Business or personal loans which is which?

[Stardom22]

For me l have had some good times with loans. I have had both personal and business loans at different occasions. However l would use any of the two to fund up my business. I usually struggle to repay them off and once l clear the loans the business would have been finished simultaneously. So please share experience on dealing with the mentioned types of loa.

 

[Fidelia]

I think that personal loans always have a higher rate of interest than business loans. Even with payment terms being more flexible, business loans are better.

 

[Stardom22]

Both two kinds of loans work almost the same for sure. There is only a very slightly difference if at all it exists

 

[Augusta]

I don't like to take loans at all but I have taken personal loans before and it went on smoothly as I paid back on time

 

[gwolf666]

I’ve also taken both personal and business loans before, and each comes with its own challenges. Personal loans are usually easier to get, but they can feel heavy when repayment starts. Business loans, on the other hand, often require more paperwork but sometimes offer better terms. What has helped me most is planning repayments alongside cash flow, so the business doesn’t collapse under the debt.

 

[Min George]

Personal loans are always not given with consideration to uncertainty like business loans are given.

 

[Augusta]

Personal loan comes with a little of leniency because it can come from a family member or friend