Business debt consolidation



What is refinancing or debt consolidation?

Debt consolidation or refinancing allows you to group all your loans or lines of credit in one single business loan.

Companies often have several loans running at the same time, for different purposes (equipment financing, growth financing, car loan, etc…). It can become quite hard to manage those loans and very expensive due to high interest rates or high monthly payments.

Debt consolidation for your company can be a good idea if you are in this situation.

The new loan generated by the debt consolidation will have a new interest rate and group your monthly payments in one. This payment is often lower than before, because of the lower interest rate and different duration.

Business debt consolidation helps you to manage your cash flow, improve your credit score and save money.

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What kind of business loan can I refinance?

With debt consolidation, you can refinance almost any kind of business loan:

> Auto or car loan for your business
> Business credit card debt or line of credit
> Real estate loans
> Growth financing
> Etc.

The lender will define which loans he can regroup in the new debt consolidation loan.


Why should I refinance my debt ?

Having multiple business loans to manage can be difficult and time consuming. The payment date, the rate and the loan conditions are different for each loan. Some payments get higher and higher over time.

Having a debt consolidation is a good solution to help you manage your money. It offers a lower rate than your current loans, with a single payment and a clear repayment schedule.

In the end, debt consolidation helps you save money and gives you more time to spend on your company


Am I eligible for a debt consolidation loan?

To be eligible for debt consolidation loans, your company needs to meet some criteria:

> Show 24 consecutive months of activity, at least
> $100,000 in revenue minimum
> Have a good credit history with your current loans.

Will it affect my credit score?

Checking your eligibility for a business loan for debt consolidation will not affect your credit score.

What documents do I need to provide to make a debt consolidation request?

> Current loan documents (contracts, statements …)
> Business Income tax returns
> Business Financial Statements (Balance sheet, income statement, cash-flow, bank statements)
> Business Plan
> Business Credit Report (lender may consult it with your authorization)
> Legal Documents (business licenses, etc.)
> The owner's credit score and credit report

5 REASONS TO CONSOLIDATE YOUR DEBT

Lower rate

Fast and simple

Change maturity

Lower monthly repayment

FIXED RATE, TERM & MONTHLY REPAYMENTS

Frequently Asked Questions

Yes you can and it will probably be a very profitable way to get financed. The majority of lending platforms will lend you money if you are an LLP or a Limited company. Please check systematically the Terms of use of each platform you intend to invest through, as they may vary significantly.
 


If you own a small business, you probably know how complicated it is to get a business loan through traditional circuits. Through peer to peer lending however, some barrier to entry are suppressed. First of all, the requirements are lower investors being open to risk taking, and so securing a loan is easier, faster and cheaper. The process being entirely on line and very user friendly, it takes not more than 20 minutes to register on the platform, approximatively 48 hours to get accepted, and up to 3 weeks to receive the money. The interest rates are lower and usually no hidden fees added. Moreover, the online investors are welcoming for new borrowers as they are rather eager to support business owners, often locally.
 


CompareLend.com offers business owners a free, unbiased and immediate access to investors on peer-to-peer platforms. It helps business owners to choose the best financing opportunity from what the market has to offer. Getting financed is then easier, cheaper and faster.


Using the peer-to-peer lending market will not only give you the opportunity to help small business owners grow and reach their goals, but also profit from very interesting return rates.

It will depend on the platform you have chosen to invest with. Please check systematically the Terms of use of each platform you intend to invest through, as they may vary.
Every peer-to-peer platform reviews borrowers before posting their loan application online, you should check their Terms of use before lending money if you need to be reassured. One should note though, higher the return on investment, higher the risk a lender is taking.

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