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Personal loan or business loan?

Discussion in 'Personal loans' started by MyNameIsBort, Dec 3, 2015.

  1. MyNameIsBort

    MyNameIsBort Member

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    What's the difference between these 2 type of loans, for someone who has a business of their own? Is it better to apply for a business loan if you're an entrepreneur, or are personal loans more advantageous?
     
    Mike Dunbar likes this.
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  2. xami alo

    xami alo Guest

     
  3. AlyssaGarcia

    AlyssaGarcia Member

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    I think it is wise to keep your personal and business affairs separate. Going for business loan makes it easier when filing taxes and interest deductions. Plus the loan amount is comparatively higher than personal loans.
     
  4. peter

    peter Member

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    Personal Loans considered as a secured in which you don’t ask any collateral security. Business loans considered as an unsecured loan in which you must give any collateral security. Personal loan rate of interest is low as compared to business loan. Business loans depend on your business growth. If a lender finds that the business growth is good, then they will give a loan otherwise they will charge high interest for your business loans.
     

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