Borrowing money has become easier for both individual consumers and businesses in need of funding, thanks in part to the advancements in technology combined with a low interest rate environment. Even so, there are clear differences between personal loans and business loans that borrowers on both sides of the coin should understand when considering which to use for their financing needs. Business loans and personal loans vary in the number of options available to borrowers, how applications are evaluated, and the terms of repayment. A Variety of Options Nearly all financial institutions, including banks, credit unions, and online lenders, offer…
How Business Loans Compare to Personal Loans
