This topic contains 1 reply, has 0 voices, and was last updated by Priyanka Prakash 2 years, 8 months ago.
Can I use this loan??
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Viewing 2 posts - 1 through 2 (of 2 total)
Fit Small Business: Get Your Business Into Shape! › Forums › Small Business Finance Forum › Can I use this loan??
This topic contains 1 reply, has 0 voices, and was last updated by Priyanka Prakash 2 years, 8 months ago.
Hi. Can these loans be used to pay off an existing business loan of a higher interest rate?
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
315 Madison Avenue, 24th Floor
New York, NY 10017
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