Conolidate And Payoff Numerous Debts With A Single Business Loan!
What Is A Business Debt Consolidation Loan
A Business Debt Consolidation Loan is used to combine multiple existing business loans. credit cards, merchant cash advances. and other lines of credit into a single loan account with a single payment at the lowest possible interest rate. The proceeds from the debt consolidation loan are used to payoff all other debts so the only remaining obligation is the debt consolidation loan.
Is A Business Debt Consolidation Loan Right For Me?
A common practice among many small businesses is the practice of “stacking” multiple high interest loans, credit cards, and cash advances to secure the funds they need. Many of these credit cards may have come with low introductory interest rates and, when you applied for the loans, your monthly business volume was sufficient to handle the monthly payments associated with those multiple debts.
But, over time things change and perhaps the interest rates have now increased and business has now decreased and it’s become increasingly difficult to stay current with the monthly payments. This can pose a significant financial strain on the business and significant stress on the owner.
If this sounds like you, a business debt consolidation loan can help!
If your business owes money to multiple creditors and you are having problems staying current on the payments due to changes in the business or marketplace, a debt consolidation loan is a sound strategy to help make monthly payments more manageable and, by lowering the effective rate, a larger percentage of each payment will go towards paying down the balance and not just towards paying interest, so the loan will be paid off much quicker.
In fact, if you do have multiple high interest loans and can qualify for a single low interest debt consolidation loan, it would be to your great advantage to do so as soon as possible!
For more information on CyoGate’s Business Debt Consolidation Loans, please contact us today!
“A Debt Consolidation Loan Is A Sound Strategy To Reduce The Number Of Debts, The Monthly Payments, And The Time To Payoff The Principal!”
Benefits of a Business Debt Consolidation Loan
Single More Manageable Loan Payment With A Higher Percentage To Principal
A Business Debt Consolidation Loan is an effective strategy to improve business cashflow and has numerous benefits including:
- Single & More Manageable Payments
When an owner has to deal with trying to manage multiple high interest credit cards, business loans, merchant cash advances and other lines of credit with limited funds to go around, it can be quite a chore just to manage all the paperwork every month, let alone to determine who should get paid first, which debt is the oldest, and where you’ll pay the greatest penalties and late fees if you miss a payment. With a business debt consolidation loan, you only have one bill to manage, your payments should be lower since you will have a longer payoff term, and any extra money can simply be put directly into this one account, if desired, to pay it off quicker.
By combining multiple high interest debts into a single low interest loan, it doesn’t just save money on interest payments. Because a larger portion of the payment can go towards paying off the principal, it can also reduce the time necessary to pay off the debt entirely.
When a business has multiple debts and limited funds, they are often bombarded with collections calls from numerous creditors giving “friendly reminders” that your payment is due, and it gets even worse when they turn the accounts over to collections agencies whose aggresive tactics aren’t quite as friendly. A debt consolidation loan can put a stop to these unwanted calls which create aggravating unplanned interruptions in the work schedule and take time out of the day to deal with. Even if you’re not yet receiving aggravating collections calls, anyone who’s been in debt can attest that debt is well known to be one of the most common contributors to stress. A business debt consolidation loan can help reduce stress levels so you can focus on running the business and enjoy the important things in life.
If you’ve been unable to keep up with the multiple minimum payments required by multiple high interest loans and credit cards and are consistently making late payments, it has a negative effect on your credit score. By using a debt consolidation loan to make your payments manageable, you have the opportunity to begin repairing your credit. If you’ve been unable to pay current debts at the existing rates, a business debt consolidation loan can help avoid defaulting on loans and going deeper into debt with additional penalties and late fees.
Get The Help You Need!
At CyoGate, because our success is based on your success, we are always happy to help. Our professional team of Business Funding Specialists are available to help you find the best business loan and credit card processing options available.