WHAT IS A PERSONAL LOAN FOR BUSINESS?
Personal loans for business purposes can be especially useful for newer businesses without established business histories.
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Interest Rates
5.99 - 36% APR
Speed
As Little As 24 Hours
Loan Terms
3 - 5 Years
Max Loan Amount
35,000
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Can be much less expensive than a business loan
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Great for customers with limited business history
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Repaid monthly rather than weekly or daily
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Reports to your personal credit history
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Some prefer to separate business from personal finances
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Limited to up to $40,000
Most Businesses Who Qualified Had:
ANNUAL REVENUE
Over $45,000
CREDIT SCORE
680
TIME IN BUSINESS
Over 2 Years
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Driver's License
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Credit Score
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Bank Account Number
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Pay Stubs / W-2s
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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
Who Qualifies?
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.