Personal Business Loans Made Easy

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Personal Loans for Business

What is a Personal Business Loan?

A personal loan for business (or, personal business loan) is a loan you take out as an individual but use for business purposes. They’re good for new business without established credit, and often have lower interest rates than other new-business options.

$35K

Maximum Loan Amount

3 to 5 years

Loan Term

5.99 - 36% APR

Interest Rates

As FaaS as 1 day

Speed

How do Personal Business Loans Work?

Personal business loans depend on your personal credit score, as opposed to your business’s credit history. The money is lent to you, as an individual, and it’s your personal responsibility to pay it back.=

Personal loans for business give new businesses a way to get off the ground. Business founders often apply for there personal loans through their own bank, but like term loans and many other business loans, there’s also the option to apply via online loan servicers.

Pros & Cons

Pros of a Personal Business Loan

Tends to be less expensive than a business loan
Don’t need business history
Repaid daily, weekly or monthly

Cons of a Personal Business Loan

Can only borrow up to $40K
Effects your personal credit

Based on previous FaaSfunds customers

Most Customers who were approved had:

$45K+

Annual Revenue

680

Credit Score

+2years

Time in Business

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Personal Business Loans

Compared to other loan types

Who Qualifies for a Personal Business Loan?

To qualify for a personal business loan, you need a personal credit score above 580 and good financial history. Nothing dealing with your business will be considered in your application.

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How Do You Apply a Personal Business Loan?

You can apply for a personal business loan with a bank or with an online lender. As with a usual business loan, banks will require more paperwork, a longer application process and longer waiting time. Online lenders will provide a more time-efficient process and require fewer documents. FaaSfunds will help with the application process and provide you with the best options for using a personal loan to help fund your business.

What You're Going to Need:

Driver’s License
Bank account number
Credit Score

Pay Stubs and W-2s
Personal tax return

What Else Should You Know About Personal Business Loans?

Personal business loans mostly depend on your personal credit score, so your business’s financial history doesn’t matter.

The fundamentals are:

Lenders make the loan to you directly, you use it for your business, and then you must pay it back directly.
You must have good personal credit.
Most lenders will only lend up to $40,000.
Personal business loans often require closing fees.

When Does a Personal Business Loan Make Sense?

It makes the most sense to use a personal business loan when your business is new. When your business doesn’t have a financial history, it’s nearly impossible to receive a loan on behalf of it. If you’re looking to start a business you believe would have a large payoff, and you have a strong personal credit score, getting a personal loan for business is a good idea.

If you prefer to keep your personal and business finances completely separate, this type of loan might not be the best for you.

Not sure if a personal business loan is right for you?

Let us walk you through your options and help you decide which program is right for you.