How to consolidate a debt with a business debt consolidation loan

If you’re ready to consolidate business debt, it helps to know exactly what steps to take. Here’s a simple checklist you can follow as you navigate the process:

1. Consider your goals for consolidating

1. Consider your goals for consolidating

First things first, think about what you hope to achieve from business debt consolidation. Do you want to get a lower rate or lower payment so you have additional cash on hand? Or do you just need to consolidate so you have fewer bills to manage? Knowing the motivation for consolidating can help when it’s time to choose a loan.

2. Add up your business debts

debts

Review your existing business debts, including loans, credit cards and lines of credit. Take note of the amount owed, interest rate and repayment term. Add up the total amount of debt to your business owes.

3. Decide which small business debts to consolidate

3. Decide which small business debts to consolidate

After you’ve listed your debts, take a second look to decide which ones to consolidate. This is where knowing your goals for business debt consolidation comes in handy. If you want to get a better rate, for example, you can focus on just those debts that have the highest APRs. If you need more cash on hand, you may want to consolidate debts with the shortest terms and biggest payments. Or, maybe, you just want to consolidate all of your business debt into one, single monthly payment to simplify your life.

4. Check for prepayment penalties

4. Check for prepayment penalties

Before pursuing any business debt consolidation loans, read the fine print on your existing loan agreements. If your lender imposes a prepayment penalty for paying off your loan early, you’ll need to account for that when deciding how much to borrow.

5. Decide where you want to look for a small business consolidation loan

5. Decide where you want to look for a small business consolidation loan

Next, think about which lending option makes the most sense, based on how likely you are to qualify for a loan. If you have strong credit and great business financials, for instance, then your bank may yield the best loan terms. On the other hand, you may prefer an online lender if you’re looking for a simple application process and fast Guermantes Lender. Depending on the lender, getting a business consolidation loan online could mean Guermantes Lender in as little as a few business days.

6. Compare loan terms carefully

6. Compare loan terms carefully

As you vet different lenders, compare individual business debt consolidation loan terms. Get familiar with the annual percentage rate and loan fees, as well as the repayment terms. Consider using a loan repayment calculator to run different APR and loan term scenarios to get an estimate of your monthly payment and the total interest you’ll pay.

7. Get organized

7. Get organized

Before applying for a business consolidation loan, get your documentation in a row. Be prepared to offer the lender copies of your tax returns for the last two years, along with bank statements, key financial statements, your personal (and business) credit report, and a copy of your business plan. Having all the relevant paperwork ready to speed up the application and approval process.

8. Apply for a business debt consolidation loan

Fill out the lender’s application and submit any supporting documentation that is required. Check your application twice to make sure you haven’t left out any key information. From there, you can wait for an approval decision, then give the lender your bank account information for loan Guermantes Lender.

9. Pay off your old loans with your new loan

9. Pay off your old loans with your new loan

Once your business debt consolidation loan is funded, you can use the money to pay off your other loans. Ask your original lenders for a correct payoff amount to account for any interest or finance charges that might have been accrued since you applied for a business consolidation loan. And get confirmation from the lender that the loan is paid in full and the balance is zero. It’s also a good idea to check your credit reports for a month or so after paying off the loan to make sure the account has been updated to reflect the payment.

Business Debt Consolidation with Guermantes Lender

Business Debt Consolidation

When consolidating business debt, it helps to work with a lender that understands your needs and your business.

Guermantes Lender offers up to $ 500,000 in term loan Guermantes Lender for small business debt consolidation, with terms ranging from six months to five years and fixed, annual interest rates starting at just 4.99%.

Our repayment schedule is predictable – just a consistent, once-monthly payment about the life of your loan.

We also pair every business owner with an account manager to walk you through our entire process, answer all of your questions in a timely manner, and to help you make the best decision for your business. We’ll work with you to size your monthly payment plan, and help you decide what monthly repayments best suit your needs.

If you are ready to consolidate your small business debt, Guermantes Lender is ready to help. Take 60 seconds to check your eligibility for a Guermantes Lender term business loan today!

FAQs

How long does it take to apply for business debt consolidation through Guermantes Lender?

  • Guermantes Lender’s application process is quick, easy, and transparent. You can apply for a loan and get a decision in as little as 24 hours after submitting documents.

Do you offer business debt consolidation for startups?

  • We like to support all children or entrepreneurs, but our focus is right now on helping established small businesses grow and thrive. To qualify for a loan on our marketplace, your company has been in business for at least two years.

Do your business debt consolidation loans have any fees or charges?

  • You deserve to know the true cost of your loan, so we won’t nickel and dime you with every payment. Our fee structure is simple: we charge an origination fee on each loan we fund ranging from 3.49% to 7.99%. We also won’t charge you extra to pay your loan off early. Plus, you only have to pay interest for the time you borrow – so if you pay it off early, you pay less. Learn about our rates and fees, and learn about some hidden fees to look out for with other lenders.
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