Business consolidating loans

Personal-loan providers look at your personal credit score and income instead of your business history.A business credit card offers revolving credit, making it a solid option for short-term expenses.

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We also turn down offers from lenders that we feel take advantage of small-business owners.

I was able to get a loan to pay off all my credit cards and have one payment per month.

But the process is time-consuming, and the requirements are strict.

Only those with good personal credit (690 or higher, although some SBA lenders may have lower score requirements), strong business finances and the flexibility to wait for funding should apply. For a short-term loan, the repayment period typically ranges from six to 12 months, while a long-term loan repayment can extend up to 10 years or longer in some cases.

To get myself debt free in the next 3 years and get my life back on track.

Debt consolidation loans allow borrowers to roll multiple debts into a single new one with fixed monthly payments and, ideally, a lower interest rate.

Lenders give you access to a specific amount of credit (say, 0,000), but you don’t make payments or get charged interest until you tap into the funds.

Invoice factoring turns business owners’ unpaid invoices into immediate cash.

Every lender has different underwriting guidelines, but they generally consider similar factors, including personal credit score, your time in business and annual revenue.

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