If your income or creditworthiness has improved since opening your installment loan, you may be able to save money by taking out a new loan with a better rate, and then paying off the former loan with the new funds. This is especially true for student loans or debt with a high interest rate. At LendingClub, for example, 3 million members have used a personal loan to pay down their high interest debt. The best way to tell if you’re eligible for a new personal loan is to get pre-qualified.. LendingClub, for example, lets you check your rate and see your loan options in minutes without impacting your credit score.