Business Loan vs. Personal Loan: Which Should You Choose?
CreditStrong for Business
SEPTEMBER 6, 2024
For example, you can’t use one to consolidate your personal and business credit card debt or improve your personal residence. If you’re using your business line of credit to finance a capital expenditure, the underlying asset will usually be your collateral. If you ever default, they’d be able to collect by seizing personal assets.
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