A small business loan can be a valuable resource but it's important that you're responsible with spending and repaying it. When taking out a loan, you should remember that paying back the loan is a priority and a loan does not just end with getting a loan. It has to be spent effectively and paid back early and regularly. The first thing you should understand is that debt has a ripple effect across your financial life, including your mental and emotional life.
Paying off your debt helps to increase your credit score and frees up money to buy the things you enjoy.
Note that you should not be taking a business loan if it will not help your business grow more. Debt will not magically disappear, but what you can do is work to fix your debt.
Here are a few tips to help you get out of debt faster:
1. Make a Loan Repayment Plan
The first step is to create a loan repayment or debt payoff plan. There are a few strategies to help clear debt.
One strategy according to finance expert Dave Ramsey is called the debt snowball. This strategy advises that you start off by paying debts from the smallest balance to the largest balance regardless of the interest rate. Once the smallest loan is paid off, you focus on the account with the next smallest balance.
This tactic has been proven successful by many people because it builds up your motivation to keep paying off your debt you feel a small sense of accomplishment and feel more encouraged to pay off your loans. Each conquered balance gives you more money to help pay off the next one quickly.
Additionally, Ramsey advocates for paying off debt first with all extra income before even saving. This is because most times, earnings on savings are lower than the interest you pay on debt - it therefore only makes sense to pay down on your debt.
Apart from the snowball method, there's another debt payment method called the debt avalanche method. If you have just one debt, make the biggest monthly payment you can handle and do this until you have cleared all your debt. 
Using the debt avalanche approach with multiple loans, you pay off your debts in order from the highest interest rate to the lowest interest rate regardless of the balance until the debt with the highest interest rate is entirely paid off, then the extra repayment funds go toward the next-highest interest-bearing loan. This system continues until all the debts are paid off.
2. Stop Spending
When paying off a loan it is best to reduce unnecessary business expenses. You want the honest truth? You do not have to live on the edge for satisfaction. If you have to stop having business lunches at fancy places and buying expensive things to ensure that you pay off your debt easily, then do that.
You also don't have to live large to impress people if you are only going to be broke on the inside and have debts piling up. You have to cut off unnecessary business expenses.
3. Budget
Creating a budget is an effective way to help you track your spending. Following a budget, helps to ensure that you are not spending the loan on unnecessary expenses. In addition, ensure that you are committed to repaying your debt so that the loan doesn't become a bigger loan and a bad debt.
If you're having trouble with repaying a loan, look for ways to either increase revenue or cut costs. These changes can put your business in a better place financially and allow you to repay your loan stress free.
4. Study your cash inflow and tailor your loan repayment to it
When applying for a business loan, make sure that you fully understand what your obligations are. You should know what your loan term is, your payment due dates, the interest rate, the payoff amounts, and other aspects of your business loan. Make sure to ask all the necessary questions and note all the important information. If you are confused, ask your lender, or loan officer to further explain this information.
Also, understand your cash flow and income flow. This will help you decide or plan the best payment for you. If you make monthly income, you can opt for a monthly repayment and if you make the weekly income you can also opt for a weekly repayment to help you pay off your loan faster.
5. Seek Help
This is very important. If you are having difficulty or challenges paying back a business loan, contact your lender immediately to discuss your options. When you start missing deadlines without providing an explanation, there could be serious repercussions.
In some cases, some loan lenders, offer refinancing options or briefly accept a reduced amount. You will still be required to pay your remaining balance, but you might be able to work out a convenient and effective repayment plan with your lender or financial advisor.
By being transparent with your lender, they will be more likely to trust that you're a responsible borrower. This will help you in the future if you decide that you'd like to apply for additional financing or a bigger loan.
References
https://www.daveramsey.com/blog/how-to-pay-off-debt
https://www.thebalance.com/debt-snowball-vs-debt-stacking-453633
https://www.daveramsey.com/get-started/financial-action-plan?int_cmpgn=get_started_assessment&int_dept=lampo_split_bu&int_lctn=DR.com_Site_Interrupter&int_fmt=button&int_dscpn=gsa_interrupter_tablet_image_0919&campaign_id=
https://www.thesimpledollar.com/credit/manage-debt/11-ways-to-get-out-of-debt-faster/