For your business start-up, irrespective of your credit score, you can consider alternative lenders, the Small Business Administration, or using personal assets as collateral.
Before applying for the loan, you also submit tax return documents, employment verification documents, and property appraisal documents. Once you submit all the documents, it will take around 30 to 45 days to process your loan. Usually this time depends on your profile and the bank's procedure.
Your DTI ratio will be improved after you paying off your BNPL loans. BNPL (Buy Now, Pay Later) increases your monthly debts, and lenders treats these installment payments as a debt. So by paying off, your total monthly loan payments will be decreased. If your DTI ratio is low, then the financial institutes, thinks that you make more money than you own, which makes you a dependable borrower.
Combining your loans might not be the best options with your suggested interest rates. In your case it’s better to consider the avalanche method. Just focus on paying off the loans with the highest interest rate (5.7%), and then move to the loan with least interest rate. With this method you can save a lots of money.
There is no need to open a business account at PNC Bank to apply for a business loan. You just need to submit the documents with your basic financial statements, personal information and some basic business related information like name, address, tax ID.
You can apply for the loan, through online, contact them them through their official number (1-855-762-2365) or by visiting to their branch office.
It’s actually a great move to pay off your loan in a single go. Well in your case, I would suggest you to focus on the loan with the highest interest rate that is 4.47%, if you want to save more money. And then move to the lower one which is 3.91% and in the end pay off your loan with the least interest rate.
