Because the specifics of personal loans — like how much you can borrow and the rate at which you can borrow it — will be determined by your creditworthiness, personal loans can be more expensive. However, an increase in your credit score, or change in your financial situation, could change that.
If you’ve previously taken out a personal loan, but think you could get a better interest rate or lower monthly payment, you should consider refinancing. If you don’t know where to begin, follow these five steps to get your personal loan refinanced.
