Venture capital funds get a lot of press, but it’s out of reach for most entrepreneurs. It’s also not necessary. You do need some cash to grease the wheels of commerce and get things started, but you may not need much. In many cases, you can get a personal loan for business to get things going.
What Is A Personal Loan for Business?
It’s a signature loan where you pledge your personal earning capacity to help fund your dream. We are talking about personal loans based on income only.
They will have no stake in your business, which has its good points. It’s also probably better than using your credit card to do the same thing because the interest will usually be cheaper.
On average, $2500 installment loans will charge less interest than $2500 in credit card charges. If you have a good idea of how much you need to cover some office equipment or similar, a personal loan for business may make more sense than just whipping out your credit card.
Why Might You Want A Personal Loan for Business?
If you don’t want to be beholden to venture capitalists, who will expect a piece of the business, you might want to self finance. If you want to start conservatively with a side project until it has legs, you may not qualify for most business loans.
You may want to have control over everything. This may give you the most control of all the options available to you.
You may see a way to fuel growth and see that borrowing makes sense. It may make more sense than bootstrapping, which could strangle an unexpected growth opportunity.
Let’s Cover Some Basics
A personal loan for business is probably going to be for a bit more money than a payday loan. It might be more in the range of a 1500 dollar loan or larger.
As such, they may want a little more information from you to get started. But, like with any loan, you will need to show you are a legal adult and citizen or legal resident. This is often done by providing a copy of your identification, such as:
- A driver’s license.
- A state-issued ID card.
- A military ID card.
- A tribal ID card.
You will also want to provide proof of income. You may need to provide more than your most recent bank statement if applying for a larger loan.
Get A Personal Loan for Business
TheGuaranteedLoans can help you find what you need. We keep up to date information on hard-to-find direct lenders and their products.
You will out an application with us. When we find a match, we let the lender know and they will get with you to complete the process.