Debt Consolidation Loans: Make The Right Decision

When it is about starting your own business, you definitely need to think about securing your finance. Well, very often we get to hear about the term “Debt consolidation loan” which is said to be a great way to stay away from debt. There is no doubt that it is a great idea when it is being used only when there is right financial and debt situation. Prior to choosing anyone from the range of debt relief choices available in the market, you require comprehending the financial position. Unless you have complete knowledge about it, you might end up making a wrong decision resulting in wasting your money.

You can definitely get in-depth knowledge about from the bankers, but before that, you require knowing the many reasons. Let us take a look at the reason which makes debt consolidation a great idea.

Three Reasons That Makes Debt Consolidation A Great Choice:

When you have set your heart on making use of debt consolidation loan in order to get rid of debt, you require taking into consideration the different factors. You definitely need to focus on the three significant factors before making any decision of applying it.

It is a great idea when

  • You need to reduce the high-interest debt rates:

When lowering the interest rate gets impossible, it is not an excellent choice to consolidate. Why will you spend more to simplify your debts? Even when it says to ease the payment terms but you are paying high interest rates, you definitely need to start reconsidering. Make sure you always opt for the lowest prices.

The simple thing is you can get a low rate of interest only when you have an excellent credit score. If by any chance you do not have a decent score, you should focus on improving credit score.

  • When you are done with juggling many credit accounts:

This is again taken into consideration when you want to simplify the monthly payments. From the time you make use of one loan for paying your debts, it becomes much easier to meet the payment needs. No longer you need to worry regarding keeping track of debt amount and due debts.

  • When you have to improve the repayment terms:

Finally, you got something that is focusing on enhancing the repayment terms. This is said to be the best way to do it. You can find loans that have great terms like longer or shorter repayment plan. Moreover, you can again look into the charges and fees that the original lender has given to you. Once you get a lender who offers better terms and can be a great help when it comes to paying off the debts, you can definitely take a step ahead.

Things you require for making debt consolidation work:

  • High credit score
  • Self-discipline
  • Stable income source

Well, these are some of the scenarios where debt consolidation tends to be the right choice for you. All you need is to get hold of a partner who can give complete knowledge and then jump for it. Now you can talk to the experts of Bottom Line Bankers and get fast approval loans to start your new business.

So don’t wait and opt for it.

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Better Option for Small Businesses: Personal Loan or Business Loan?

Thinking to start your own business? Well, that’s a great idea, but do you have enough funding for your business?

Most of the small business owners require money for their initial setup and when it comes to the funding system, two most common terms comes in their mind — personal loans or business loans. Undoubtedly both of these work, even if it about improving your inventory or taking new projects.

For new business owners with fewer options of small business funding, they struggle to choose from one of these. Some might recommend you for the former one and other for the latter. The debate is never-ending but you need to analyze depending on your financial needs. You definitely need to go through a series of questions to understand what is the right option for you.

You need to consider a few factors prior to taking business decisions. Even when it a simple matter to some of the most complex financial matters, taking into consideration a few factors tend to be a great way to understand what is right for your business. Well, let’s now find out the way to decide which is better for your business — personal loan or business loan?


What is the difference between Personal Loan and Business Loan?



Personal Loans offer both variable and fixed interest rates. Some of the lenders offer initial APR 3.99% and even lesser for secured loans.

For business Loans, the lenders charges vary a lot from one person to another. Some might offer a low-interest rate of 5.5% while others might charge monthly fees in spite of the conventional loan interest rates.


In personal loans, the repayment periods mostly vary between 1 to 7 years.

In business loans, both long terms and short-term financing options are there for small business owners. Here you can also get financing options may be for a month or maybe longer for 25 years with the SBA loans.

Loan Amount:

In personal loans, you get a maximum amount of $1,000 to $500,000 or more.

In business loans, you can get a maximum amount of $5 million or more, depending on the nature of the loan.


In personal loans, the owner needs to have an excellent credit score. Lenders, according to requirement may also check other financial aspects like debt-to-income and your income ratio.

The business finances are much heavier than the personal finances. Mostly it needs you to be in the business for at least a year along with having the monthly revenue of $10,000.

Ease of Application:

In case of personal loans, applications can be filled in just a few minutes with pre-approval from lenders.

In case of business loans, you will need to submit accounting numbers and business plan with the application. Most traditional lenders will ask to apply for a business loan.

These are some of the major factors that you require considering when it comes to choosing loans for your business. Once you have decided, you can opt for a reliable banker to get your Fast Approval Loans for your business.

So make your decision now and enjoy stable financial business background.

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