Did you take out a personal loan, on your credit cards, in order to start your business?
Is your business thriving now?
Are you looking to pay back your personal credit card debt used to start the business?
YOU HAVE OPTIONS!
If your business is thriving, we can help you. We can help you get alternative financing options that will help you pay back personal credit card debt used to start a business.
Get a merchant cash advance
If you have a business that is thriving, we can offer you a short term financing option via a merchant cash advance which can be used to pay back your personal credit card debt. The merchant cash advance gives you a lump sum amount of money. Typically, merchant cash advances are equal to 90-100% of your monthly gross income. Usually, the funding comes at a term of 4-12 months, and it all simply depends on how much your business is generating.
Get an SBA loan
If your business has been around for several years, and is profitable, it’s possible to get an SBA loan. Delancey Street can help you get that SBA loan. In order to get started, just fill out our application form and one of our team members will help you get started on this process. IF you’ve been in business for 3 years, and have credit card debt, it’s possible you can use the proceeds of the SBA loan to pay back the personal credit card debt.
Get a real estate collateralized loan
Do you own real estate? It’s possible to get a 8-10% APR real estate collateralized loan that will you cheap funding. Often, credit card debt comes at a rate of 20-30% APR. When you have a real estate loan, it usually consists of monthly (interest only) payments, with the principal due at the end in a balloon payment.
Get a term loan
Do you have a credit score over 650? It’s possible to get a term loan. Business term loans are possible, and come with reasonable APR’s that help you pay off your existing credit card debt without fear of hurting your business. Frankly, term loans, SBA loans, and real estate collateralized loans, are some of the best ways to get funds which can be used to pay off credit card debt without seriously harming your business.
What if I have poor credit, and need to pay off my personal credit card debt?
If you have poor credit, but have great receivables, you still have options. For example, you can get invoice factoring through Delancey Street. With invoice factoring, you are trading your invoices in exchange for IMMEDIATE cash. Often, you’ll be giving up 5-15% of the face value of the invoice, in exchange for this immediate infusion of cash. The great thing is that because it’s a form of factoring, it doesn’t impact your credit. As a result, it’s one of the best ways to pay your personal credit card debt.
Another great option for people with poor credit is getting a merchant cash advance from Delancey Street. With our assistance, we can help you get a cash advance against the future receivables of your business. If you’ve established a great track record, we can help you get a cash advance. Merchant cash advances aren’t really fixated on your credit – the main focus is your business, it’s receivables, and how strong your business is.
Bottom line: you have options. If you need to pay off your credit card debt, a business loan can help you. Virtually no business loan, with the exception of CERTAIN SBA LOANS, have any requirements on how you can use the proceeds of the funds. That means even though you took the business loan, you can use it to pay off your personal credit card debt.