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Can I use this loan??

This topic contains 1 reply, has 0 voices, and was last updated by Priyanka Prakash 2 years, 2 months ago.

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August 8, 2015 at 4:59 pm #14647 Reply

Melanie

Hi. Can these loans be used to pay off an existing business loan of a higher interest rate?

August 10, 2015 at 2:18 pm #14673 Reply

Priyanka Prakash

Hi Melanie,

Did you have a specific lender in mind that you wanted to use to refinance? In general, you can refinance an existing business loan by taking out a second loan at a lower rate. However, by refinancing, you may trigger prepayment penalties, so just be sure you are aware of any charges ahead of time.

Regards,
Priyanka
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