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Before applying for a consolidation loan, make sure none of your existing loans have a prepayment penalty.
It’s generally not cost-effective to consolidate any loans that have prepayment penalties.
Small business owners frequently need to borrow money to cover temporary cash flow issues, fund expansions, and/or purchase new equipment.
When you refinance, you take out a new loan at a lower interest rate to pay off an existing, high-interest loan.
It’s best to research several options to make sure you’re getting the best interest rate and loan terms available.
Debt consolidation loan providers include: Debt consolidation can be an efficient way to pay off your small business debt.
Next, add together all of your existing loans to determine the total amount of your current debt.
Average together the annual percentage rate (APR) of each loan you are consolidating.