What's personal loan , business loan ...

Question

Accepted Answer

Personal loan is a loan taken by an individual for personal expenses, while business loan is a loan taken by a business for its operations.

Personal loan is used for personal expenses such as education, medical bills, or home renovations.
Business loan is used by businesses to fund their operations, purchase equipment, or expand their business.
Personal loans are typically smaller in amount and have higher interest rates compared to business loans.
Business loans require a detailed business plan and financial statements, while personal loans may require proof of income and credit history.
Examples of personal loan providers include banks, credit unions, and online lenders, while business loan providers include banks, government agencies, and alternative lenders.

Accepted Answer

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