After quite some time, American economic researchers are optimistic about the economy; neither inflation nor deflation – hope still prevails! Considering the highs and lows, and finally, the balance, running a small business without extra cash flow continues to be challenging. So, where do you turn when facing this particular situation? Banks. They have strict eligibility criteria and with all the small businesses in the market, the competition is on its peak. Now that banks are not an option. Small business administration provides personal loans at an affordable interest rate. With a bad credit score, it will be hard for you to qualify for a government-approved loan. So alternative lenders are your next stop! Alternative or private lenders such as Merchant Advisors offer personal loans for small business owners who don’t want to tango with never-ending terms and condition of standard term loans.

What is a personal loan?

A type of a small business loan that offers external funds to startups or new businesses. So, if you need funding for an unestablished business, then a personal loan can satisfy your financial needs. There is a rationale behind this; a personal loan comes with relaxed eligibility criteria; a new business is not generating enough annual revenue to qualify for a business line of credit and a merchant cash advance.

With a personal loan you get a loan up to $35,000, the borrower is obligated to pay back the loan in the 3 to 5 years, and the interest rate is 5.99 to 36%. If you need quick access to the external funding, then apply for a Personal Loan and get access to the funds in 24 hours.

An ideal candidate for a personal business loan has an annual revenue of over $45,000, a credit score of 680, and a must be running a business for over a year. Make a file of the financial documents including a driver’s license, credit score report, and personal tax return documents.

Now that you know all that goes into applying for a personal business loan, so just look at the following options and choose the best one for your business.

  1. Upgrade

The upgrade is a lending company that offers loan amount ranging from $1,000 to $50,000, this huge amount of money comes with the APR of 7.99% to 35.89%. The borrower is required to make all the repayments from 36 to 60 months.

When you are applying for small business via ‘Upgrade’ all you have to do is fill an online application and the will be in your account in 24 hours. Although you can apply for a personal loan with a bad credit score business owner with a ‘good’ or ‘fair’ credit score can get a business loan at the lower interest rate.

  1. LightStream

LightStream is a lending company that offers loan amount ranging from $5,000 to $100,000, this huge amount of money comes with the APR of 4.99% to 16.99%. The borrower is required to make all the repayments from 24 to 144 months.

If you have a perfect credit score, LightStream can lend you a loan with a lower interest rate and reward your financial credibility you as a borrower can choose the repayment terms. LightStream values your small business, so their funding process is transparent and they don’t charge any additional fee.

  1. Prosper

Prosper is a lending company that offers loan amount ranging from $2,000 to $40,000, this huge amount of money comes with the APR of 6.95% to 35.99%. The borrower is required to make all the repayments from 36 to 60 months.

This lending company even offers multiple applications so that you can check your current credit score. But it comes with a drawback, the borrower has to pay the origination fee of 1% to 5%.

  1. OppLoans

OppLaons is a lending company that offers loan amount ranging from $500 to $5,000, this huge amount of money comes with the APR of 59% to 199%. The borrower is required to make all the repayments from 9 to 24 months.

Although the interest rate of a personal loan by Opploans is higher than the rest, it is still affordable as compared to the traditional term loans.

  1. LendingClub

LendingClub is a lending company that offers loan amount ranging from $1,000 to $40,000, this huge amount of money comes with the APR of 6.95% to 35.89%. The borrower is required to make all the repayments from 36 to 60 months.

LendingClub offers a personal loan at such affordable rates; the only problem is that this business loan comes with an origination fee of 1% to 6%.

Keep all the pros and cons of a personal business loan in mind before signing the final document.

If you need instant funding for your small business, then apply for a personal business loan. With no strings, attached Merchant Advisors provides personal business loan at the lower interest rate and flexible repayment schedule. For more ideas and funding options, you can follow us on Twitter (@Onlinecheck) and Facebook (@Onlinecheck). If you have any question, feel free to call us on our toll-free number at (833) 827-4412, our loyal and keen financial advisor will answer your every question and guide you throughout the way.

Small Business Financing News │ Merchant Advisors | blog
5 places to go to when applying for a Personal Business Loan in 2019
5 places to go to when applying for a Personal Business Loan in 2019
Looking for funding to fund your small business? The road ahead is full of twists and turns because it does require a lot of time and research to locate the best funding program that suits your business. Due to theRead more
For instant access to extra cash flow with affrodable interest rate and relaxed payment, apply for a Personal loan by a Merchant Advisors.
MichaelGavin
Merchant Advisors
Merchant Advisors
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