The term personal loan is a very broad financial term that basically means that the money lent can be used for any purpose. Unlike a car loan that is used specifically to buy a car, or a student loan that is used to pay for college, a personal loan can be used in many different ways. Some of the more common terms that fall under the umbrella of personal loans include debt consolidation loans and payday loans.
When I started my own company, I knew that I needed a little business capital and fast. In an effort to raise money, I worked with various lenders to discuss loans, financing, and special terms. Unfortunately, I quickly discovered that not every loan was created equally. Some loans had almost predatory terms like high interest rates and penalties, while others were completely fair. Fortunately, a business consultant of mine taught me about loans and financing, so that I could make better choices in the future. The information on this blog saved my business, and I know that it can help yours too.