If it fulfills specific criteria, your business may get qualified for a debt consolidation loan from a not-for-profit lender. Such loan types usually carry much lower interest rates than their private counterparts. This can result in making the loan payments easier to afford.
If you are unable to stumble on a non-profit debt consolidation loan or don’t qualify for one, then your next step should be to seek for a loan on the private market. By placing a few assets of your business’s assets up as security for your loan, there is a good chance that you get to secure a lower rate on it. However, this can backfire in some cases: If you get to default on your loan, you could lose those assets.
Debt consolidation loans help you pay off your original unsecured creditors and turn your obligations into one single payment that you have to pay each month. This can prove to be a bonus for a busy businessman who doesn’t have enough time to administer several monthly debt payments.