Benefits of Hiring a Business Debt Consolidation Company
Business debt consolidation benefits header imageRunning a business often means dealing with debt – whether it’s loans to cover startup costs, equipment financing, business credit cards, or just keeping up with operating expenses. Over time, it’s easy for business debt to pile up across multiple accounts and lenders. This divided debt can be difficult to manage.That’s where working with a business debt consolidation company can help. By consolidating your business debts into one manageable loan, you can enjoy several key benefits:
Lower Interest Rates Save Money
Lower interest rates imageOne of the biggest perks of debt consolidation is getting a much lower interest rate, compared to high-interest credit cards or merchant cash advances. By combining multiple debts into one loan, a consolidation company can offer you a fixed rate often between 4-6%.This reduced interest rate saves you thousands in interest charges over time. Plus, you’ll have just one predictable monthly payment instead of keeping up with multiple payments.According to Forbes, interest rates through consolidation loans are typically 50-75% lower than credit cards. This means major interest savings.
-Pay Off Debts Faster
In addition to lower monthly payments, consolidation loans allow you to pay off debts ahead of schedule.By stretching out your repayment timeline, more of your payment goes toward tackling the principal balance each month rather than just covering interest. This structure lets you get out of debt years faster.Pay off debts faster image
Improve Cash Flow
All businesses go through occasional cash flow crunches. When you’re juggling payments across multiple high-interest debts, it’s all too easy for things to spiral out of control quickly during slow sales cycles.By consolidating debt with a low fixed monthly payment, you free up cash flow to cover operating expenses. This breathing room can be invaluable in keeping your business running smoothly.
Stop Harassing Creditor Calls
Between merchant cash advance companies, credit card issuers, and other lenders, you may be fielding calls from multiple creditors demanding payments. This constant harassment is frustrating and stressful.After consolidating your business debt through us, you’ll make just one monthly payment to us. We handle dispersing funds across your other accounts. This takes the pressure off you.Stop creditor harassment image
Receive Customized Payment Plans
We understand every business has a unique financial situation. This is why we offer customized repayment solutions tailored to your budget and seasonal cash flow.Maybe you need to make interest-only payments certain months. Perhaps a graduated payment schedule makes more sense based on upcoming projects. We make it happen.This flexibility helps you weather slower periods without falling behind on payments.
-Dedicated Account Management
Throughout the consolidation process and beyond, you’ll be assigned a dedicated account manager. This single point of contact helps coordinate everything from gathering statements across multiple debts to structuring your customized repayment plan.Having someone intimately knowledgeable about your business is invaluable. You can always reach out for payment adjustments when needed or to discuss additional financing for growth opportunities.Dedicated account manager image
Immediate Funding Upon Approval
Once approved for a consolidation loan, you gain access to funds within a few days typically. This rapid financing lets you immediately pay down high interest and delinquent debts that are threatening your business.Rather than waiting weeks for traditional bank loans, get approved fast and have one monthly payment at much better terms.
Tax Deductible Interest Payments
Don’t forget that the interest portion of your payment on a consolidation loan is tax deductible. This savings often totals thousands per year, lowering your tax bill.Always be sure to consult your accountant about the best way to take advantage of these deductions.
Preserve Personal Credit & Assets
Financing growth or operating expenses through personal credit cards and loans puts your personal assets at risk. Missed business payments can tank your personal credit.Consolidating business debts with a commercial lender protects your personal credit score and property. Your home, car, and other assets stay shielded from any issues.
We Handle Everything
From start to finish, our consolidation experts guide you through everything. We work with all your creditors to assess current debts and terms. Gathering all of this information ourselves streamlines signing you up for the best consolidation loan.We also administer payments across your other accounts as you tackle the principal consolidation loan balance with us. This makes the process seamless while saving you money.We handle everything image
-Ready to Make One Payment & Save?
Juggling multiple business debts across high-interest credit cards and loans is extremely stressful. It kills cash flow while putting your business at risk.Consolidating with a low-interest SBA loan gives you affordable monthly payments for faster payoff. This saves money over time so you can reinvest in growth.At Delancey Street, we make consolidating business debt fast, easy, and customized specifically to your situation.