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Is it ok to consolidate personal debt into a business loan? |
I'm starting a business and have been lucky enough to find a term loan with a 9.5% apr and no prepay penalty. Also, I may use the funds at my discretion. Would it be wise (or legal) to consolidate higher rate debt into this loan? You can use this money as a loan from the business and pay it back at your leisure. |
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Thats a question I like to know good luck ...yes a debt is a debt!!! ...No. Unless you have set up some form of autopay that you have not yet cancelled credit card companies cannot take from you unless you ok it. I have worked for Citibank Credit Card Services fo... So, I'm assuming you've completed your sales forecasts, etc for this year and you anticipate showing a profit with your expected orders? If that's the case, you should be able to se... Meet up with your creditor now and discuss with him the alternatives like work out a repayment schedule or you can work for him for free or something. But you musn't leave it to the last momen... If he does business with customers in the US who pay him, sue him for the money in a US court. If you win a judgment, then garnish the amounts his US customers owe him. They pay you and not him. ... Yes you can. If you were a sole proprietor and not a cooperation or if you personally guaranteed the lease with your finances. (did they run your credit? by asking for your SS#) ...The same as though it was a US debt. ... |
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