Waste Company Refinances Equipment to Pay Off Business Credit Card Debt

Situation

Credit card lender places a hold on the customer’s account

As a course of business, the company typically used their business credit card to pay landfill bills every other week. The amount charged to the credit card each billing cycle was approximately $200,000.

One month, the company unexpectedly incurred more charges than usual. Incorrectly thinking the increased charges were due to fraud, the credit card lender placed a hold on the account. Even after explaining the situation and showing the credit card company that fraud was not an issue, the credit card lender significantly lowered the business’s credit limit and threatened to drastically reduce the customer’s personal credit limit, and therefore adversely affect his personal credit score, unless the large bill was immediately paid in full.

Download the case study to read how equipment refinance helped pay off credit card debt.

Solution

CCG refinanced a loan to get cash quickly for the customer

The customer called their CCG sales representative on a Tuesday morning for help. The credit card lender was giving them until that Friday to make the full payment of about $250,000. Failure to pay the total amount would result in the credit card company not accepting further charges and potentially damaging the owner’s personal credit and the company’s relationship with its landfill. CCG was able to quickly refinance the company’s existing equipment debt, providing them with the funds to pay off their credit card bill while keeping their monthly loan payment the same. This greatly helped the customer and continued a long-lasting relationship between the customer and CCG.

Apply to Refinance for Credit Card Payoof