Harmoney Unsecured Personal Loan
From 6.99% p.a.
- Borrow up to $70,000
- Min. loan amount: $2,000
- Loan term: 3 or 5 years
- Establishment fee of $150
- No early repayment fees
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Whether you are overwhelmed by debt spread across different accounts or you have found a deal that will save you money, refinancing a personal loan can reduce the amount you’re paying or help you manage your debt better.
If you are considering refinancing, it’s important to understand everything involved.
Refinancing a personal loan works in much the same way as refinancing a home loan. You apply for a loan which covers the amount you have left to pay on your current loan/s and then use the new loan to pay off the original one. Some lenders can even organise the funds to be paid to your existing loan account, saving you the hassle.
You still have the same amount of debt, but you may save money by consolidating your debt or if the new loan offers better terms, lower fees or a reduced interest rate.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
There are a few reasons people choose to refinance their personal loans, but it boils down to either finding a better deal or consolidating debt.
You’ve found a better deal
You’re consolidating debt
The two costs you may encounter when changing or refinancing your personal loan are fees from your old provider and fees from the new provider.
Your current lender may charge:
Your new provider may charge fees for:
Often, lenders do not refinance loans that they originally gave out. However, if you know that your lender is offering a better deal to new customers or that you can qualify for a lower rate with your lender’s competitor, you may be able to negotiate a more favourable rate.
Essentially, your current lender probably doesn’t want to lose your future interest payments by you paying out of the loan early. Therefore, it’s a good idea to see what it may be able to offer. However, it’s important that you do your research first to ensure you have a good negotiating standpoint in regard to better deals, before contacting your lender.
Refinancing is taking out a new loan, with a preferable interest rate and conditions, and using it to pay off and close down your current loan fully. When comparing your refinancing options keep the following in mind:
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