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Business Debt Relief: Consolidate High-Interest Debt With Low-Interest Loans

Are mounting business debts keeping you up at night?

You’re not alone. With rising interest rates, supply chain issues, and economic uncertainty – countless businesses are struggling with unmanageable, high-interest debts. From merchant cash advances and lines of credit, to credit cards and tax liabilities – those nagging debts can quickly spiral out of control. But, there’s a potential lifeline: debt consolidation loans for businesses.

What is a debt consolidation loan for businesses?

A debt consolidation loan allows you to roll multiple outstanding debts into one new, low-interest loan. By consolidating, you eliminate those high-interest payments draining your cash flow – replacing them with a single, lower payment. When structured properly, it’s a powerful tool to get out of debt faster while freeing up cash to invest back into your business.

How do debt consolidation loans for businesses work?

Let’s cut through the jargon with a straightforward example:

Say your business is juggling:

  • $25,000 merchant cash advance debt at 40% interest
  • $15,000 credit card balance at 22.9% interest
  • $10,000 line of credit at 19.5% interest

That’s $50,000 in debt costing you thousands per month in interest alone. But, with a $50,000 debt consolidation loan at 11% interest with a 5-year term:

  • You wipe out those 40%, 22.9%, and 19.5% interest rates
  • Your monthly payment becomes a manageable $1,073
  • Over 5 years, you’ll save $20,000+ in interest costs

So, rather than throwing money at debt – you stabilize your cash flow, pay off those debts faster, and actually keep more money in your business.

See also  Delaware Merchant Cash Advance Debt Relief Lawyers

When should you consider debt consolidation for your business?

If any of the following scenarios resonate, it’s likely a strategic time to consolidate your business debts:

You’re juggling high-interest debts draining your cash flow

Struggling with mounting interest charges depleting your revenue? Consolidating those merchant cash advances, credit cards, and high-interest lines of credit into one lower-rate loan could provide serious cash flow relief.

Your business is being held back by debt baggage

Have those debt payments been stopping you from investing in growth opportunities, new equipment, or hiring talent? Consolidating debt gives you breathing room. You can pay down debt strategically while freeing up capital to reinvest and grow.

You want to improve your creditworthiness and borrowing potential

Are you worried that mounting debt could restrict financing for expansions or new opportunities? Streamlining your debt burden, and proving you can pay down consolidation loans responsibly, strengthens your business credit profile. Better credit unlocks more affordable financing in the future.

COULD YOU CONSOLIDATE YOUR BUSINESS DEBT AT A LOWER INTEREST RATE?

Find out your debt consolidation loan options by connecting with Lantern by SoFi. Just answer a few quick questions to get…

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