Consolidating business debt
Below we look at what credit improvement milestones you need to make in order to potentially qualify for both an SBA loan and an alternative consolidation term loan.These are likely your two best options when looking to consolidate your debt.Keep in mind that your credit score improving by only a few points is not likely to qualify you for a better loan, because your increase needs to be significant.Also, no matter how much your credit score improves, negative credit events like bankruptcies, tax liens, or repossessions can make qualifying for a small business debt consolidation loan nearly impossible.Smart Biz may be able to help you consolidate up to 0k in business debt with SBA financing.
This means that you generally don’t have more debt than you can handle, and that you’re not using the full value of your available credit lines.Here are some ways your personal finances might show improvement: Any significant improvement to your personal finances will increase your chances of qualifying for a consolidation loan with better rates, longer repayment terms, and a more convenient repayment schedule.You should also check your personal credit from time to time to stay on top of what your credit score is, so that you can hit the minimum requirements for debt consolidation loans.We asked Mihir Kroke of Able Lending when the right time to apply for debt consolidation was, and this was his reply:“There are two timelines to keep in mind when consolidating business loans.Timeline #1 applies if you had good credit and took out a short term loan because you needed the quick-turnaround time of a short term loan provider.
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In that case you can apply for a consolidation loan right away.