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June 15, 2023

Business debt consolidation vs. Balance transfer: What’s right for you

Reasons to consider taking a loan to pay for a vacation

The stigma around debt—especially for growing businesses—is unwarranted. Not only is financing a standard way of covering expenses, but certain types of debt can also help you generate revenue and accelerate the expansion of your business.

The key to long-term success then isn’t necessarily to avoid financing but to manage your debt strategically.

Once your business has reached a certain level of financial leverage, you can restructure and further optimize by taking advantage of balance transfer cards or business debt consolidation loans. Both allow you to lower the interest rate, extend the loan term, increase the principle, or some combination of these levers—ultimately benefiting you by either reducing the overall cost of debt or making the monthly payment more affordable.

Let’s review these two options in more detail to see which is right for your business.

Differences between balance transfer cards and debt consolidation loans 

A balance transfer card allows you to move existing debt from one or more credit cards to a newly opened card, typically with 0% APR during the promotional period. This period is usually 6 to 18 months, depending on the card issuer.

If you pay off your entire balance before the end of the promotional period, you can avoid interest charges completely. However, if a balance remains after this timeframe, a regular APR will be applied to the remaining balance, and you will incur interest charges.

Your other option, business debt consolidation, combines multiple existing debts like credit cards and loans into a new financial solution, providing you with:

  • A fixed interest rate
  • A single due date
  • A predetermined repayment period
  • A lower monthly payment

Quick Tip: Usually, the interest rate of a debt consolidation loan for a business is lower than the APR of a balance transfer card, post-promotional period.

Let’s dive deeper and look at a side-by-side comparison.

Debt consolidation vs Balance Transfer chart

Even if the total amount owed or the monthly payments are not prohibitive, the demands of managing multiple loans can get in the way of your day-to-day operations—and your ability to grow.

Balance transfer cards and debt consolidation loans are effective in different situations, but they provide one overarching benefit: They ease the financial burden of complex debt structures on business owners.

Further, if you choose to partner with BHG Money, our large loan amounts and extended terms1 allow you to consolidate debt, reduce your monthly payments, and utilize additional funds for operational improvements.

You can learn more about our financial solutions and view your personalized estimate here. It only takes 30 seconds.

Other financing options to help you restructure business debt, strategically 

While balance transfer cards and debt consolidation loans are your primary tools for reorganizing debt, there are other financing options available that can be helpful in certain situations.

For example, you may consider a business line of credit, which gives the borrower a revolving credit line that they can borrow against whenever they need. A line of credit provides access to funding with interest only being charged on the amount borrowed rather than on the entire amount available. This financing solution is generally used to cover immediate expenses but can also be leveraged to pay off outstanding debts.

Refinancing is another option. Refinancing is similar to consolidating business debt, so much so that the two terms are often used interchangeably. Typically, refinancing is the process of taking out a new loan that pays off the debt of the previous one, whereas debt consolidation for business owners involves combining multiple loans into a new financial solution.

What are the advantages of a debt consolidation loan from BHG Money?

BHG Money provides large debt consolidation loans up to $500,0001,2 so that you can pay off debt and invest additional funds into your business. Plus, our longer repayment terms of up to 12 years1 give you affordable monthly payments.

Compared to traditional lenders, BHG Money can provide the funding you want when you want it. So, if you’re ready to strategically restructure your existing debt, our team is prepared to serve your needs—on your schedule—with dedicated loan specialists available 7 days a week.


Get started online by viewing your monthly payment estimate here.


¹ Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile. Finance amount may vary depending on the applicant's state of residence. Call 866-297-4311 for complete program details.

² BHG Money business loans typically range from $20,000 to $250,000; however, well-qualified borrowers may be eligible for business loans up to $500,000.

For California Residents: BHG Money loans made or arranged pursuant to a California Financing Law license - Number 603G493.

No application fees, commitment, or impact on personal credit to estimate your payment.