What You Need to Apply for a Personal Loan for Business

By: First Union | Date:


What You Need to Apply for a Personal Loan for Business

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The first question is should you apply for a personal loan for your business? Generally speaking, if you are a newer business (less than a year in operation/) you may have a difficult time getting an actual business loan. Lenders like to see sustainability, they like to see some sort of track record, not to mention, they want an idea of what type of annual revenue you're bringing in. Plus, as a new business, you probably don't yet have a business credit score. These are all factors which might lead you to seek out a personal loan for business should you need cash.

This is not necessarily a negative thing. Personal loans often have lower rates, they can usually be paid monthly rather than weekly and they can also help you boost your credit score. Going this route could definitely benefit both you and our company.

Documents Required for a Personal Loan

So what exactly do you need when going to apply for a personal loan for business…First off, you have to have the completed application. With many alternative and online lenders—and even some more traditional lenders—this can be done electronically. The other documents that the lender is probably going to ask for include:

  • Driver's license
  • Bank statements
  • Tax returns
  • Pay stubs (if applicable/)
  • Credit score

Once they evaluate your application you will receive a decision regarding potential funding. At First Union, we make it easy. We understand that you have a business to focus on—no drawn out or tedious application process here. In fact, many of our clients get their cash within a couple of days. With short term loans, bridge loans, equipment financing and lines of credit, we guarantee we have loan products that will work for you and your business. Call today and let's get started!

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well.

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