rate. This is often where the biggest savings are found.
Personal Loan Refinancing FAQs
Common questions about refinancing your personal loan
Savings depend on your current rate versus what you can get now, and your remaining balance. For example, refinancing $15,000 from 15% to 10% could save you over $1,500 in interest. We'll calculate your specific potential savings.
Refinancing may not make sense if: exit fees are high relati...
Refinancing may not make sense if: exit fees are high relative to savings, you're near the end of your loan, you can't get a meaningfully better rate, or the new loan has high establishment fees. We'll be honest if refinancing won't benefit you.
Often this is where the biggest savings are found. If you've...
Often this is where the biggest savings are found. If you've been making consistent payments for 12+ months on a high-rate bad credit loan, your credit has likely improved and you may qualify for much better rates now.
Most personal loan refinancing can be completed within 3-5 b...
Most personal loan refinancing can be completed within 3-5 business days. We handle the paperwork and coordinate with your current lender. You'll keep making payments on your old loan until the new one settles.
A new loan application creates a credit enquiry, which may t...
A new loan application creates a credit enquiry, which may temporarily affect your score by a few points. However, since you're closing one loan and opening another, it's not additional debt. Good payment history on the new loan will help your score.
Yes. You can shorten your term to pay off faster (saving on ...
Yes. You can shorten your term to pay off faster (saving on total interest) or extend it to reduce monthly payments. We'll show you how different terms affect both your monthly budget and total cost.
Sometimes you can 'top up' when refinancing - borrowing addi...
Sometimes you can 'top up' when refinancing - borrowing additional funds on top of your existing balance. This depends on your circumstances and the lender. We can explore this option if it's something you need.
Most lenders have minimum loan amounts, typically $5,000-$7,...
Most lenders have minimum loan amounts, typically $5,000-$7,000. If your remaining balance is lower, refinancing options may be limited, though we can still explore what's available.
Still have questions? Contact our friendly team