$5,000.00 – $40,000.00
3 – 36 months
5.99% and up
As little as 24 hours
Securing the loans to boost your business can seem like a daunting task. Business Loan Networks’ marketplace helps business owners find the funds they need with solutions that include a personal loan for business.
Different from Traditional Business Loans:
A personal loan for business differs from a traditional business loan. One distinction is that since this is a personal loan, the loan depends on your personal credit score, not your business’s track record. This makes sense when you remember that, though you intend to use the funds for your business, the lender is entrusting that money to you personally, so it’s your personal credit record the financer is concerned with. As the person taking on this loan, it will be up to you personally, not your business, to repay that debt.
Why Use a Personal Loan?
A personal loan for business can provide the funds you need to get your business started or take it to the next level. A personal loan is especially helpful when your business lacks a significant financial history yet, making it hard to secure traditional business loans. The most important thing to remember is that your loan depends on your personal credit score, so unless your credit score is very good, this option may not be the best for you.
Another advantage of using a personal loan for business includes its straight-forward payment structure. There are no hidden fees or complicated paperwork. A personal loan typically involves just a few components: you receive a lump sum of cash from the lender which you repay in fixed monthly installments. There is also a closing fee to consider. To understand what amount you will owe due to this charge, subtract the closing fee from the loan amount and the result is how much capital you can expect to use.