Consolidating small business debt
It’s best to research several options to make sure you’re getting the best interest rate and loan terms available.Debt consolidation loan providers include: Debt consolidation can be an efficient way to pay off your small business debt.Just don’t forget to make monthly payments on your new consolidation loan!
When you refinance, you take out a new loan at a lower interest rate to pay off an existing, high-interest loan.
Before applying for a consolidation loan, make sure none of your existing loans have a prepayment penalty.
It’s generally not cost-effective to consolidate any loans that have prepayment penalties.
But before you pick this solution to tackle existing debts, make sure to weigh all the pros and cons.
Debt consolidation can offer small business owners lower rates, a single repayment schedule, and reduce the frequency of payments.