An existing loan refers to a loan that is currently in effect or already exists. It means that someone has borrowed money from a lender and is still in the process of paying it back. Full definition
These are offered either on a fresh loan basis or for refinancing existing loans with other banks. (sbichicago.com)
Direct Loan consolidation of existing loans at the weighted average rate is not designed to save you money. (studentloans.com)
The principle of consolidation is that all of the balances on existing loans are combined into one total, and a single loan is secured to buy them out. (badcreditloanservices.com)