• Business Debt Consolidation Loan

    A business debt consolidation loan could give you a way to deal with your existing debts. Getting one of our loans could enable you to combine multiple high-interest debts into one loan with fixed repayments, making it easier and potentially less expensive to get out of debt. Don't let debt hold you back any longer. Apply for a Camino Financial loan today and take control of your finances!
    Businessman reviewing financial documents on laptop.
  • Why You Should Consolidate Your Debts

    Debt consolidation streamlines financial management by merging multiple debts into one loan, usually with a lower interest rate, resulting in easier-to-manage and often lower monthly payments.

    This can improve cash flow and reduce the stress of juggling various creditors, deadlines, and payment amounts.

    By simplifying the repayment process, businesses can focus more on growth and less on debt management, potentially improving their credit score over time as they consistently meet their single monthly payment.

  • Our Business Debt Consolidation Loan

    • Varied loan amounts

    • Fixed

      Interest rates

    • Repayment terms

  • Why Get a Camino Financial Loan

    Consolidating your debt can streamline your financial obligations into one loan, potentially allowing you to pay them off more quickly than with revolving credit. You can use a Camino Financial loan to consolidate your business debts. The best part is that we have minimal requirements and a completely online application. We offer quick access to funds with competitive rates, fair and straightforward repayment terms, flexible requirements, no collateral, and no prepayment penalties, all through a transparent application process.
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  • Our Basic Business Loan Application Requirements

    ✓ Have an SSN

    ✓ Minimum credit score of 670

    ✓ Business in operation for a minimum of 12 months

    ✓ Annual sales above $30,000

    ✓ Current on outstanding credit obligations

    ✓ No filed tax liens, judgments, credit freezes, or bankruptcies in the past 24 months

    ✓ Must operate within permitted industries and states

  • Compare Debt Repayment Options

    Consolidate your current debtsRefinance one of your debtsPay your debts as they are
    Interest RatesPotentially lower fixed rates, leading to reduced overall interest costs.May secure a lower interest rate than current loans, reducing interest costs over time.Higher or multiple interest rates across different loans, potentially increasing overall interest costs.
    Monthly PaymentsConsolidated into one manageable payment, often lower than the sum of individual loan payments.Can lower monthly payments by extending the loan term or securing a lower interest rate.Multiple payments can be higher in total and harder to manage, affecting cash flow.
    Loan ManagementSimplifies financial management by consolidating multiple debts into a single account.Simplifies by replacing an existing loan with a new one, though doesn't reduce the number of loans.Requires managing multiple accounts, due dates, and lenders, which can be complex and time-consuming.
    Term of LoanCan be extended, resulting in lower monthly payments, but potentially more interest paid over the life of the loan.May extend or shorten the term, affecting both monthly payment size and total interest paid.Sticking to current loans might mean shorter terms, but possibly at a higher monthly cost.
    Credit ImpactConsolidating and promptly paying off the new loan can positively affect credit.If managed well, can improve credit by replacing a higher-cost loan with a more favorable one.Juggling multiple loans and potentially missing payments can negatively impact credit.
    Flexibility and TermsNew loan may offer more flexible terms and conditions, tailored to current financial situation.Offers a chance to negotiate better terms, potentially including more favorable repayment conditions.Existing loans may have less flexible terms or early repayment penalties.
  • Benefits Of Choosing Camino Financial

    ● You can apply 100% online, anywhere, anytime ● We take care of your privacy and your data’s security ● Our loans have fixed repayment terms ● We don’t charge any early prepayment penalties ● A world-class bilingual customer service team ● We don’t have any hidden processing fees
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  • Read What Our Customers Have To Say

    Join 9,000+ people choosing Camino Financial

  • How to Consolidate Business Debt


    List Your Debts

    Compile a detailed list of all the debts you plan to consolidate. This list should include creditor names, amounts owed, account numbers, and the payment address or method for each debt.


    Disburse Funds to Creditors

    Manage the payout to each creditor. This involves making payments (you can do this through online payments, checks, or direct transfers, depending on what each creditor accepts) and ensuring it's clear that the payment is intended to pay off the balance in full.


    Verify Account Closures

    Check that these accounts are marked as paid in full and closed (if applicable). Ask the creditor for a payoff statement confirming the account is paid in full or check your credit report to ensure that the accounts are reported as paid or closed.


    Manage Your Consolidation Loan

    Focus on managing the new loan effectively: avoid missing payments and closely monitor your budget.

    Joyful businesswoman shaking hands, sealing the deal on a loan agreement.
  • Discover Camino Financial's convenient loan management

    Get a visual overview of loan status. Track payment history and request more capital through your personalized member account portal.
  • How To Get A Business Loan With Camino Financial

  • FAQs

    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.

    Yes. As a BBB-accredited business with an A+ rating and an average of 4.2 stars across more than 400  reviews prove it.

    Camino Financial uses the same technology that banks use to protect your private information.

    • Have a Social Security Number (ITIN is not accepted).

    • Business must have been operational for at least 12 months.

    • A credit score of 670 or higher is required.

    • Specialty Trade Contractors with a FICO score of 650 or above.

    • Must have annual sales exceeding $30,000

    • Must be up-to-date on all existing credit responsibilities.

    • No record of tax liens, judgments, credit .freezes, or bankruptcies in the last 24 months

    • Not operating in prohibited sectors.

    • No businesses that have secured an HCD loan within the previous 90 days.

    • Not located in HI, NJ, PR, MI, NV, or the Caribbean Islands.

    No, you need to be a United States citizen with an SSN to qualify for a business loan through Camino Financial.

    No, we cater our business loans to businesses that have established credit history.

    No, we don’t require any type of collateral, only a UCC lien.

  • Keep Reading

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  • Camino Financial does not extend small business loans to businesses operating within these industries: Transportation, Warehousing, Real estate, Financial investing or processing, Cannabis industries, Adult entertainment, Car dealerships, Credit unions, and other sectors Specialty Trade Contractors require a FICO score of 650 or above. No businesses that have secured an HCD loan within the previous 90 days. Not located in HI, MI, NV, NJ, PR, MA, NY, ND, OH, PA, or TN; plus IN, NE, or WV for Sole Props.

  • Stay connected

    Join a community of over 40,000 micro-entrepreneurs for access to informative resources, helpful tips, and best practices on growing your business

  • Mission-driven company

    Camino Financial is a nationally certified Community Development Financial Institution (CDFI) with oversight by the U.S. Department of Treasury. By partnering with other mission-aligned organizations, Camino Financial is able to pool and distribute low-cost funding and educational resources to underbanked minority-owned businesses. Camino Financial is headquartered in Los Angeles, California with supporting offices in Mexico City, Mexico.

© 2024 by Camino Financial, Inc. All Rights Reserved. Camino Financial is a Licensed Finance Lender & Broker in California under its subsidiary Salas & Company LLC.
Camino Financial Better Business Bureau A+ accredited businessCloudflare

11501 Sunset Hills Rd, Reston, VA 20190 | info@caminofinancial.com| Tel (800) 852-0655

NMLS License: Salas & Company LLC #2186459 | CFL License: Salas & Company LLC (DBA Camino Financial) #60DBO-43053

CDFI Certification Number: 181CE054231