Before You Refinance a Business LoanBy
When loans are refinanced, it seems standard practice is to fund the new loan and then pay off the existing loan the next business day. So for one day (longer if God forbid you fund the new loan on a Friday), one is charged interest on the existing loan and the new loan. Is there any way around this day of double interest? Also, why does it take a month to generate refund checks on loan payoffs?
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