Is it a Good Idea to Take a Personal Loan For Funding a Startup? by singhalbhavna560 · September 6 Jimmy Butler Jersey , 2018
A personal loan is a multi-purpose loan. You can use the loan for any type of personal or business use and lenders don鈥檛 ask many questions about the intended use of the loan. The loan is easily available and so, when looking for ways to fund a start-up, many of you think of choosing personal loans. Can personal loans fund this need? They can. You can avail a personal loan to fund your start-up if you are short on arranging the funds yourself. But, is availing a personal loan a good choice? Let鈥檚 analyse 鈥?p>
The benefits of availing personal loans
Personal loans seem like the best way to avail funds for your start-up because of the following benefits which they provide 鈥?p> Personal loans are easily available
The best part about personal loans is that they are easily available. You just have to meet the eligibility criteria of the lender and the lender allows you the loan easily and instantly. You should just have a good credit score, a good monthly income and financial stability to get the loan. There is no need for you to provide detailed reports of your start-up and its cash-flow projections to avail a personal loan.
They require no collaterals
Since you are starting a new business Goran Dragic Jersey , you might not have assets to pledge to the lender for availing finance. In such situations, a personal loan works best as it requires no collateral security or third party guarantee from individuals. Your financial stability is the basis on which the loan is issued and expected to be repaid.
They can be used for varied needs
Your start-up might have different financial requirements all of which can be financed through a personal loan. You, therefore, wouldn鈥檛 have to run anywhere seeking money for buying assets, for hiring labour Cheap Miami Heat Jerseys , buying raw materials, etc. Every need can be funded using a single loan which would be easy to service.
Things you should be careful about
Though personal loans have the above-mentioned benefits, they have some disadvantages too. You should look out for these drawbacks of the loan before deciding on availing it 鈥?p> The loan amount is limited
Since the amount of the loan depends on your net monthly income, it is limited. When starting a new business you need considerable funds for meeting all the expenses. A personal loan might not cater to all the funding requirements of your business.
Interest rates are high
Personal loans, being unsecured loans Cheap Heat Jerseys , charge a high rate of interest. Such interest payments might prove unaffordable for you when you are establishing your start-up and need to save every single penny.
The verdict
Whether you should avail personal loans for your business or not actually depends on the suitability of the loan to your purpose. If you are looking for a small amount of loan, personal loans are ideal. Similarly, if there is no other feasible source of finance, you can choose to avail a personal loan and fulfill the financial requirements of your start-up. However, before applying for the loan always find out whether the loan is affordable or not. If it is not affordable Glen Rice Heat Jersey , you would find it difficult to repay the loan and would hamper your credit score. So, avail a personal loan for your business only after weighing both the advantages and the disadvantages.
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