Yes, you can refinance a personal loan by taking out a new loan with better terms to pay off your existing one. Refinancing can help you secure a lower interest rate, reduce your monthly payments, or change the repayment term to fit your financial situation better. However, consider potential fees, like origination fees or prepayment penalties, before refinancing. Platforms like Beem can help you explore refinancing options and find competitive loan offers tailored to your needs.
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