Personal loans can be refinanced for lower rates or better terms. Factors to consider include credit score, current interest rates, and financial situation. Refinancing could lower monthly payments or origination fees. Situations where refinancing makes sense include improved credit, financial situation, or lower market interest rates. Refinancing may not be beneficial if your loan is almost paid off, you can’t get a lower rate, or your financial situation has declined. Borrower requirements for refinancing include fair credit and a debt-to-income ratio of 36% or less. Shopping around and prequalifying with different lenders is crucial in finding the best offers for refinancing.

Read more at Yahoo Finance: How to refinance a personal loan