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When you need help refinancing a loan
Refinancing can be a helpful way to shift your business's debt to a better place with the benefit of different, more favourable terms. This can help reduce your monthly repayments and give you some extra breathing room.
How refinancing works is that a business would essentially reevaluate their current repayment structure, interest rate or credit terms in order to enjoy more favourable interest rates. It's common practice for businesses who have taken out business financing or credit agreements.
Refinancing can also help you maintain a good credit record while simultaneously enjoying the benefit of lower interest rates. This is always better than dipping into your profits to cover your costs. The advantage of refinancing is that it allows you to maintain your repayments while your business grows, and helps reduce your debt.
Before committing to refinancing, ensure you have explored all the risks associated with this form of business funding. Many small businesses fail because of financial management, so it’s in your best interest to understand all the pros and cons to ensure your business is protected.
Immediate access to inventory finance
While traditional lenders typically take weeks and sometimes even months to approve a small business loan application, Lulalend can give you access to business funding or a business credit facility in as little as a few hours.
Our easy online application takes just a few minutes to complete,and you'll receive your approval and access to funding in as little as 24 hours.
Speak to the Lulalend support team today about your business financing options.