How to refinance your loan

Whether you're looking to lower your monthly payments, consolidate multiple debts, top-up your loan (i.e. borrow more money) or simply explore better loan terms, refinancing could help.  

❓ What is refinancing? 

Refinancing gives you the flexibility to restructure your loan terms. This means you can request additional funds and shorten or extend the loan term which will influence your repayment amount. 

Common reasons for people to refinance include:

• Consolidate multiple debts 
• Access additional funds  
• Get a lower repayment 

Let’s dive into how to structure your refinance to achieve each of these. 

🗓️️ Refinancing to consolidate debt 

Many of our customers take out a MONEYME personal loan to consolidate other debts (such as credit cards and other loans) into one loan. They often extend the loan term to make their monthly repayment lower and easier to manage.  

💵 Refinancing to access additional funds 

When refinancing, you can request additional funds (also known as a top-up) in addition to your current loan balance. For example, if you owe $7,000 on your personal loan, you could refinance to a $20,000 loan to access an additional $13,000.

📉 Refinancing to lower your monthly repayments

If you want to ease financial pressure or free up cash for other expenses, you can lower your monthly repayments - either by qualifying for a lower interest rate than you are currently paying, or by extending your loan term. We don’t charge any early repayment or exit fees so you can repay your MONEYME loan earlier without any penalty.