I Need a Business Loan but Do Not Have a Business Plan. What Do I Do?

Every day, many people looking to become their own boss think to themselves, “I need a business loan” to start their new venture, but some may not have a business plan or even a business, to begin with. So, how can they secure personal loans for business use? Is it even possible to secure personal loans for business use without a plan or a business?

If you have neither a business plan nor a business yet, rest assured that you can still qualify for a business loan thanks to your own personal merits and some help from the experts at Unsecured Funding Source.

I Need a Business Loan. Not a Business Plan.

Getting a business loan when you don’t have a plan all comes down to finding the right lender that’s flexible and can meet your needs. When trying to find the right lender, there are several things you need to consider before, during, and after you reach out to them.

  • Review your options: To make the best decision for your business or future business, you need to know all the options you have available to you. The SBA 7(a) loan isn’t your only option. There are many online and alternative ways of getting the money you need, including securing personal loans for business use. Unsecured Funding Source connects clients looking for business start-up or acquisition financing with the right lenders with the best rates and terms.
  • Review your financials to see if you can qualify: If you’re thinking, “I need a business loan,” be sure to review your financials to ensure you don’t waste time applying for a loan you don’t qualify for. This means checking your personal credit score and credit history, income, debt-to-income ratio, and your monthly debt payments. This helps you determine how well-qualified you are for a loan and your ability to pay it back.

When is it a good idea to use a personal loan for business purposes?

Because there are a wide variety of business loans, many borrowers don’t think they can use personal loans for business use. But in many situations, it makes a lot of sense to do so! Personal loans can be used for everything from stocking up on inventory to paying your employees to paying rent. Consider the potential of personal loans for business use if you find yourself in one of the following situations.

  • You’re confident you can pay back the loan – you have some form of current, verifiable income.
  • You’ve exhausted other avenues for securing funds like business loans, business credit cards, and crowdfunding.
  • You have great personal credit and can secure a low APR and other favorable terms.

Have you been thinking to yourself, “I need a business loan,” but don’t have a business plan? Let Unsecured Funding Source help you get the funds you need! Apply here today and receive a response within 72 hours about leveraging a personal loan for business use.