Should I Refinance My Personal Loan?
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Your Current Loan
Enter your existing personal loan details
Personal loan rates typically range from 6% to 36%
New Loan Offer
Enter the refinance terms you qualify for
Many lenders offer no-fee refinancing. Check your offer.
Enter your loan details and click "Should I Refinance?" to see your personalized recommendation.
Frequently Asked Questions
When should I refinance my personal loan?
Consider refinancing your personal loan if you can get a rate at least 1-2% lower than your current rate, your credit score has improved since the original loan, and the fees don't outweigh your savings.
How much can I save by refinancing a personal loan?
Savings depend on your loan balance, rate reduction, and remaining term. A 2% rate reduction on a $10,000 loan with 36 months remaining could save $300-500 in interest.
Are there fees to refinance a personal loan?
Many lenders offer no-fee personal loan refinancing, but some charge origination fees of 1-6% of the loan amount. Always factor fees into your savings calculation.
Will refinancing hurt my credit score?
Refinancing triggers a hard inquiry which may temporarily lower your score by a few points. However, if refinancing helps you manage payments better, it can improve your score long-term.