Can a personal loan be transferred to another person?

A personal loan cannot be transferred to another person. Like most forms of installment loans, personal loans are made to an individual (or two) based on their unique credit history, income, and other qualifications. So, personal loans can generally not be transferred from one person to another. If one person wants to assume the debt of another, they’ll need to obtain a personal loan on their own and use the proceeds to pay off the original debt.