>Can I Use a Personal Loan for Business? Posted by Digitalafinoz on October 4th Angel Correa Camiseta , 2018
Establishing a business is anything but a small feat. You have to focus on many core business activities like planning, paperwork and management. While there are business aspects that can give you stress, arranging money can give you sleepless nights.
Whether you are expanding your business or trying to get it off the ground, you need money to support your business growth. But how do you do that?
Business loan!
Well Nikola Kalinic Camiseta , it is not easy to get a business loan. To be eligible to avail a business loan, your business should be at least 1-2 years long or meet the annual revenue requirements.
It is difficult to start-ups and small businesses to get a business loan. The right financing for your business can come in various forms or sources. One such source is - personal loan.
Can I Use aPersonal Loan for My Business?
You can take a best personal loan for any legitimate reason including business. The personal loan is attached to an individual. Therefore, creditworthiness and ability to repayrather than the condition of your business.
As the personal loan is attached to your name and not a business, it will be a personal liability and not a business liability in case any missteps. You must also keep in mind that these loans have different rules than business loans.
Am I Eligible?
If you have a good credit score Santiago Arias Camiseta , you can apply for a personal loan. Getting a personal loan sanctioned in your name is further simplified if you have a stable source of income as well.
Benefits of Using aPersonal Loan for Business
As a useful tool to finance your business, the personal loan has the following advantages:
Easy & Quick Approval
If your business in new, lenders might not have faith in you. You will have difficulty getting a business loan. Getting approval for a personal loan in comparison to business loan or secured loan can be way easier with a good credit history and stability of income. Personal loans are also quicker to be approved.
Less Documentation
You don’t have to provide business plans or extensive documents to get a personal loan. The finances & condition of your business is also not taken into consideration while approving and disbursing personal loan amount to your account.
Fast Disbursement
Business loans can take a month for disbur sement. Thus, they are not a good option if you are looking for emergency finances. On-the-other-hand Antonio Adan Camiseta , personal loans are disbursed within a few weeks or days. Therefore, you get the capital when you need it.
Low-Interest Rates
Personal loans have lower interest rates in comparison to other loan alternatives if you have a steady income and high credit score. The repayment structure is also flexible and accommodating.
No Collateral
Business loans require you to put your assets as collateral for approval. And if you fall behind with repayments, your assets can be seized. But this is not the case with personal loans. As personal loans are unsecured loans, you don’t need collateral for its approval.
As per an online study Jose Gimenez Camiseta , 58% of small businesses and start-ups use the personal loan as an initial form of finance. With a little bit of financial planning, a personal loan can be the right finance option for your business.
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