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I'm requesting this loan to pay off 2 business credit cards that I have guaranteed; one has a current rate of 29.9%, and the other is 28.99%.
I'm using this sum to pay off and close both cards (one was our first business credit card, and the other we don't use anymore). We pay the minimum balance on each every month to keep them current, but the annual fees keep increasing the amounts we owe on the card; we can never get ahead on them.
Our small business has seen some hard times before (especially in 2001), but we're cash-flow even right now. This loan will definately help us out by allowing us to close down the cards, improve my credit rating, and improve our cash flow a bit more.
Thanks for your help! |
