Gino Rodriguez, Writer
@gino_rodriguez
Yes, you can refinance a personal loan with another bank. Refinancing a personal loan is usually done to get a lower interest rate or a lower monthly payment compared to your current loan, so it’s important to compare terms from many different lenders.
Refinancing a personal loan involves getting a new loan to pay off your old one. The new loan will ideally have a lower APR or a longer repayment term to lower the monthly payments.
For your convenience, we’ve compiled a list of banks with competitive terms that are suitable for refinancing.
Best Banks for Refinancing a Personal Loan
| Lender | APR | Loan Amount | Repayment Period |
| 4.99% - 20.99% | $5,000 - $35,000 | 36 - 60 months | |
| 8.14% - 24.99% | $1,000 - $35,000 | 6 - 60 months | |
| 6.79% - 20.88% | $5,000 - $15,000 | 36, 48, 60, 72 or 84 months | |
| 7.99% - 24.99% | $2,500 - $40,000 | 36, 48, 60, 72 or 84 months | |
| 6.9% - 19.97% | $3,500 - $40,000 | 12 - 60 months |
For more information, check out WalletHub’s complete picks for the best banks for personal loans. You can also use our free pre-qualification tool to estimate your potential rates and our personal loan calculator to see what the monthly payments on your new loan could look like.
People also ask
How do I refinance a personal loan?
To refinance a personal loan, borrow money equal to the amount you have left to pay on the loan, but at a lower interest rate, then use that money to pay off the personal loan. You will then owe the refinanced debt to the new lender and will have to make monthly payments on it until it is paid off.
More specifically, there are a few different ways you could refinance a personal loan....
read full answer by Rick Bormin, Personal Loans ModeratorWhy would I refinance a personal loan?
You might want to refinance a personal loan to get a more competitive interest rate, a lower monthly payment, or more funding. Refinancing is a good idea if your credit score has improved significantly since you applied, or if the available offers have improved a lot.
Reasons to Refinance a Personal Loan
- Lower interest rates: One of the primary motivations for refinancing a personal loan is to secure a lower interest rate. If interest rates...
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