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Copies of receipts may be required if the credit card is under the personal account of the borrower.

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Finding funding for a small business can be daunting.A Google search for “small business loan” brings up 180 million results!Individuals usually work with a debt-relief organization or credit-counseling service.These organizations do not make actual loans; instead, they try to renegotiate the borrower’s current debts with creditors.) Freeman says that debt consolidation loans are most helpful for those who have multiple debts, owe ,000 or more, are receiving frequent calls or letters from collection agencies, have accounts with high interest rates or monthly payments, are having difficulty making payments or are unable to negotiate lower interest rates on loans.(In circumstances where you need actual debt relief or don't qualify for loans, it may be best to look into a debt settlement rather than, or in conjunction with, a debt consolidation.

Debt settlement aims to reduce your obligations rather than just reducing the number of creditors.SBA loan is a good option for debt consolidation because it is government-backed, offers higher loan amounts with longer repayment terms, and their interest rates are reasonable.SBA requires a certification from the borrower stating that the credit card has only been used for business purposes.Debt consolidation is necessary if you find the original loan terms are no longer convenient, want a low-interest option, or want to extend your payments for your current short-term debts.If maintaining multiple outstanding short-term loans has taken its toll on you, debt consolidation will make you manage just a single loan.These loans are usually offered by financial institutions, such as banks and credit unions; there are also specialized debt-consolidation service companies.