WHAT IS A PERSONAL LOAN FOR BUSINESS?
Personal loans for business purposes can be especially useful for newer businesses without established business histories.
5.99 - 36% APR
As Little As 24 Hours
3 - 5 Years
Max Loan Amount
Can be much less expensive than a business loan
Great for customers with limited business history
Repaid monthly rather than weekly or daily
Reports to your personal credit history
Some prefer to separate business from personal finances
Limited to up to $40,000
Most Businesses Who Qualified Had:
TIME IN BUSINESS
Over 2 Years
Bank Account Number
Pay Stubs / W-2s
Personal Tax Return
Applying Does Not Affect Your Credit!
Disclaimer: The above information is provided as a guideline. Some loan conditions may fall outside of these parameters. We recommend that you speak with one of our advisors before taking any course of action based on this information.
If you’re a business owner in this situation, personal loans for business often have lower interest rates than many other business loans you’d typically qualify for.
Pros & Cons
Here’s the low-down on qualifying:
If you’ve got a great personal credit score, personal loans for small business could be an excellent way to finance your new venture.
You’ll need to have a credit score of 580 or above to consider it a viable option. And again, nothing about your business will get considered in your application.