Often, yes! When you choose to combine your loans, we repay your existing loan(s) and your new loan principal will comprise the remaining balance of those loan(s) plus any new amount you choose to borrow. This leaves you with one loan and one repayment instead of several.
A key part of the affordability improvement comes from extending your loan term, which can lower your monthly repayment amount. And since Harmoney has no early repayment fees, you’ll still have the freedom to repay your loan early without any early repayment fees.
Because of this, some customers who aren’t able to take out a separate new loan may still be eligible for a combined loan.