Business Loan Balance Transfer
A Balance Transfer is a loan that you swap with a similar loan. This type of facility lets you transfer your ongoing loan from one financial institution to another one for better terms and interest rates
What are the benefits of a Balance Transfer?
Balance transfers can provide consolidation of debt into one account for easier repayment, lower balance transfer interest rates, and increased flexibility in managing monthly payments. This can help you save on interest charges and simplify your debt repayment.
When to use a Balance Transfer?
You should use Balance Transfer when you have a high credit score as well as a respectable credit limit. If you are opting for a balance transfer, it generally means that you have already qualified for a loan, but you would still need to qualify for a balance transfer to the financial institution you’d prefer to transfer your loan to. Knowing the terms the new lender is offering you, including the balance transfer interest rates is crucial when making this decision.
