What does a transfer mean?
It may happen that you are not satisfied with the current party where you take out a loan and your eye falls on a party where it is better arranged. If this is the case, it may be a good idea to transfer your loan. Refinancing a loan can sometimes have a positive effect for your company. The new party will then pay off the current loan in full for you and you can take advantage of the conditions of your new financing party. Consider, for example, a lower interest rate and a shorter term of your loan .
Is a transfer always the cheapest solution?
Before you transfer a loan, it is always important that you read the terms and conditions carefully. Your old provider can charge a penalty interest of up to 1%. As a result, a business loan is not always the cheapest solution, even if the interest with the other party is so attractive. So always check this well in advance.
Find the right party
To find a party that does meet your wishes and requirements, we recommend that you use our handy comparison tool. We have developed a tool with which you can easily and quickly compare various parties. mchservicesinc.com is itself an independent party that only lists the facts and conditions. We do not take sides and only show you what you can choose from. You can use the tool completely free of charge. Do you see a party that suits you? For more information, you will be referred to the website of the relevant provider.
How does transfer work?
If you want to transfer your loan to another provider, it is important that the new financing party knows everything about your current situation. It is often the case that you have to fill in an application form online to transfer your loan. After this, the new party will check whether you are eligible to take out a loan. If they agree to this, you can repay the new loan with the new conditions. So please note that in some cases you will receive penalty interest. For example, transferring a loan may seem much cheaper, but if you have to pay a fine, this can still be disadvantageous for you. So always carefully read all the conditions of your current loan before you make a decision and have your loan transferred to another party. A financial advisor can help you with this if necessary.