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When can you refinance a personal loan?

Refinancing the loan makes sense only when if it helps you to save money. You can apply for refinancing of personal loan in the following circumstances:

  • If you have a better credit score, you can lower your interest rate on your personal loan is by improving your credit score.
  • If you want to switch your rate type, you can refinance the loan and enjoy consistent payment amounts each month.
  • If your income decreased and you need to lower your monthly payments.
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