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Personal Loans for Business
A personal loan for business is a loan made to you, the individual, based on your personal financials. You can then use those founds towards financing your business venture (or however you like).
Disclaimer: There are general qualifications. Other information might be considered during your application.
You can apply for personal loans at your local bank, but a better option might be many of the online lenders offering personal loans, such as Prosper to Avant. Apply to both below.
Apply Here for a Personal Loan for Business.
I’is not common knowledge that you can actually use a personal loan for business purposes. Personal loans are especially helpful for new businesses without establishing business histories, and often have lower interest rates that many business loans-making them a great option for young companies looking for financing.
Maximum Loan Amount
$50,000
Loan Term
3 to 5 years
Interest Rates
5.99 – 36% APR
Spped
As little as 1 day
Apply to the Industry’s Best Personal
Business Loan with Springboard Today
Loan Type
Time to Fund
Avg.Interest Rates
Unsecured business financing
As little as 1 day
5.99 – 36% APR
Merchant Advances
1 week
Starting at 6.5%
Business revenue lending
As little as 1 day
7 – 30%
Purchase order financing
As little as 1 day
8-30%
SBA Loans
As little as 3 weeks
7 to 25%
Account Receivable Financing
As little as 2 days
Starting at 10%
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 options. Ang again, nothing about your business will get considered in your application.
Annual Revenue
Over $45,000
Credit Score
680
Time in Business
over 2 years
FIND OUT WHAT LOAN YOU
QAULIFY FOR NOW?
For plenty of entrepreneurs, getting that first stage of financing can seem like an impossible climb.
How can you start your business without having enough funds?
But Fundera’s marketplace offers a solution for business owners who don’t have much business history or finance yet:
Using personal loans for business.
It’s important to understand the difference between personal loans “for businesses” and traditional business loans, and to be aware of what personal loans for business require.
Let’s get started.
Personal loans for business depend a whole lot on your personal credit score-your business’s financial track record doesn’t matter. After all, your lenders are making a loan to you, the business owner, and it’s your responsibility to repay that loan.
What does this mean for you?
Whether you’re using those funds for your business or something else doesn’t affect that model.
When to finance your business Using a Personal Loan
Understanding Your Options for a Per-
sonal Loan
One great thing about personal loans?
Their payment structure is easy to understand.
No hidden fees, no complicated documents-just you, a lump sum of cash, and a fixed monthly payment.
Personal loans for business depend a whole lot on your personal credit score-your business’s financial track record doesn’t matter. After all, your lenders are making a loan to you, the business owner, and it’s your responsibility to repay that loan.
What does this mean for you?
Whether you’re using those funds for your business or something else doesn’t affect that model.
How Commercial Loans Differ From Your Average Customer Loan
The Different Types of Personal Guarantees
See More ResourcesWant to see how Springboard makes Business Funding super simple?