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Sep 28, 2017 - 34 minute read

Which is better business loan or personal loan

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Which is better business loan or personal loan

Photo: ReutersJim Young. A pedestrian walks past a payday lending shop in London on March 6, 2013. Photo: ReutersSuzanne Plunkett. A lender makes a loan. Then a borrower pays it back. And to make sure that transaction doesnt tank, theres "underwriting:" verifying that the borrower will indeed be able to make the payments.

This last step would be a key lesson from the subprime mortgage crisis. But too often, federal regulators say, that step is missing from payday loans sold to the working poor, leading borrowers straight into a debt trap.

Which is better business loan or personal loan

Anything you pay above the principal can be considered the "cost of the loan" and this needs to be factored into your decision. Personal loans are similar to any other personal loan you might get from a bank or storefront lender, which means if you fail to make repayments or breach the terms in some other way, you may incur further interest and fees.

Collection proceedings may also be taken against you to help recover what is owed. This will negatively affect your credit rating, making it more difficult to obtain credit in the future. If you believe you will miss a payment or will struggle to pay back the loan over the long term, you should contact the lender right away to see if there is a renewal or extension policy. This will be dependent on local state regulations.

Which is better business loan or personal loan
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