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Mary Linda
Mary Linda Posted on Dec 11, 2015
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Can I Make A Lump Sum Payment Reduction To My Business Loan?

My question is can I make reduction to my business loan?

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Veronica Mercy

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  • Posted on Dec 11, 2015
Veronica Mercy
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You may make principal payments to some business loan with a variable rate anytime without taking on a problem cost. For those who have a business loan with a fixed interest rate, lump sum payment principal obligations can be created in the end of the fixed interest period without penalty cost.

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It totally depends on the terms and conditions of the loan.

Normally yes unless you have a loan with conditions which does not allow you to make any additional repayments such as lump sum payments. You also need to check if there are any penalties for the type of loan you have for early repayment.

Check the loan contract and if in doubt check the details with the loan provider. If taking out a new loan always check out and make sure you fully understand the terms and conditions.

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Related Questions:

0helpful
2answers

What Happens If I Miss A Loan Payment?
pay it as soon as possible after the due date and contact the bank/ financier about the details for the missed loan repayment
Smart people always pay in advanced so that it you are a bit late you are still in credit
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Aug 30, 2016 • Computers & Internet
0helpful
1answer

Is The Loan Amount Based Totally On A Fixed Amortized Payment Over A Specific Term?
No. But long it takes to pay back the business loan through the daily processing of credit cards is the duration of the term.
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Aug 24, 2016 • The Computers & Internet
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1answer

Is Accounts Receivable Funding Similar To A Bank Loan?
No. Accounts receivable financing isn't a conventional loan and you aren't assuming any debt. The importance is in your clients' invoices, not on your balance sheet. Commonly, funds are available quickly than with conventional loans, commonly within 24 hours or less. Accounts receivable financing, or invoice factoring, provides a consistent flow of financing, whereas conventional loans are commonly one lump sum.
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May 20, 2016 • Computers & Internet
1helpful
3answers

What Happens If I Make A Late Payment On Business Loan?
Mary, You will be way further ahead contacting the the lender of the loan ahead of time a some times at there discretion late fees or penalties fees can be waived. Some allow 1 per year with in reason. So if you know you are going to be late notify them ahead of time.
"I hope this helped you out, if so let me know by pressing the helpful button. Check out some of my other posts if you need more tips and info."
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May 04, 2016 • Computers & Internet
0helpful
1answer

What Is The Minimum Down Payment For An SBA 504 Loan?
A minimum down payment of 10% is required for most SBA 504 loan initiatives. A 15% down payment is needed while a business is a start-up (less than 2-years in operation) or when the assignment constructing is a special-purpose use. A 20% down payment is required in conditions concerning both a start-up business and a unique-purpose use.
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Mar 30, 2016 • The Computers & Internet
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1answer

Do I Have To Make A Down Payment On Business Loan?
No down payment is required on business loans; however it's far advised you make investments some of your personal belongings or cash into the business. That is reviewed all through the application process.
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Feb 03, 2016 • Computers & Internet
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1answer

Can I Make Reduction To My Business Loan?
You may make lump sum principal repayments to a business loan with a variable rate at any time without incurring a penalty fee. If you have a business loan with a fixed rate, lump sum principal payments can be made on the end of the fixed interest term without penalty fee.
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Jan 21, 2016 • Computers & Internet
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2answers

What Can An SBA Loan Be Used For?
Her is a list of what you can and cannot do with the proceeds of an SBA loan. I am assuming you are in the US.


Use of 7 Loan Proceeds The Small Business Administration SBA gov
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Dec 15, 2015 • Computers & Internet
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1answer

What's The Difference Between A Cash Advance And Short-Term Business Loan?
A cash advance is based on a business's average monthly product sales and it is compensated back through a small percentage of the future credit card sales. A short-term business loan is a superb choice for the small business owner that has foreseeable income, continues to be established for at least nine months and it has an average monthly banking account balance with a minimum of $1,500. Payment for any short-term business loan is fixed through a daily Automated Clearing House transaction.
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Aug 27, 2015 • The Computers & Internet
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1answer

Why Should I Think About An SBA 504 Loan?
The Small business Administration 504 Loan program offers benefits to smaller businesses. The advantages include low lower payment (permitting the small company to preserve capital), longer terms, and bigger loans than might be available via a conventional loan.
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Aug 12, 2015 • Computers & Internet
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