Can I pay off or consolidate personal debt with a business loan?

euginey455 asked:


I am going to be kicking off with a new business and I've managed to get a 9.5% apr loan with no prepay penalty. I can use this money how I like, however would it be legal for me to use this to pay off a personal debt at a higher rate?

Twitter Digg Delicious Stumbleupon Technorati Facebook Email

One Response to “Can I pay off or consolidate personal debt with a business loan?”

  1. I guess a possible way to look at it would be to take a loan from the business and then pay it back at a later point.

Login