It’s only natural for a business owner like you to be very enthusiastic in searching for ways to expand your business. However, let’s not deny the fact that there are times that you also feel a little anxious when you are thinking and looking for avenues to fund it. The first thing that might probably come into your mind is getting a business loan or a personal loan. But the thing is, are you aware of what they are all about, or which of the two of them is better for you? To make sure, here are some significant factors you should consider.
Comparing Business Loan and Personal Loan
Personal loans are technically made to answer your personal needs while business loans are dedicated to your business needs.
If you want to branch out, finance inventory, add manpower, renovate, or even buy an existing business, you can simply apply for a business loan to make it happen. Consequently, you just have to remember that some business loans have several forms such as invoice-financing and equipment loans. Some banks and lending companies provide different terms and structures based on a specific type of business loan. A business loan is the right fit for you if:
- You have a specific business need that you have to attend to.
- Your business has already built a great financial history and has existed for several years.
- You have a great personal credit score.
- Your main source of income is your business.
- Lastly, you can offer collateral.
Vidalia Lending specializes in providing fast and secure loans for your money troubles. From Personal Loan up to Business Loans, we have an effective loan offer ready for you. There is no prepayment process and you can set regular fixed payments. Loan application is done online and you can get your borrowed cash as fast as 2-3 days.
On the other hand, if you have an urgent financial need or emergency, or whatever it is, a personal loan can be a quick solution to your problem. You can consolidate your debt, pay for your utility bills, or finance your vacation, even your wedding. However, know that a personal loan can also help you with your business needs especially if:
- Your business is still too fresh and does not have enough credit.
- You have to take care of your financial needs, both personal and business.
- You need quick money.
- You do not have any problem with risking your finances for your business.
- You want a short-term loan with lower interest rates.
- You have a great personal credit score.
- You are earning an above-average salary.
You may be qualified to apply for both loans, however, knowing which of the two will benefit you more is a great assurance that you are on the right path. Certainly, we all have our circumstances, Take this opportunity to expand your business but make sure that you know how to execute your plan effectively.
Vidalia Lending has helped thousands of customers with their financial problems since 2008. If you want to apply for a loan, you can check our Loan page and choose a loan that will fit your needs. Borrow money today and get fixed regular payments with no hidden fees. If you have more questions, visit our Help Center for more details.
