Best Business Debt Consolidation Loans for 2022

To clear your business debt, take out a new business loan and use the funds to pay off your existing debt from credit cards and other loans. This consolidates all your debt into a single loan with one monthly payment. Lower interest rates and more favorable terms often apply depending on your creditworthiness.

There are several ways to consolidate business debt, but the most common are business debt consolidation loans and balance transfer credit cards.

business debt consolidation loan

Business debt consolidation loans are available from traditional financial institutions and online lenders. Some lenders specialize in debt consolidation, while others offer general business loans that can be used for a variety of purposes.

Depending on the lender, business debt consolidation loans may have lower interest rates than other business loans, making them an attractive option for businesses looking to reduce the cost of debt.

business balance transfer credit card

corporate account transfer credit card I need to transfer the balance of my existing business credit account to a new credit card with a lower interest rate. Similar to consolidation loans, this is an effective way to reduce the cost of debt. To take advantage of these benefits, you must repay all outstanding debts before the end of the 0% interest period and may be required to pay a balance transfer fee.

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