Understanding Business Debt Consolidation Loan Options

Share this article:
Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is Business Debt Consolidation?
Pros and Cons of Debt Consolidation Loans
A debt consolidation loan can make your loan payments simpler to manage Ideally, a debt consolidation loan will allow you to lower the amount of interest you’re paying on your business debts Paying back your consolidation loan promptly each month may improve your (or your business’s) credit rating over time
When you take out a loan, it can impact your debt-to-income ratio and potentially your credit score. Before taking out a loan for consolidation, you need to make sure the lender allows the funds to be used for that purpose. Some of the loans you’re trying to pay off may have prepayment penalties. There may be an origination fee attached to your consolidation loan.
Is Business Debt Consolidation the Same as Refinancing?
Will a Business Debt Consolidation Loan Help My Credit?
When to Consider Consolidating Debt
Lenders Offering Business Debt Consolidation Loans
Bank Business Loan
Wells Fargo Bank of America Chase
Alternative Business Loan
Personal Loan
How to Qualify for Business Debt Consolidation Loans
Why Take Out a Debt Consolidation Business Loan?
Frequently Asked Questions
SOLC20088
About the Author
Susan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.
Share this article: