Seek out the best ways to consolidate business loans that helps your business achieve stability, scaleability, and sustainability.
Monthly debt payments can be extremely painstaking for a small business. Especially if there are too many debts to manage. To minimize this burden, seek out the best ways to consolidate business loans, but note that not all loans are equal, so find one that fits your business, not the other way around. At Franklin Merchant Capital we work hard to build a loan program around the needs of your business so that it can be stable, scaleable and sustainable.
Before finding the best way to consolidate loans, you should understand these key aspects:
- Know your credit by pulling a copy of your credit report
- Review all your assets to know what you have
- Assess your credit score
- A prepare a sales history for the lending specialist
The Best Ways of Consolidating Business Loans:
Firstly, never consolidate an unsecured loan by using a secured loan. Pay attention to the term of loan repayment and interest rates. Secondly, research a variety of lenders to understand the standards of what you should expect, then negotiate the best deal from that starting point. At the same time, while rates are important, it is also paramount to assess the cash flow you need and that the proposed loan will support that.
One of the best ways to consolidate loans is through Merchant Cash Advances. If you’re a business owner that gets paid via credit cards, you may very well eligible.
Whether it is used to pay off current outstanding loans, expand your staff, your inventory, or make structural changes, these are easier to get than traditional loans. In some cases they can be approved with a very fast turnaround. Note that a merchant cash advance is not technically a loan, but rather an advance against your future sales.
You can take your business a step ahead by getting a better rate, the flexibility to repay the debt daily, weekly or monthly, and be able to adjust for seasonal ebb and tide revenue.