Quick answers
Can you refinance a personal loan with the same lender?
Often, yes. Many lenders refinance their own loans. The new loan pays off the old one, and you start over with a new rate, term, and payment.
Is it a good idea to refinance a personal loan?
It’s a good move when it lowers your rate or gives you a payment you can keep up with. It’s a bad move when fees or a longer term mean you pay more overall, or when it only puts off a problem.
How often — or how soon — can you refinance a personal loan?
It depends on the lender. Each one sets its own rules. Give us a call and we’ll talk through your situation.
What happens when you refinance a personal loan?
Your new loan pays off the old one in full. The old account closes as paid, and you make payments on the new loan at its new rate, term, and amount.
Can you refinance a personal loan to get more money?
Sometimes. It depends on the lender and your situation. Just know you’re borrowing more, so you’ll pay back more.
Can I refinance just to lower my monthly payment?
Sometimes, usually by spreading the loan over a longer term. The tradeoff is that a longer term often means more total interest.
What do you need to refinance a personal loan?
It varies by lender. Typically a photo ID, proof of income, and your current loan’s payoff amount.
Does refinancing a personal loan hurt your credit?
Applying with us won’t. We do a soft credit pull from Equifax, which doesn’t affect your score. At other lenders, a hard credit check can make your score dip a little at first.
318.324.0011. Ask for Ms. Carrie or Ms. Julie.