Debt consolidation loans allow businesses to transfer the account balances from credit cards, lines of credit or installment loans into a single loan and to make a single monthly payment. For debt consolidation loans to be beneficial, the repayment period for paying off the consolidation loan should be shorter than what it would be for your existing debts without the loan. Secondly, the interest that you pay over the repayment period should be less than what you would pay with your current repayment terms. In some cases, a debt consolidation loan may look attractive because it has a significantly lower monthly payment than what you are paying today, but it is likely the case that the lower payment is due to extending the repayment of the loan over a much longer repayment period.
Debt Consolidation Business Calculator
This is just one of several free online calculators we offer about various business related financial scenarios. From business checking and savings accounts to business loans and services, Greater Nevada has your commercial banking needs covered. Click below to learn more about your options, or contact our Commercial Services team to get a no obligation conversation started.
Choose from a variety of business banking accounts including checking, savings, share certificates (CDs), and more.
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Several different funding options for your business including SBA, USDA, business lines of credit, credit cards, and more.
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This calculator is intended solely for general information and educational purposes. Greater Nevada Credit Union does not guarantee the accuracy of the calculations. The calculator is not intended in any way as financial, insurance, tax or legal information regarding your business’s financial situation.