Yes, you can refinance a personal loan, similar to how you can refinance a car, student loan or home loan. Refinancing is when you take out a new loan to pay off an old debt. It often makes sense if you can get a better interest rate than when you originally got the loan.
Refinancing is not the same as debt consolidation. A debt consolidation loan allows you to take out one loan to pay off multiple debts, then make one single monthly payment. Some personal loan companies specialize in debt consolidation loans.