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It is important to note that debt consolidation doesn’t necessarily result in a lower interest rate, although that could be the case.Ideally, your business debt consolidation loan will save you money, but the focus is making payments more manageable by replacing several lenders with one.Before taking a debt consolidation loan, it’s important to do your own research, work with a reputable lender, and double and triple-check your new payment amounts.You want to be absolutely sure that debt consolidation is the right choice for your business.It’s best to research several options to make sure you’re getting the best interest rate and loan terms available.Debt consolidation loan providers include: Debt consolidation can be an efficient way to pay off your small business debt.Some people use “debt consolidation” and “refinancing” interchangeably, but they aren’t the same thing.

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Average together the annual percentage rate (APR) of each loan you are consolidating.When you consolidate, you’re bundling two or more loans together, taking a new loan to pay off all existing loans.Debt consolidation is a form of refinancing, but not all refinancing is debt consolidation.But you should also be aware of compound interest rates and the possibility of paying more interest over time.Doing your homework will empower you to make the smartest financial decisions for your business.

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