Paying off loan early?

RestoreAndMors · ‎10-02-2018

Will paying off my loan early help or hurt our eligibility for a new loan? We have rapidly expanded our business and need the capital to help fund two large contracts we just signed. We are 90% paid back with current capital loan.

thanks!

DanceLegacy · ‎10-02-2018

I was coming here to ask the exact same question!

We are 85% paid on our current capital loan, but had to move buildings unexpectedly this month. We were going to pay off the balance, but weren’t sure if it would help or hurt or eligibility.

Following this thread and hoping to hear some advice.

Kimmiesue12001 · ‎10-02-2018

Paying off early is not a guarantee you will be offered another loan. I paid in full 5 weeks ago...no new offer yet.

VanKalkerFarms · ‎10-02-2018

paying off early will start a couple week reset on your account for the algorithm to adjust to the extra payments. paying it off early doesn't make you automatically eligible either. at 90% I would not recommend paying it off early.

Bob Van Kalker
My Van Kalker Farms Garden Center website
My Rise'n Roll Bakery Schererville Indiana Facebook Page
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