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What is a debt consolidation loan?
A debt consolidation loan is a type of financing that allows you to combine multiple debts into a single business loan from one provider.
You can simply apply for the amount you owe in existing debts, then the provider will effectively pay off your other creditors and give you a single loan to repay.
Debt consolidation is common practice for small businesses that have taken out multiple loans over time and wish to make them more affordable and easier to manage.
According to UK Finance, small and medium-sized enterprises (SMEs) borrowed £3.5 billion in the fourth quarter of 2023, with 59% of SME lending come from outside the big banks.
Alternative lenders like Fleximize offer business loans on flexible repayment terms – and are typically able to deposit the money in as little as 24 hours.
This is particularly handy for small businesses looking to consolidate their debts into one line of funding.
Apply online
Get a decision
Receive your funds
What are the benefits of business debt consolidation?
The main benefits of business debt consolidation are financial savings, simplicity and flexibility.
By combining all your debts into a single loan, you should find everything a lot easier to manage, while enjoying a welcome cash flow boost!
Cost savings
There’s a good chance you’ll save money by consolidating all your loans into one.
If you have multiple funding lines with different providers, you’ll probably be paying varying rates of interest, not to mention other fees attached to the loans.
Here at Fleximize, our small business loans start at an attractive interest rate of just 0.9%, and there are no hidden fees or early repayment penalties. We also charge interest on a reducing balance, not the total loan amount.
With the option of paying back over 3 – 60 months, you can opt to repay at a lower rate in a shorter time frame – or stretch your new loan over a longer period to reduce monthly repayments and ease cash flow.
Simple repayments
With a debt consolidation loan, you can wave goodbye to multiple monthly repayments. Instead, you’ll have a single payment each month, giving you a much clearer picture of your outstanding debt and reducing the risk of missed payments (and fees).
Better still, you’ll only have to communicate with one lender, rather than juggling repayments, call and emails with several providers – meaning you can claim some time back to focus on business!
Flexible terms
We recognise that small businesses often need a bit of breathing room when things get tough.
Our business loans offer the flexibility you need when revenue takes a dip – or expenses creep up. Repayment holidays and top-ups are available as standard, and you can pay back over a term of your choosing.
Greater control over your lines of credit could also be helpful if you need to hire more staff, boost marketing efforts or pay an unexpected bill, for example.
Loved by our customers
Commercial debt consolidation loans from Fleximize
When you consolidate your debts with Fleximize, you’ll rest easier knowing you have greater control of your finances. Our business loans provide the convenience and flexibility you need on terms to suit you. Here are just a few of the highlights:
- Flexible business loans from £10,000 - £500,000
- Control your monthly repayments with terms of 3 - 60 months
- Attractive interest rates starting from 0.9% per month
- Money in your account as little as 24 hours after approval
- No hidden fees or penalties for early repayment
- Interest charged on a reducing balance, not the total loan amount
- Top-up your loan or take a repayment holidays
- Enjoy exclusive business discounts through our Member Marketplace
Unlike some lenders, we assess every business individually. Even if your credit profile isn’t perfect, fear not – it won’t be the only thing we consider. And, if we approve your application, you could even receive your funds the same day.
If you want to know more about how we can support your business, give our friendly team a call and you'll get straight through to someone who can help, like Lauran. Or, if you're ready to apply, get started by clicking the button below.
0207 100 0110
Why consolidate your debts with Fleximize?
With SMEs accounting for 99.9% of businesses in the UK, it’s no wonder we go out of our way to help them with flexible funding – and our support is gratefully received.
Here’s what you can expect when using Fleximize for commercial debt consolidation:
- Flexible: Our expert team will build a finance package that suits you. And, by taking advantage of top-ups, repayment holidays and our Penalty-Free Promise, you’ll make a nice saving on interest.
- Fuss-free: You can apply for a debt consolidation loan online in minutes and receive your funds within 24 hours if approved.
- Trusted: Don’t just take our word for it – our customers have rated us ‘Excellent’ on Trustpilot and provided glowing testimonials.
- Personal: You’ll have a dedicated relationship manager to support you throughout your loan term. They’ll be there if you return for repeat funding too.
- Award-winning: We’ve twice been named Best Business Finance Provider at the British Bank Awards and enjoyed further recognition across the industry.
How much does a Fleximize loan cost?
With interest rates starting from 0.9%, and no hidden fees to worry about, you’re likely to enjoy a nice saving on your funding package with Fleximize.
Interest is charged on a reducing balance, and if you decide to repay early, you’ll only have to pay interest on the time you had the loan, rather than the full loan term.
For a rough idea of cost, why not give our business calculator a try? Otherwise, you can apply online in minutes, and we’ll provide a tailored quote.
Ready to apply for a debt consolidation loan?
You’ve come to the right place. Fill out our simple application form with a few basic details to get started.
If you pass our initial checks, one of our relationship managers will be in touch before you know it to guide you through the rest of the process.
Once we have everything we need, you could have funds in your account in as little as 24 hours.
Your common questions answered
At Fleximize, our preference is to approve every loan application we receive. That means we’re a little more flexible with our eligibility criteria. Even if you have a couple of minor blips on your credit history, we may still be able to approve you for funding.
You can apply for a debt consolidation loan if you tick the following boxes:
- Your business is based in the UK and registered with Companies House.
- The company has been trading for at least six months and has a minimum monthly turnover of £5,000.
- Your business has outstanding commercial debt.
Businesses in England and Wales can apply for a small business debt consolidation loan of up to £500,000. This can be provided on a secured or unsecured basis, depending on how much you want to borrow and over what term.
Businesses in Northern Ireland and Scotland can apply for a maximum of £250,000, with unsecured options only.
While managing debt is an essential part of running and growing a business, debt consolidation can come with pitfalls, the main one being exit fees.
While we don’t charge any early repayment or exit fees at Fleximize, plenty of other lenders do. When looking at your options, read the terms of your existing debts carefully to check if consolidating them will cost more than keeping them separate.
The benefits of debt consolidation depend on your individual circumstances.
If your existing loans have early repayment fees, this might start to reduce or negate the upsides of debt consolidation.
Typically, shorter-term, high-cost borrowing is prime for debt consolidation.
Fleximize is an ethical lender – if we look at a loan application and identify that debt consolidation is not in your best interests, we won’t recommend it.
To find out if debt consolidation may benefit your business, you could try an online calculator to get a rough idea . Bear in mind that the values could be in $ rather than £, but the logic is still the same.
Consolidating your debts is unlikely to have a negative impact on your credit rating – in fact, the opposite may be true.
For example, it may benefit your credit score if you took six loans with a monthly payment amount of £1,000 each and consolidated them into one loan that costs £6,000 a month.
Each business is different, so it is impossible to tell without assessing your application. However, we will always try our utmost to save you money on your current borrowing.
We are very transparent about our fees and costs, so you will be provided with all the information to make the right decisions for you and your business.
We will consider most types of debts for consolidation. Typically, these are borrowings from other lenders – loans, credit cards, invoice finance, lines of credit and overdrafts.
However, we won’t consolidate any debts in a personal name. It must be business debt.
We recognise that no business is the same, but if you have a few credit facilities with different lenders, you may benefit from one simple monthly payment with Fleximize.
With our Penalty-Free Promise, you’ll have the option of repaying early with no additional fees – and interest will only be applied to time you had the loan, rather than the full term
If you’d also prefer a more personal and tailored relationship with your lender, rather than a faceless website or call centre, our relationship managers will look after you for the entire duration of your loan (and future loans) with us.
We don’t need a lot to assess your application – just a few simple details and documents will suffice.
Our application process will ask for some basic information on yourself, your business and any other directors, as well as the purpose of your loan.
In terms of documents, all we’ll need is the following:
- Business bank statements covering the last three months of trading
- Your most recent set of management accounts
- A revenue summary
It can also be helpful to know any outstanding balances and interest rates from other lenders, but it’s not essential. We can discuss these with you during your application.
You can simply upload your documents when applying, or join millions of other UK users experiencing the benefits of Open Banking, which allows you to share bank statements digitally and securely in just a few clicks.
Do you have a question that you can't see? Check out our FAQ page.
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