Consolidating small business debt Tx cougars phone chat lines
Next, add together all of your existing loans to determine the total amount of your current debt.
Average together the annual percentage rate (APR) of each loan you are consolidating.
When shopping for a consolidation loan, make sure that the new APR is the same as or less than the average APR for all of your current loans.
You want to be absolutely sure that debt consolidation is the right choice for your business.
Business debt consolidation loans refinance your existing debt and place all of your loan payments into a single repayment schedule.
Beyond that, they can offer better terms including less frequent payments and lower rates.
When you consolidate, you’re bundling two or more loans together, taking a new loan to pay off all existing loans.
Debt consolidation is a form of refinancing, but not all refinancing is debt consolidation.
It is important to note that debt consolidation doesn’t necessarily result in a lower interest rate, although that could be the case.