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Can I use this loan??

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 4 years, 1 month ago.

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  • Melanie 4 years, 1 month ago

    Can I use this loan??

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

    #14647 Reply
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    Priyanka Prakash 4 years, 1 month ago

    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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