Tag: start up business loans

Personal Loans for Your Business from These Small Business Loan Lenders

Personal Loans for Your Business from These Small Business Loan Lenders

Small business loan lenders
(This post contains affiliate links.)

If you are thinking of starting a small business or need money for an existing one, you’ll find that it can be difficult to get the financing you need. That’s where personal loans come in. According to small business loan lenders, you can use personal loans for business.

Personal Loans from Small Business Loan Lenders

When you think of personal loans, you might picture a loan for $500 or a $1,000 dollars. While those loans certainly exist, you might be surprised to learn that you can get a personal loan for small business up to $35,000.

Of course, like with all business borrowing, you don’t want to borrow more than you need. That means if a couple of thousand of dollars will do the trick, then that’s what you should borrow.

What’s great about applying for a personal loan is that the process is much easier than going to your local bank and slogging through all the paperwork and red tape.

For most personal loans, you can apply online and simply fill out a few questions. You’ll have your answer almost immediately, or at least the same day.

With most small business loan lenders offering personal loans, you will receive your money in your bank account normally within a day or two but no longer than five days after you’ve been approved.

Requirements for Receiving a Personal Loan from Small Business Loan Lenders

Another advantage of using a personal loan for your business financing needs is that the requirements to obtain one are less than traditional business loans. Many lenders, online or in your town, require that you have been in business a specific number of years and have a business income of a certain level before they will lend to you.

For example, Kabbage, while a great lender, does require that you have a minimum of $50K in annual revenue and be in business for at least one year. The same goes for OnDeck except they require that you have $100K in sales in the prior year.

Instead, when you apply for a personal loan the lending requirements typically include the following:

  • Be a U.S. citizen or permanent resident
  • Age of 18 years old or older
  • Be employed or self-employed full-time
  • $2,000 a month income
  • Have a checking account
  • Credit score of 580 or better

Additional Advantages of Using a Personal Loan for Business

There’s one last advantage of using a personal loan from small business loan lenders, and that’s the fact you can use the money for anything you want. There are no limitations.

Uses for the loan money can include:

  • Covering startup costs for your business
  • Paying employees
  • Paying vendors
  • Covering a cash flow issue
  • Buying equipment
  • Leasing office space
  • Upgrading equipment

The options are really endless…

One great lender for personal loans for business is PersonalLoans.com. They offer loans from $1,000 to $35,000. You can fill out the application online in just a few minutes.

Once approved, they’ll send you your loan agreement, and you’ll have your money in one to five days.

PersonalLoans.com actually has a whole network of trusted lenders that they can match you with to ensure you’ll get the best rates and options possible for your personal situation.

Check them out today, and get the money you need for your business now.

 

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