Yes – this is known as personal loan refinancing and is a common practice for borrowers who want to switch their loan during their repayment term for a variety of reasons. This may be because their financial situation has improved throughout this period and they now qualify for a lower interest rate or something as simple as accessing a new feature on a different loan, such as a redraw facility. If your loan comes without any fees for early settlements, you can often refinance your loan without too much fuss.