Business Debt Consolidation Loan

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When you are too busy expanding your business and increasing your revenue, it can be all too easy to find yourself making too many payments across several loans and even falling behind on some of the debt payments due.

Sometimes, business loans and credit cards can swamp your company and make it difficult for you to fulfill your professional potential and finance your needs. If you feel your small business loans are taking over, then a debt consolidation loan may be the right tool to help you move forward, and could be used to save on interest due on your existing debts. 

Consolidating your current business debt will improve your business debt repayment terms, repayment schedule, and credit history over time, depending on your current financial conditions.

What Is Debt Consolidation for Businesses?

A debt consolidation loan gathers all your existing loans under one loan. Such a debt consolidation loan usually comes with lower interest rates compared to your existing loans, a lower monthly payment, and a shorter repayment period. 

Multiple loans and business credit card debt are consolidated into a single new business loan, with competitive interest rates. In addition, having a single payment each month makes it easier to pay the bill on time.

Contact Credit9 to consolidate your business debt and give your business the breathing space it needs to focus on creating additional revenue and finding new customers.

Is Debt Consolidation the Same as Refinancing?

Debt consolidation secures multiple loans, lines of credit, or credit cards into one loan. Debt refinancing is when one single loan is refinanced with different—typically more favorable—terms. For instance, you may enjoy a lower interest rate or a longer repayment period. 

Get a Business Debt Consolidation Loan with Credit9

Instead of letting their business suffer, small business owners can get a business debt consolidation loan with Credit9. 

The benefits you get when you consolidate all your small business debts into one umbrella loan can be a lower interest rate, lower monthly payment, a better business term loan, and potential savings, depending on your business financing needs, credit score, and the terms of the new loan.

Benefits of Debt Consolidation for Businesses

Debt consolidation loans can help your business flourish and recover its financial independence and stability. They are often the best option to benefit from better rates and favorable repayment terms.

Simplify your loan payment schedule

A debt consolidation loan means you have to pay one monthly payment instead of multiple payments. Having a single business loan thus keeps things simple and makes it much easier to stay in line with your payments.

You will no longer have to look for and compare interest rates, minimum payments, and loan payments across several bank accounts and financing companies. A debt consolidation loan streamlines your debt repayments and helps you stay on top of your debt.

More manageable monthly payments

Debt consolidation loans usually come with lower interest rates and more manageable monthly payments. High interest rates may make banks money, but are costly for bank customers: the lower the interest rate, the lower their monthly payment.

Lower interest rates help you repay your loan and put savings aside for your business to expand. You can also negotiate for a shorter repayment period so that interest rate payments do not accrue over time. 

Healthier financial situation

When your debt is manageable and you know what the monthly payment level is, it is much easier to plan ahead and calculate your cash flow. A debt consolidation loan can help you free up money for your business. It helps with your cash flow and can ease financial bottlenecks. 

When your debt is properly managed, you have the time, space, and peace of mind to let your business grow! 

How Can I Apply for a Business Debt Consolidation Loan?

Establish how much you owe

Go over all your loans, debts, and credit card debts and establish the total sum you owe. Review the interest rates you are paying across all debts and determine whether some of them charge prepayment penalties that you should take into account. 

This will give you a clear idea of your overall debt. You now know how much money you need to ask for consolidating business debt. 

Credit score evaluation

Before you apply for a debt consolidation loan you should review your business credit score. In order to extend business loans to small businesses, most credit institutions will require a minimum credit score of 650. 

In many instances, they ask for a minimum annual revenue as well. Your business credit score tells banks about your creditworthiness, so lower credit scores usually mean that you will be charged higher interest rates because you are considered high-risk.

However, the bank will also evaluate your overall qualifications including your annual revenue, how long you have been in business, your personal credit score and income, lending habits, and the debt-to-income ratio of your business.

Collect all necessary documentation

When you apply to your lenders for a debt consolidation loan, you will also need to supply information regarding your business in addition to your loan application. This includes business information, tax returns for the past two years, profits and losses, cash flow projection, a business plan for your business prospects, bank statements, and existing debt obligations. 

The lenders want to see how you plan your business future. They want to see someone who is determined to succeed and who has a clear vision for their business development. 

Debt consolidation loans are helpful tools to simplify debt repayment and make it more manageable—but they are not a panacea. If your business faces cash flow issues, is taking on losses, and has no prospects for growth, a debt consolidation loan is unlikely to solve these structural problems. 

Consolidate Business debt with Credit9

By consolidating debt using Credit9 services, businesses can get access to an easy and straightforward debt consolidation loan with a single monthly payment. 

Credit9 offers budget-friendly interest rates and can help all types of businesses recover their credit scores and align with their business prospects. Within a few years, your business will have paid off its debt, cover its financing/funding needs, and achieve its full potential, debt-free. We promote excellent customer service with an emphasis on working out an amicable solution between our clients and their creditors. 

Get started today and apply for a small business consolidation loan to give your business the financial space it needs, and to unfold its full potential with improved cash flow. 

Call us now or contact us online, confidentially and without obligation, to review your business loan requirements. Learn more about Credit9 financial products and services, compare business debt consolidation options, and discuss the best business debt solutions we offer!

Frequently Asked Questions