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Priyanka Prakash 3 years, 5 months ago.
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Melanie 3 years, 5 months agoHi. Can these loans be used to pay off an existing business loan of a higher interest rate?
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Priyanka Prakash 3 years, 5 months agoHi 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,
Priyanka1 Reply
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