Refinance FAQs

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A loan refinance through TheLending allows you the opportunity to apply and, if approved, receive additional funds.
You do this by applying to borrow the difference between your existing loan and what you’ve paid toward the principal on your existing loan. (Those who qualify may be eligible for a higher loan amount.)
If your application is approved, ...
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Refinancing your loan with TheLending or one of our lending partners provides additional funds. However, this means more money to pay back plus interest. Before you refinance your loan, ask yourself:

Do I need to borrow this money?
Can I afford to make the scheduled payments?
Do I have other credit options?

When you successfully refinance your loan, your credit report may look different. That’s because once you complete your refinance, you will have closed your original loan and opened a new loan with us or one of our lending partners. We report this to the credit bureaus, monthly, in a file that includes the latest information ...
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You will receive a new payment schedule when you refinance your loan.

Approval is not guaranteed when you apply for a loan refinance. Neither we nor our lending partners have a minimum FICO score to qualify for a loan. Instead, the application process takes into account various factors from the alternate credit bureaus and your bank data to determine your eligibility.
If your application is denied, you will ...
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Sign in to the customer portal to apply for a loan refinance. If you meet the eligibility requirements, you will see a “Refinance Now” option to apply.

Our bank partners review multiple factors when determining refinance eligibility, including, but not limited to, your current loan history, such as paying at least 15% or $400 towards your current loan balance (whichever comes first) and making on-time payments, as well as your previous loan history.
Not everyone who is eligible to apply for a loan ...
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In most instances, your refinanced loan will have the same interest rate as your current loan.

You can receive part of the amount that you’ve paid toward the principal on your current loan. For instance, if you’ve paid $500 of the principal on your current loan, you can apply to refinance your loan to receive up to $500. In some instances, you may have the option of applying for more than ...
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Yes. Once you meet the eligibility requirements on your refinanced loan, you can apply to refinance again to receive additional funds.
Before you refinance your loan, ensure that doing so makes sense for your unique financial situation. Ask yourself:

Do I need to borrow this money?
Can I afford to make the scheduled payments?
Do I have other credit ...
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Applications submitted on TheLending' website will be originated by one of our lending partners. All loans originated by our lending partners will be serviced by TheLending.

1Subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction.

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