Small Business Debt Consolidation
Business debt consolidation can help reduce your monthly payments on outstanding debt. It can also help to shrink the number of providers you work with, making it easier to manage your loans.
Finally, a debt consolidation loan can save you a lot of money, in the form of lower net interest rates.
Debt Consolidation Guide
What is Business Debt Consolidation?
Business debt consolidation, like personal debt consolidation, is the process of paying off multiple, high-interest loans with a single, lower-interest one. This makes managing your money easier, and saves you money in the long-run on interest charges.
A typical use for business debt consolidation loans is to pay off corporate credit cards, pay down lines of credit, or to otherwise reduce the number of loan providers you work with. Streamlining into a single monthly payment is highly advantageous from a management standpoint.
How Does a Business Debt Consolidation Loan Work?
A business debt consolidation loan works like any other kind of loan. You can apply for the loan, and then use the proceeds to pay off other outstanding loans in full. You then repay the business debt consolidation loan over the agreed-upon term.
It almost always has a lower interest rate than your other outstanding loans. You always want to pay off the highest-interest loan products first using a low-interest loan, even if you cannot pay off all of our outstanding loans with a business debt consolidation loan.
What Are the Benefits of Small Business Debt Consolidation?
As we’ve already mentioned, there are numerous managerial and financial benefits to debt consolidation.
Some of the biggest benefits include:
How Do I Qualify for a Debt Consolidation Loan?
Every borrower has a uniquely different set of circumstances and finances. While those who have current outstanding loans with other institutions are very likely to qualify for a debt consolidation loan from BizFly Funding, every case is unique.
Therefore, in order to qualify for a debt consolidation loan for your business debt, it’s best if you apply through our application form.
One of our team members will review your information and provide an approval decision or other feedback as soon as possible. Your business income, months in business, outstanding debt, and so on are all reviewed as part of the debt consolidation loan qualification process.
How Do I Apply for Debt Consolidation With Bizfly Funding?
With BizFly Funding, you can apply for a debt consolidation loan, through our website, in a very simple, quick, and easy process. Pre-approval can be received in as little as 30 minutes, and it will not affect your credit score.
As soon as this is submitted completely, it will be submitted to our underwriters and our Funding Specialist will contact you with a few offers to choose from.
Get an approval within hours after your application is processed.
Debt Consolidation Recap
Debt consolidation can generate meaningful savings for your business, in terms of hassle and costs. It’s especially advantageous if you have multiple outstanding loans or work with multiple lenders, as it makes managing your finances much easier
If you have additional questions about a small business debt consolidation loan from BizFly Funding, need more information, or help with your loan application, our support team is more than happy to assist you!