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#1 30-10-07 20:11:56

Russ
Verified Member
Registered: 18-07-04
Posts: 939
Website

Business loan or personnell loan?

what is the main difference between apersonnel oan and a business loan?


I need to expand my school but need a bit of borrowing to do so, so would i be better of with a business loan or a personnell loan to achieve the end result.

is a business loan more expensive than a personnell loan?

russ

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30-10-07 20:11:56

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Re: Business loan or personnell loan?



#2 03-12-07 13:04:31

WDT
Guest

Re: Business loan or personnell loan?

Rates are compatible. It will depend whether you are a sole trader or a limited company. If sole trader, even if the business goes bust you would still be liable for the debt. If limited company the limited company is regarded as an individual itself. As a new limited company, there would be no credit history, thus a guarantor would be required. This is usually in the form of a bond on your house and a personal guarantor by you and/or others.

It all depends on your credit history and your relationship with your bank. Sometimes a hefty overdraft can work well, others a credit card, others a loan. It does depend of course on what you intend to do with the money. If it is to buy tangable goods, like a car, the bank will probably secure the loan partially against the car, but would still chase you for the rest.

Inverstors are another possibility, but of course they would be liable for any debts and would also take their share of any profits too.

HTH

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