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Debt Consolidation Loans

Debt Consolidation Loans

Info on debt consolidation and finding a business loan to help make finances more manageable

Debt Consolidation
Debt consolidation is a form of financing, which enables a borrower to take our a single loan to pay off a number of existing loans.

What is debt consolidation?

One of the challenges of being a small business owner is that you never quite know what’s around the corner. It’s part and parcel of running a business, but it can also be daunting.

For example, if revenue falls for some reason, or your expenses increase, you might have problems with cash flow and paying back existing creditors that you’re already borrowing from.

This is when having more control over your various loans and lines of credit is really helpful – you can do it by simply bringing them all together into a single business loan.

What are the benefits of a business consolidation loan?

Consolidating your debt can ease the burden of bureaucracy in everyday business life. You’ll only have one creditor to work with, rather than juggling the repayments for multiple sources of business finance like credit cards and invoice factoring. By bringing them into one place, you can free up time you’d otherwise spend juggling creditor calls and emails, and even open up new funding options, especially if you work with a flexible small business lender like Fleximize.

Also, if you choose a loan with terms that are tailored to your business, you should be able to afford the repayments and have a clearer picture of how much you need to pay back, the period of your term and a main point of contact to discuss any concerns that might arise during the time you're borrowing.

How much do you need to borrow?

As with all business finance activity, you need to go through your current debts with a fine-tooth comb, looking at how much you’re currently borrowing, as well as any fees and ‘hidden’ costs for an early exit.

When you know how much you need to pay off your overdraft, credit card, etc, then you need to look for a lender who’ll understand your position and offer you a positive way forward.

How do you find the right consolidation loan?

It's not uncommon for small business owners to take out multiple short-term business loans during their journey. However, once you have a number of loans outstanding, it can make financial sense to consolidate this debt and spread repayments over a longer term at a cheaper rate to save on monthly costs.

This essentially frees up cash flow on a monthly basis so funds can be used elsewhere in the business, such as to increase staff levels, for marketing campaigns, or even just to ensure you have the working capital available in case an unexpected bill arrives.

At Fleximize, we understand that comparing interest rates across loan products can be tricky. That's why our award-winning business loan calculator can help you quickly and easily compare loans to find a product that best suits your debt consolidation needs. We also offer top-ups and repayments during your loan term so that your loan comes with breathing space built-in.

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Applying for a debt consolidation loan with Fleximize

Taking out a loan is a significant financial commitment for any business, so it’s essential to have all of the information you need before applying. Our team will happily talk you through the ins and outs of our secured business loans. Feel free to give us a call on 020 7100 0110.

Ready to apply? Simply click the apply online button below to get started and fill out our application form in less than five minutes.

One of our relationship managers will get in touch to guide you through the application process and make sure that your funding package is tailored to your needs. Once we have everything we need, we could say yes and transfer your funds in as little as 24 hours.