In a situation where borrowers may be faced with multiple loan obligations or find it difficult to repay a certain outstanding debt, one of the courses of action that is often discussed is loan refinancing.
When you hear the word ârefinancing,â you might typically think of a home mortgage, but you can also refinance a personal loan. Loan refinancingÂ occurs under two key circumstances:Â Â when a business or person revises a payment schedule for repaying debt, or when they go about replacing an older loan with a new loan offering better terms.
Typically, this is done to save money on interest payments over time as interest rates change in the broader marketplace. However, other reasons for loan refinancing including speeding up the schedule of repayment if your financial circumstances have taken a turn for the better and you feel like paying off your debts sooner, or conversely slowing down the repayment schedule to lower the monthly payments, stretching them out over a longer term.
Progressa offers flexible loans payable in fixed instalments over 6 to 36 months. We recognize that your individual needs for loan financing may change over time: you have options for updating your repayment schedule to best suit your circumstances. If you need additional funds in the future, you can contact us to inquire about refinancing and revisions to your rates and terms.