{"id":236030,"date":"2025-09-26T15:00:52","date_gmt":"2025-09-26T15:00:52","guid":{"rendered":"https:\/\/evertise.net\/?p=126080"},"modified":"2025-09-26T15:00:52","modified_gmt":"2025-09-26T15:00:52","slug":"onemain-financial-refinancing-vs-consolidation-whats-the-best-way-to-manage-a-personal-loan","status":"publish","type":"post","link":"http:\/\/ipsnews.net\/business\/2025\/09\/26\/onemain-financial-refinancing-vs-consolidation-whats-the-best-way-to-manage-a-personal-loan\/","title":{"rendered":"OneMain Financial: Refinancing vs. Consolidation: What\u2019s the Best Way to Manage a Personal Loan?"},"content":{"rendered":"<p><span id = wx_e_126080><\/span><\/p>\n<p><span data-contrast=\"auto\">When managing debt, people often wonder if they should <\/span><a href=\"https:\/\/www.onemainfinancial.com\/resources\/loan-basics\/how-to-refinance-a-personal-loan\"  rel=\"noopener\"><span data-contrast=\"none\">refinance a personal loan<\/span><\/a><span data-contrast=\"auto\"> or consolidate their debt. At first glance, these two approaches might seem similar and sometimes the terms are used interchangeably, but they serve different purposes.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Knowing when to use each option could significantly affect someone&#8217;s financial health.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">What is the difference between debt refinancing and consolidation?<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Debt refinancing involves replacing an existing loan with a new one, ideally with better terms, such as a lower interest rate or longer repayment period. It could allow borrowers to improve their financial situation by adjusting the loan&#8217;s structure.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">On the other hand, debt consolidation is the process of combining multiple debts into one loan. This new loan simplifies payments by turning several monthly payments into just one.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The main difference between the two? While refinancing deals with a single loan, consolidation applies to multiple loans or credit card balances.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">When Does Refinancing Make Sense?<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Refinancing doesn&#8217;t always make sense for everyone, but it can be a smart choice in specific situations.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<ul>\n<li><b><span data-contrast=\"auto\">Better credit score:<\/span><\/b><span data-contrast=\"auto\"> If the borrower\u2019s credit score has improved since they took out the original loan, they may qualify for a lower interest rate through refinancing.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Faster payoff:<\/span><\/b><span data-contrast=\"auto\"> Refinancing can allow a borrower to shorten the loan&#8217;s term. While the monthly payments might be higher, paying off the loan faster could save a significant amount of money in interest.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Longer repayment period:<\/span><\/b><span data-contrast=\"auto\"> Sometimes, people need more time to pay off their loan. Refinancing to extend the repayment period can lower monthly payments, making them more affordable. But by extending the repayment period, the total amount of interest paid will probably be higher.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Need more funds:<\/span><\/b><span data-contrast=\"auto\"> In some cases, refinancing could provide extra funds. This is useful when someone needs additional cash, but it&#8217;s important to ensure that the new loan terms are favorable enough to justify the extra borrowing.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">When does consolidating debt make sense?<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Debt consolidation also makes sense in specific financial situations:<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<ul>\n<li><b><span data-contrast=\"auto\">Getting a lower interest rate:<\/span><\/b><span data-contrast=\"auto\"> If the new consolidated loan comes with a lower interest rate than the rates of the separate debts, this can lead to savings.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">More comfortably afford payments: <\/span><\/b><span data-contrast=\"auto\">Juggling multiple monthly payments could be overwhelming. Consolidating debt simplifies repayment, making it more manageable. This could give the borrower breathing room in their budget, helping them stay on top of their finances without the stress of handling multiple bills.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">This Decision Is Unique from Person to Person<\/span><\/b><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Ultimately, whether to refinance or consolidate debt depends on the individual&#8217;s financial situation. Each option has its advantages and some disadvantages too, so each borrower should carefully consider their financial goals before deciding.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Understanding both refinancing and consolidation could help people make informed choices to better manage their loans and improve their overall financial well-being.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">Sponsored Content<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p aria-level=\"2\"><span data-contrast=\"none\">About OneMain Financial<\/span><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:360,&quot;335559739&quot;:240,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.onemainfinancial.com\/\"  rel=\"noopener\"><span data-contrast=\"none\">View Website<\/span><\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">OneMain Financial is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:240,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-teams=\"true\"><strong><u>Media Contact Information<\/u><\/strong><br \/>\nName: Sonakshi Murze<br \/>\nEmail: <a id=\"menur1rqh\" class=\"fui-Link ___1q1shib f2hkw1w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1s184ao f1mk8lai fnbmjn9 f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn\" title=\"https:\/\/goemailtracker.com:3\/redirect\/17586217180263f09pn4iczfifatziwzeq8vrfj?href=mailto%3asonakshi.murze%40iquanti.com\" href=\"https:\/\/goemailtracker.com:3\/redirect\/17586217180263F09Pn4iczfIfaTzIWZeq8vrfj?href=https:\/\/evertise.net\/onemain-financial-refinancing-vs-consolidation-whats-the-best-way-to-manage-a-personal-loan\/mailto%3ASonakshi.murze%40iquanti.com%22  rel=\"noreferrer noopener\" aria-label=\"Link Sonakshi.murze@iquanti.com\">Sonakshi.murze@iquanti.com<\/a><br \/>\nJob Title: Manager<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span><\/span>When managing debt, people often wonder if they should refinance a personal loan or consolidate their debt. At first glance, these two approaches might seem <a href=\"http:\/\/ipsnews.net\/business\/2025\/09\/26\/onemain-financial-refinancing-vs-consolidation-whats-the-best-way-to-manage-a-personal-loan\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":271,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[390,385,391,57,717,20,727,387,388],"tags":[],"class_list":["post-236030","post","type-post","status-publish","format-standard","hentry","category-dj","category-gomedia","category-internal","category-ips","category-maple-media","category-press-release","category-preview","category-si","category-vm"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OneMain Financial: Refinancing vs. Consolidation: What\u2019s the Best Way to Manage a Personal Loan? - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2025\/09\/26\/onemain-financial-refinancing-vs-consolidation-whats-the-best-way-to-manage-a-personal-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OneMain Financial: Refinancing vs. Consolidation: What\u2019s the Best Way to Manage a Personal Loan? - Business\" \/>\n<meta property=\"og:description\" content=\"When managing debt, people often wonder if they should refinance a personal loan or consolidate their debt. 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