Debt Consolidation
Between business loans, credit cards, commercial loans and new buy-now-pay-later services, debt management can become an incredibly difficult challenge for companies and businesses. Each form of debt will have different repayment amounts, different repayment requirements, a variety of loan terms, a range of fees and separate interest rates.
In some cases, these range of variables can mean business owners are paying substantially more than they need to.
It’s not uncommon in Australia for companies and business borrowers to be paying off more than one debt at a time. But, if you are struggling to pay off your debt, it may well be worth considering consolidating your debts.
Debt consolidation loans allow company and business borrowers to bring all their existing debts together under one loan, helping to manage repayments and provide a clearer picture of their financial future. Typically, this could be achieved by taking out a new loan at lower interest rates to repay the existing debts over a set loan term with lower repayments
That is why it pays to speak to a lending specialist who are well-versed in the different forms of debt and can present a solution that not only minimises repayments but suits the requirements of a company or operating business.
Examples of Debt Consolidation
If you have more than one company or business loan, multiple credit cards, personal loans or multiple other loans, you are likely to have several different interest rates on your current debts and different repayment schedules. Those items alone can be overwhelming and complicate your cash flow management.
By consolidating your debts into a single loan, your interest rate could be lower than all of your other loans combined.
Taking out one new loan can also help with your budgeting; you will have one repayment to make every week, fortnight or month over a set loan term – allowing you to reduce your overall debt quicker.
In summary, the key advantages of consolidating debt are:
- Lower interest rate than most existing loans combined
- One repayment schedule with options of weekly, fortnightly or monthly repayments
- Makes cash flow management easier
Our Service
With access to over 50 leading lenders, including non-bank lenders and private funding options, our team can offer customers competitive loan solutions and negotiate on your behalf. We can also help you get a handle on your debt by breaking down your current situation before proposing a viable consolidation option.
To learn more about debt consolidation and your financial options, contact us today.
If your company or business needs a lifeline to fund a new initiative, grow your company, or keep it running, call us on 1300634634 for a confidential discussion of your business needs and your short term funding options, or complete the form and we will get back to you as soon as possible.
Short Term Funding Group - Helping Australian Companies and Businesses to secure funding.
1300 634 634
Level 25,100 Mount Street North Sydney 2060