✔ Registered business
✔ At least 12 months in operation
✔ Min. business income of $30,000 annually, or $2,500 per month
✔ No collateral required*
Share personal and business information. In up to 72 hours, we will give you a prequalification decision.
Provide additional financial and business documentation, and let us review your bank account’s cash flow.
You will receive a final loan offer. If you like it, just sign on the dotted line and wait to receive the funds.
Join 9,000+ people choosing Camino Financial
A debt consolidation loan is a product specifically designed to combine multiple debts into a single loan with one monthly payment, potentially at a lower interest rate. Some lenders may pay off your existing debts directly, while others may disburse the funds to you to manage the repayments. With Camino Financial, you receive the loan so you can pay the debts yourself.
A business owner takes out a new loan sufficient to pay off all their existing debts and then focuses on repaying this new business loan, potentially saving money on interest and fees in the long term. However, it's essential to evaluate whether consolidation is financially beneficial, considering factors such as the new loan's terms and any additional fees.
Debt consolidation can benefit individuals with good credit scores, often leading to lower interest rates, simplified payments, and faster debt repayment. It works best if you have manageable debt levels and a stable income. However, it's not advisable for those with poor credit, who may not get better terms, or those with excessive debt, where consolidation doesn't address underlying financial issues.
When a loan has elevated interest rates, the cost of borrowing money increases correspondingly. Specifically, interest is the fee you pay for the privilege of using the lender's money, which is a percentage of the principal, which is the amount you borrowed.
*A personal guarantee and a UCC filing may be required at closing. **ITIN is only accepted for people that don’t have an SSN.