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Hi,
Actually I need a personal loan for business purpose. We have a family business. I am not listed on the corporation and i manage the place. Though I am off the record I am the owner. Thus, I wont be able to get a business line of credit (because I am not associated with the tax id number).
However I want to do some changes in the business and so I would like a loan from a bank or the credit union. I have accounts with both of them. I have a decent credit score. I have 2 installment accounts in good standing.
Ideally I want to apply for a 1ok personal loan and use the funds for my business - general construction costs, advertising, capital expenditures etc. So, will it be better to get the loan from the bank or credit union?
Personal loan for business purposes
Hi Nico,
If you have a good credit score, then you may easily qualify for a personal loan. As for the organization from where you should get the loan, I should say that credit unions give you better offers. That is, they may give you loans at lower interest rates. However, banks will have many more options than credit unions.
Thanks,
Aaron