Many small business owners are seeking debt consolidation and small business loan refinancing options, mistakenly believing that consolidation can save them money and fees. This highlights a troubling trend of many small business owners blindly entering into loan agreements with fixed interest payments and poor terms.
As a lender, QuarterSpot cautions all business owners to first research their current contract to understand the financial implications of a business loan refinancing. For those seeking a refinance of a fixed interest loan, QuarterSpot recommends that they continue to pay on their current debts for the duration of the term, and seek out a separate loan if they are in need of additional capital.
QuarterSpot provides business owners with a better source of funds through an automated underwriting platform that can reduce borrowing costs by as much as 85% when compared to traditional lenders. Further, QuarterSpot does not require small business owners to provide personal loan guarantees. Borrowers can apply for a loan in five minutes or less and receive funding in as little as 24 hours. QuarterSpot is committed to helping small business owners secure responsible small business loans that are clearly explained and fairly priced.