Actions have consequences. Inaction does, too. Failing to pay back a business loan on time could result in extra interest payments, late fees, and even legal action. There’s really no option for not paying at all. In some way, the lender will always get their money back.
Knowing that, it’s important to take steps to ensure you’re able to make your payments or come to some type of settlement offer with the lender. Begin the process by using a loan payoff calculator to determine how much you owe, then put a plan into action.
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