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The technological advancements have made it easy for small business owners to get quick access to multiple financing options when they need quick capital for business growth. If you have trouble qualifying for small business loans, consider a personal business loan for your small business.
There’ a difference between personal business loans and standard business loans. When you apply for small business loans, lenders typically ask for extensive paperwork including a solid business plan, personal and business credit scores, business licenses, years of financial statements and tax returns and collateral in case of secured business loan.
With personal business loans, your business’s credit history and financial statements are not required. Lenders usually scrutinize your personal finances including your income and credit history. This is because you’ll be personally liable for the loan. Once approved, you can use the funds for a variety of purposes. A personal business loan is the most suitable option especially for new businesses that don’t have the necessary credentials to get traditional funding. Applying for a personal business loan is just like applying for a personal loan for personal expenses.
The qualification criteria for a personal loan for business varies by the lenders.
Lenders generally consider your income and credit score to determine your creditworthiness. If you have a personal credit score of 500+, you can easily get approval for a personal loan. However, for a lower interest rate and fees, you will require a significantly stronger credit score. A FICO score of 700+ will likely get you a better loan deal.
If your credit score needs improvements, consider paying off your debts. Your history of timely debt payment is the most influential aspect of your credit score. If late payments are marked on your credit report, dispute them and try to have them removed.
The total amount of debt you owe and your revolving credit utilization is another important factor of your credit score. Your next step should be to reduce your credit utilization to below 30% to see improvements in your credit score.
Becoming a business owner isn’t as easy as it looks—but the rewards can be infinite. If you need funding to grow your small business, you’ve come to the right place. Our personal business loans are a great alternative to traditional loans when your small business doesn’t have an established history, or you are unable to provide the needed credentials a bank requires to approve you for a small business loan.
Applying for a personal business loan is simple: fill the online loan application and we’ll get back to you with your funding options. Once approved, the funds will be transferred to your bank account.
At Merchant Advisors, we understand your unique needs and provide customized small business loans to keep your small business progressing.
Helping small business owners since 1997
Billions in funding to thousands of businesses nationwide
Customized financing solutions to small business needs
No cost, no-obligation application with funding in 24 hours
Experienced loan experts helping you succeed
Let’s be your helping hand so you can focus on growing your small business