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Should You Take Out a personal Loan for Your Business?

by autumn 5 月前

Finding small business financing can be a tricky, counterintuitive process. It’s almost always easier to qualify for a business loan when you have a solid history of success in business. But what about when you need financing in order to get your business off the ground?

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When a business loan is difficult to obtain, it’s natural to consider taking out a personal loan and using those funds as capital for your business. And while you can do this, the question is should you do this?

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Related: Does It Really Need to Be This Hard to Get a Business Loan?

Read on for everything you need to know before considering this route.

How personal loans for business work.
In most cases, a small business owner should consider traditional or alternative business financing when they need capital to grow their business. But there are many reasons business financing may not work out, and in those cases, some small business owners take out a personal loan against their own finances to fund their business needs.

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Since personal loans are indeed personal, how you use the capital you receive from the loan is pretty much up to you. Business lenders want to see a solid plan and knowledge of the industry you’re in before approving your financing, but personal lenders simply need to feel sure that you’ll pay the financing back. The ability to qualify for a personal loan will depend heavily on your personal finances and credit history. A good credit score can prove you have a solid history of making your credit payments on time and of paying back the debts you owe.

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The downside here is that, if you don’t have a good credit score, you may be out of luck when it comes to using a personal loan to finance your business.

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