This blog is for educational purposes only, not an offer of credit or advertisement for current loan terms. It does not provide legal advice. Refer to our loan web pages or consult professional advisors for specific information.
As a business owner, there are times when you will need a cash infusion. Personal loans are one of the common ways owners of small companies borrow money for short-term fixes. These loans can provide a solution for your needs. However, you must always read the fine print for the personal loan and ensure that you understand the fees involved.
When Personal Loans May Be Appropriate for Business Owners
You might think that you can only get a business loan for your company, but that is not the case. MIDFLORIDA Credit Union offers a range of personal loan products that can meet a business owner’s needs at an affordable rate. A personal loan is an option worth exploring, especially if you know how much the business needs to borrow for a one-time expense. If your business is a corporation or limited liability company, your personal loan can fund your loan to the business; consult your accountant for more information on loan structuring.
Personal Loan Options
You know that when you need to borrow money there are many options. From car loans to a second mortgage, your bank is ready to help. Here is a closer look at personal loans for business owners.
MIDFLORIDA Credit Union Personal Loans
Our team can help you find a personal loan that provides flexible solutions for various needs and lifestyles. Our team strives to offer the best rates, great service, local decision-making, and quick approvals.
Types of personal loans
Some of the personal loans that MIDFLORIDA Credit Union offers include:
- Fixed-Term General Purpose Loans: This loan type is great for debt consolidation, redecoration, or emergencies.
- Secured Loans: To improve your credit score, a share secured loan helps you borrow from yourself while paying a low interest rate.
- Line of Credit: A Premium Line of Credit is a personal loan that is ready for you to borrow against as soon as you are ready. You can borrow, pay back, and repeat against if the line of credit is open.
- Specialty Loans: Seasonal Shopping Loans provide the money you need to make the holidays a little brighter.
Personal Loans Offered by Other Institutions
Other financial institutes have personal loans available. Banks and credit unions have resources that guide businesses for growth and management. Most financial institutions recommend qualifying for financing ahead of any needs.
Factors to Consider Before Taking a Personal Loan for Business
Before you head to the bank and apply for a personal loan to meet your business needs, there are some factors to consider. You need to think about things, such as your credit score and possible fees.
Credit Score
Can you repay your debt? Will you? Your credit score holds some clues. You will need a solid credit score to move forward with a personal loan.
Interest Rates and Terms
Look at the interest rate, annual percentage rate, and terms of various loan options to find the best one under current conditions. With fixed rate personal loans, you get a fixed monthly payment and set term so you know exactly when your loan will be paid in full.
Fees
Almost all loans have fees. You want a clear picture of all the fees you will pay over the life of the loan.
Alternatives to Personal Loans for Business Needs
You do not have to go the personal loan route to get money for your business. There are other business financing products.
Business Loans
You can explore business loans to meet short and long-term needs. Lines of credit for your business can provide you with quick cash infusions to offer you the flexibility you need. A working capital loan can shore up any cash flow challenges you may have.
Business Credit Cards
Business credit cards are like having a small loan in your pocket. You can use them to offset cash in your bank account as needed to buy supplies and pay bills.
Home Equity Line of Credit
If your home is worth more than you owe, you can use that equity to open a line of credit. You can use this line of credit when you need fast cash and repay it to keep credit available when you need it most.
Additional Products from MIDFLORIDA
Qualified applicants can get a business loan. There are loans for cash when you need them, or you can get a specific loan, including equipment, vehicles, and property.
Auto Loans
Does your business need a truck or a car to handle daily business? An auto loan helps you get the new or used vehicle you need immediately. You can apply for an auto loan online in a few minutes.
Credit Cards
You can choose a credit card that gives you the buying power you need. Select one with a low interest or great rewards.
MIDFLORIDA Credit Union is waiting to hear from you. You can reach our loan department at (863) 284-5626 or toll-free at (855) 560-5626.
MIDFLORIDA Credit Union Wants to Help Your Business Thrive
At MIDFLORIDA Credit Union, we strive to provide all our business clients with flexible options. A personal loan is a suitable option for many small business owners.
You should consider all the factors before deciding. Contact our team to find the ideal loan to fit your needs.
