Loan Refinancing
Consolidate loans and reduce monthly payments
Refinancing means combining existing loans into one loan with a better interest rate.
Parim pakkumine "Loan Refinancing"
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Parim pakkumine "Loan Refinancing"
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Võrdle "Loan Refinancing" pakkumisi
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Võrdle "Loan Refinancing" pakkumisi
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Täida avaldusWhat is loan refinancing?
Loan refinancing means replacing your existing loan obligations with a new loan that offers better terms. The primary goals are to reduce your monthly payment, secure a lower interest rate, or consolidate multiple loans into one. Refinancing is especially beneficial when you have several active quick loans with high interest rates.
In Estonia, refinancing is offered by both banks (Coop Pank, Bigbank, LHV) and credit companies. The new loan pays off your old debts, leaving you with a single loan, one monthly payment, and one interest rate.
Refinancing terms in 2026
- Loan amount: 500 – 30,000 € (depends on the provider)
- Loan period: 1 – 7 years
- Interest rate: 8 – 25% per year (banks typically 8 – 15%)
- Collateral: usually not required (up to 15,000 €)
- Requirements: age 18+, regular income, existing loan obligations
- Application: online, decision within 1 business day
How does refinancing work?
The refinancing process follows these steps:
- 1. Map out your existing loan obligations (amounts, interest rates, monthly payments)
- 2. Choose a refinancing provider and calculate the new loan's monthly payment
- 3. Submit the application along with your bank statement
- 4. After receiving the loan decision, sign the new contract
- 5. The new loan pays off your old obligations directly (often the lender handles this)
- 6. You are left with one loan and one monthly payment
When is refinancing a smart move?
Refinancing makes sense in the following situations:
- Multiple expensive quick loans: if you have 2–5 quick loans at 25–45% interest, you can replace them with one loan at 10–18% interest
- Monthly payment is too high: a longer period and lower interest rate will reduce your monthly obligation
- Debt burden exceeds 40% of income: refinancing helps bring the burden down to a manageable level
- Interest rates have dropped: if you can get a new loan on better terms than your existing one
Refinancing is not advisable when your old loans are nearly paid off or when the costs of the new loan (contract fee, insurance) exceed the potential savings.
What to consider when refinancing
Before refinancing, calculate precisely whether it will result in genuine savings. Compare:
- Total cost of existing loans (remaining payments + interest)
- Total cost of the new loan (monthly payments x period + contract fee)
If you extend the repayment period, your monthly payment may decrease, but the total cost could increase. Ideally, choose a period where the monthly payment is comfortable but the loan does not drag on unreasonably long.
Be aware of early termination fees on your existing contracts — some lenders charge up to 1% of the remaining balance. Factor this into the total cost of refinancing.
Content prepared by 123laen.ee specialists
Our team analyzes the Estonian credit market daily, verifies conditions and ensures data accuracy for every lender.
Editor
Andres Mets
Analyst team
123laen OÜ
Compare Loan Types
| Quick Loan | Credit Account | Credit Line | Credit Card | Personal Loan | You are here Refinancing | |
|---|---|---|---|---|---|---|
| Amount | 50–5 000 € | 100–5 000 € | 500–10 000 € | 200–5 000 € | 500–10 000 € | 500–30 000 € |
| Term | 1–36 mo. | 6–60 mo. | 6–60 mo. | Revolving | 6–72 mo. | 12–120 mo. |
| Interest | 0–45% | 0–25% | 5–25% | 15–25% | 5–20% | 4–15% |
| Speed | 15 min | 1–24h | 1–24h | 3–7 days | 1–3 days | 1–5 days |
| Collateral | No | No | No | No | No/Yes | No |
| Best for | Urgent needs | Flexible credit | Revolving limit | Daily purchases | Larger amount | Lower payments |
| View offers | View offers | View offers | View offers | View offers | View offers |
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Refinancing comparison helped me merge 3 loans into one. Monthly payment dropped by 40 euros!
Got a clear overview of which lenders offer refinancing and on what terms. Very useful!
Thanks to 123laen.ee found a refinancing offer at 8%. Was paying 18% before!
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Korduma kippuvad küsimused
1Mis on laenu refinantseerimine?
2Millal tasub laenu refinantseerida?
3Mitu laenu saab korraga refinantseerida?
4Kas refinantseerimine kahjustab krediidiajalugu?
5Kui palju refinantseerimisega säästa saab?
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Borrower requirements
Main conditions for getting a loan
Minimum age 18 years
Must be at least 18 years old, Estonian resident
Regular income of at least €600/month
Regular income must be verifiable
Estonian resident or residence permit holder
Estonian personal ID and bank account
No active debt obligations or payment defaults
Checked via the payment default register
Valid email address and phone number
Required for application verification
Important notice!
A loan affects your credit history. An unpaid loan can worsen your credit rating.
Late payments result in penalties and late fees.
Before taking out a loan, assess your financial situation and ability to repay.
Think before you borrow
Responsible lending
Borrowing is a serious financial decision that affects your life for a long time. Follow these recommendations to avoid financial stress and over-indebtedness.
Create a budget
Before taking a loan, create a detailed monthly budget. Calculate your income and all mandatory expenses — rent, utilities, food, transport. The loan payment must fit within your available funds.
Don't borrow on impulse
Impulsive decisions often lead to over-borrowing. Wait at least 48 hours before submitting an application. If the need still seems justified after waiting, only then proceed.
Compare offers
Don't choose the first offer. Compare terms from at least 3–5 lenders — interest, APR, fees and repayment schedule. Use our comparison table to find the best one.
Read the contract
Before signing, read the contract carefully. Pay attention to the interest rate, APR, penalties, early repayment terms and all fees.
Your borrower rights
Protected by law
Right of withdrawal
You have 14 calendar days to withdraw from the contract without giving a reason. Return the loan amount and accrued interest — the contract will be cancelled.
Early repayment
You have the right to repay the loan early in part or in full at any time. The lender may charge compensation of maximum 1% of the amount repaid.
SECCI standard information
Before signing the contract, the lender must provide you with a SECCI information sheet — it contains all loan terms in one document for an informed decision.
Dispute resolution
If a dispute arises with a lender, you have the right to contact the Consumer Protection Authority free of charge. You can also use out-of-court solutions.
Checklist: what to ask your loan advisor?
8 important questions before taking a loan