Taking a Personal Loan is the best alternative when you’re not eligible for a Business Loan. It’s also a great way to fund your business expenses as it offers instant access to cash when your firm faces a sudden financial crisis.
But if it is only to fund your business, then you can take a personal loan for your business.
If it is to pay rent and bills, then a personal loan is obviously a better option, in this case.
But first be sure, how are you going to repay the loan? You need a fixed income to repay the loan amount (principal + interest). A personal loan is an example of unsecured loan, so the interest rates are high. As you have mentioned that you are no longer a fixed salaried professional, ensure that the income from your business is sufficient to repay the loan.
Any lender will enquire about your income and credit history. Be sure that you are capable of repaying the loan EMIs. To be in the safer side, you can calculate your EMI before applying for a personal loan with the help of EMI calculator.
But if it is only to fund your business, then you can take a personal loan for your business.
If it is to pay rent and bills, then a personal loan is obviously a better option, in this case.
But first be sure, how are you going to repay the loan? You need a fixed income to repay the loan amount (principal + interest). A personal loan is an example of unsecured loan, so the interest rates are high. As you have mentioned that you are no longer a fixed salaried professional, ensure that the income from your business is sufficient to repay the loan.
Any lender will enquire about your income and credit history. Be sure that you are capable of repaying the loan EMIs. To be in the safer side, you can calculate your EMI before applying for a personal loan with the help of EMI calculator.
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