Find the Lowest Rates on Personal Loans for Business

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Personal Loans for Business at a Glance

It’s not common knowledge that you can actually use a personal loan for business purposes. Personal loans are especially helpful for new businesses without established business histories, and often have lower interest rates than many business loans—making them a great option for young companies looking for financing.

Personal Loan for Business amount icon

Maximum Loan Amount

$35,000

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Loan Term

3 to 5 years

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Interest Rates

5.99 - 36% APR

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Speed

As little as 1 day

The Pros and Cons

  • Can be much less expensive than a business loan
  • Great for customers with limited business history
  • Repaid monthly rather than weekly or daily
  • Reports to your personal credit history
  • Some prefer to separate business from personal finances
  • Limited to up to $40,000

Apply to the Industry’s Best
“Personal Lenders for Business” with Fundera Today!

Find Out If You Qualify

Compared to Other Loan Types...

Loan Type
Time to Funding
Avg. Interest Rates
Time to Funding
As little as 1 day
Avg. Interest Rates
5.99 - 36% APR
Time to Funding
As little as 3 weeks
Avg. Interest Rates
Starting at 6.5%
Time to Funding
As little as 2 days
Avg. Interest Rates
7 - 30%
Time to Funding
As little as 2 days
Avg. Interest Rates
8 - 30%
Time to Funding
As little as 1 day
Avg. Interest Rates
7 to 25%
Time to Funding
As little as 1 day
Avg. Interest Rates
Approx. 3% + %/wk outstanding
Time to Funding
As little as 1 day
Avg. Interest Rates
Starting at 10%
Time to Funding
1 week
Avg. Interest Rates
1.14 - 1.18
Time to Funding
As little as 2 weeks
Avg. Interest Rates
7.9 - 19.9%

Who Qualifies for Personal Loans for Business?

If you’ve got a great personal credit score, personal loans for small business could be an excellent way to finance your new venture.

You’ll need to have a credit score of 580 or above to consider it a viable option. And again, nothing about your business will get considered in your application.

Most Customers Who Were Approved Had...

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Annual Revenue

Over $45,000
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Credit Score

680
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Time in Business

Over 2 years

**Based on past Fundera customers.

What Documents Will I Need to Apply?

Driver's License
Credit Score
Bank Account Number
Pay Stubs / W-2s
Personal Tax Return
“
Personal loans are a great way to get your business off the ground if you have strong personal credit.
Annie Harvey
Account Manager
Meet the Fundera Team

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How Do Personal Loans for Business Work?

For plenty of entrepreneurs, getting that first stage of financing can seem like an impossible climb.

How can you start your business without having enough funds?

But Fundera’s marketplace offers a solution for business owners who don’t have much business history or finances yet:

Using personal loans for business.

It’s important to understand the difference between personal loans “for business” and traditional business loans, and to be aware of what personal loans for business require.

Let’s get started.

How to Get a Personal Loan for Business

Personal loans for business depend a whole lot on your personal credit score—your business’s financial track record doesn’t matter.

After all, your lenders are making a loan to you, the business owner, and it’s your responsibility to repay that loan.

What does this mean for you?

Whether you’re using those funds for your business or something else doesn’t affect that model.

When a Personal Loan Makes Sense

For small or new businesses that don’t have significant financial history yet, personal loans might just be a perfect fit.

However…

Personal loans for business are only really an option if you’ve got a strong credit score—that’s the most important part of the loan application.

Apply to the Industry’s Best
“Personal Lenders for Business” with Fundera Today!

Find Out If You Qualify

What Will a Personal Loan for Business Cost You?

One great thing about personal loans?

Their payment structure is easy to understand.

No hidden fees, no complicated documents—just you, a lump sum of cash, and a fixed monthly payment.

The Closing Fee

There is a charge you should be aware of, though: the closing fee.

It’s also pretty straightforward, though.

Subtract the closing fee from the loan amount you’ve been approved for, and that’s how much capital you can actually expect in your bank account.

Say you apply for a $5,000 loan, but there’s a $250 closing fee attached.

Once you get funded, you’ll only receive $4,750 in your bank account—but you’ll have to pay interest on that original $5,000.

Ready To Grow Your Business?

It’s free–prequalify without affecting your credit!

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