Can I use a business loan to consolidate debt?
Yes, you can use a UK debt consolidation business loan. Banks and financial companies offer such programs. To take out a business loan for debt consolidation, you must meet certain requirements. First of all, the loan must be taken by the company, and the funds must be used exclusively for specific business purposes that comply with the law. Moreover, the lender must approve the purpose of the loan.
Today there are many offers on the market, some banks and financial companies offer special loans to refinance debt. Therefore, we suggest that you familiarize yourself with such offers, which are collected in our catalog, compare the terms of loans, and choose the most suitable one.
Business loan calculations for 3 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 500,000 | 8.45% | 65,135 |
| 500,000 | 8.55% | 65,906 |
| 500,000 | 8.65% | 66,677 |
| 1,000,000 | 9.45% | 145,688 |
| 1,000,000 | 9.55% | 147,229 |
| 1,000,000 | 9.65% | 148,771 |
| 2,500,000 | 10.45% | 402,760 |
| 2,500,000 | 10.55% | 406,615 |
| 2,500,000 | 10.65% | 410,469 |
| 5,000,000 | 11.45% | 882,604 |
| 5,000,000 | 11.55% | 890,313 |
| 5,000,000 | 11.65% | 898,021 |
What is a business loan recovery?
Business loan recovery refers to the process by which a lender attempts to recover debt owed on a loan that has not been repaid by the borrower according to the agreed terms. Depending on the terms of the loan and the amount owed, the lender can use various legal methods and legal actions to recover the owed amount. This procedure begins with a reminder and negotiations regarding loan restructuring. After that, the lender can turn to agencies that specialize in debt collection, or do the debt collection themselves. In the event of a negative decision, the lender may file a lawsuit, which may result in the seizure of the collateral and the sale of the borrower's assets.
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Details of companies offering the financial services:
ABC Finance Limited
Head office’s address: Point North Park Plaza, Cannock WS12 2DF
Contact center: +44 1922-620-008
Web-site: https://abcfinance.co.uk/
Aspire Business Loans
Head office’s address: Unit 1, Castle Court 2, Castle Gate Way, Dudley, DY1 4RH
Web-site: https://www.aspirebusinessloans.co.uk/
Cubefunder
Head office’s address: 1 Thames Side, Windsor SL4 1QN
Contact center: +44 20 3137 2417
Web-site: https://www.cubefunder.com/
Fleximize
Head office’s address: Holbrook House, 51 John St, Ipswich IP3 0AH
Phone: +44 20 7100-0110
Web-site: https://fleximize.com/
Government
Head office’s address: London
Web-site: https://www.gov.uk/
iwoca
Head office’s address: 101 New Cavendish St, London
Contact center: 020 3778-0274
Phone: +44 20 3397-3375
Web-site: https://www.iwoca.co.uk/
LendingCrowd
Head office’s address: London
Web-site: https://www.lendingcrowd.com/
RANGEWELL
Contact center: 020-4586-7111
Web-site: https://rangewell.com
Royal Bank of Scotland
Head office’s address: 36 St Andrew Square, Edinburgh, EH2 2YB
Contact center: 0345-600-2230
Phone: +44 (070) 3597-88-42
Web-site: https://www.rbs.co.uk/
Swift code: ROYCGB2LCLS
Stock code: NWG
ABN: BR000548
BSB: ROYC