Business Loan or Personal Loan

WSchumerWSchumer Posts: 1subscriber
edited October 2016 in Startup Funding
We have a great business plan and are looking for funding for a start-up. We have identified the ideal location which is available now so time is of the essence. We spoke to The Business FInance Store today. Does anyone have experience with them? We need about 100k for the start-up. I can qualify for a personal loan which will get us that amount or we can get a business loan, at lower rates, but not for the full amount. The contact there cautioned us against using both a business loan and a personal loan - inferring the combination may create credit issues. These are unsecured loans. When I spoke to banks they want collaterlized loans and we don't have enough to qualify. Any advise or feedbak is appreciated.

Comments

  • bernardzwilliambernardzwilliam Posts: 0subscriber
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  • christiancolechristiancole Posts: 0subscriber Member
    It's your personal business right? So i think you should apply for a personal loan. If this is a sharing business then business loan is better.
  • lindathomaslindathomas Posts: 0subscriber
    Personal cash loans are the most convenient option to get fast cash flow in urgent money requirement. The short term cash loans are sanctioned to you only for a short period of time only so that you can get the solution for your entire financial crisis for a duration of2-4 weeks.12 month loans
  • StuartBrownStuartBrown Posts: 0subscriber
    There are a number of differences between personal loans and business loans. You need to have a business to get a business loan but personal loans don't necessitate that. You can use personal loans which are mostly unsecured loans for a variety of purposes. Business loans will definitely ask for a collateral or guarantor and if you can't provide a good collateral, the interest rate will be significantly high or you may not qualify. Your personal credit score, income and credit history will be evaluated while you are applying for a personal loan. In contrast, the credit history and income of your business will be taken into account when you request for a business loan. So, the purpose and requirements of these two types of loans make them wholly distinct.
  • AnayaAnaya Posts: 3subscriber
    Business loans are in demand today. Various lenders both alternate and traditional lenders provide customized small business loan according to the varied needs of the business. There are some basic qualifications or criteria that every borrower needs to qualify in order to secure financing for business especially in New York, the financial capital of the world.for getting business loans for your business you have to set goals for your business.Its necessary.
  • Joseph121Joseph121 Posts: 6subscriber
    Many industrialists are growing up their business by taking loans from the banks. Its not the big deal whether one is taking loan or not. The matter is that how capable is he in returning that amount to the lenders in minimal time.
    Especialyy for startups, it is important to wrok round the clock and take help from some good experienced industriial people to gain the experinece how to work and exist in the so-competitive market. Venture capital firms are doing the same and working with well-reputed comapnies so that they can help to the people who are going to start their business.
  • Jerry698Jerry698 Posts: 0subscriber
    It is good to take a loan if you want to start a new business and you don't have a good capital to invest,I owned a small business and I get loan from www.bngloans.com ,it is a good source of getting loan on easy criteria.
  • ReneePhillipsReneePhillips Posts: 0subscriber Member
    Good everyone.
    My name Mrs, Renee Phillips, i am from USA CA , i am married, i have been searching for a genuine loan company for the past 2 years and all i got was bunch of scams who made me to trust them and at the end of the day, the took all my money and left me moneyless, all my hope was lost, i got confused and frustrated, i lost my job and find it very difficult to feed my family, i never wanted to do anything will loan companies on net anymore, so went to borrow some money from a friend, i told her all that happened and she said that she can help me, that she knows a loan company that can help me, that she just got a loan from them, he directed me on how to apply for the loan, i did as he told me, i applied, i never believed but i tried and to my surprise i got the loan in 24 hours, i could not believe my eyes, i am happy and rich today and i am thanking God that such loan companies like this still exist upon this fraud stars all over the places, please i advise everyone out there who are in need of loan to go for Mr. Robert .M. Clark Email via ; ( [email protected] ). he did not know am doing this for him,but i just have to do it because a lost of people are out there who are in need for a loan., they will never fails, your life shall change as mine did.

    Thanks and Good Luck.
  • ChristopherLordChristopherLord Posts: 0subscriber
    Depending on the structure of your business, I would strongly suggest taking the Business Loan route.

    Assuming your business is of a limited liability nature, a business loan will be associated with the business, not you. If you take out a personal loan, and your business fails for any reason, your personal credit may be effected.

    By taking out a business loan, if your business fails, your personal credit won't be effected. Of course, this is assuming that you've taken the time to setup an separate credit account for your business (something like "Run and Dun").

    It really comes down to your strategy. Just be aware of the risk your personally assuming if the loan should default.

    Kindest Regards,

    Christopher A. Lord
    Founder of Business Tides | http://businesstides.com
  • ashsummerashsummer Posts: 33subscriber Bronze Level Member
    You need to have a business plan to get a business loan but personal loans don't necessitate that.
  • Lucy12Lucy12 Posts: 0subscriber
    Hi dear all,

    If you are going to start a new business and you are running short of finance and your required loan amount is big then you can avail the services of bank. But if you want small amount then in such case banks often mean makes in providing you loan. Then in such case best option available to you is to take the services of private advance providing companies. When I started my business, it was running fine and later on I thought to extend it. Banks refused me to provide loan. I discussed the matter with my freind and he privided me the reference of https://merchcash.com/what-is-a-merchant-cash-advance.I am still thinking on the issue. If anyone of you has any knowledge on the subject, please intimate me.
  • kathyyuenkathyyuen Posts: 7subscriber
    I would favor business loans as compared with personal loans as they generally have much lower interest rates
  • anushkachhakrabartianushkachhakrabarti Posts: 219subscriber Silver Level Member
    Many banks provide business loan or personal loan like SBI,ICICI,Maharashtra...always take loan from nationalize bank.For thet require some documents.Rules are diifferent for loan..depends on bank..
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