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  • Business Loan or Personal Loan

  • Ishaan Kumar

    Member
    March 10, 2021 at 6:29 am
    banana-2 206
    crowns-1 Level 1

    Hello Guys!

    I have a great business plan and I am looking for funding for my startup. I have identified the ideal location which is available now. I spoke to several loan providers today. Does anyone have experience with them? I need about 100k for the startup. I can also move forward with a personal loan or I can get a business loan, at lower rates. The contact their cautioned me against using both a business loan and a personal loan – assuming the combination may create credit issues. When I spoke to bank they want collateralized loans and I don’t have enough to qualify. Any suggestion or feedback is appreciated.

  • Ansh Godarey

    Member
    March 10, 2021 at 6:48 am
    banana-2 276
    crowns-1 Level 1

    Hi @Ishaan If it’s your personal business, I would suggest you should apply for a personal loan. If this is a sharing business or you have partners then it’s better to take business loan.

  • Bharat Jain

    Member
    March 10, 2021 at 7:01 am
    banana-2 35
    crowns-1 Level 1

    Business Loans are in demand today. Both alternate and traditional money lenders provide customized small business loans according to the requirements of the business. There are some basic qualifications or criteria that every borrower needs to qualify in order to get the loan, and then you are all set!

  • Lilavatee Kohli

    Member
    March 10, 2021 at 7:56 am
    banana-2 3
    crowns-1 Level 1

    Hey @Ishaan ,

    Depending on the structure of your business, I would recommend you to take the business loan route.

    For instance, If your business is of a limited liability nature, a business loan will be associated with the business, not you personally. And if by chance your business suffers, your personal credit will not be effected.

    It all comes down to your strategy. Just be aware of the risks and uncertainties involved with the loan.

  • Gaury Sah

    Member
    March 10, 2021 at 11:02 am
    banana-2 29
    crowns-1 Level 1

    Hi @Ishaan , I am not sure that these loans are the best idea. It’s better to find some other ways to get funds for your business. I would suggest you can go with crowdfunding or if you have any previous contact with Angel investors. Do you agree with me guys?

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