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What is the difference between a business loan and a personal loan?

April 26, 2017Business difference loan personal loan

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What is the difference between a business loan and a personal loan?

2 Answers

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Ethan Benjamin Posted

There is a very slight difference between personal loan and business load. You might get a business loan with a personal guarantee. Because the banks don’t want to give money for a pure business loan because the company don’t have good collateral.

To know more visit this blog “Requirement for small business loan”

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A business loan works in exactly the same way as a personal loan in that you borrow a set amount of money which is repaid over a set timescale at an agreed rate of interest. The only difference is that it is the business doing the borrowing, not the individual.