It is smart business to restructure your debt into a monthly payment that fits your budget. To qualify, you will need strong cash flow, good personal and business credit, taxes filed and current, and potentially collateral depending on the amount and your individual situation. Business debt consolidation loans are not easy to get approved, but not impossible, neither.
It may be a good option to free up cash flow for your business by consolidating your existing loans or merchant cash advances into one manageable monthly payment.
When businesses use a business debt consolidation loan to consolidate multiple merchant cash advances the business can typically save 40% or more on their monthly payment obligations.
Due to the fact that businesses have a tendency to fall into a trap and stack merchant cash advances again, business debt consolidation loans are not the easiest financing solution to get approved. The lender will likely need reassurance that this is not a pattern and that you have the cash flow to handle the debt consolidation loan, or they may require collateral.
* If you meet these general loan guidelines, you will most likely receive loan offers for this funding product. Loan offers are preliminary based on the information evaluated, final funding amount offer may be adjusted during final underwriting.
Not sure debt consolidation is the financing solution for your business? No problem! Fimerica makes it easy to view and compare all of the business loans and financing products for which you qualify. Get your real-time loan offers in 5 minutes or less.