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Approved for a personal loan can i use this to help gain a business loan

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Anonymous
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Approved for a personal loan can i use this to help gain a business loan

On November 30, 2015 i was approved for an unsecured non-collateral personal loan which is intended to assist me with paying the fees and costs associated with creating a business.  I plan on becoming an LLC and having a silent non-working partner to help financialy.  Obviously the personal loan is not enough to buy the equipment i need to operate the business, I am looking at between $50K to 70K which also will leave me with at minimum 8 to 10 months of working capital.  I have applied for my EIN and looking into possibly streamlining the process by going through Legal Zoom so i know every detail in starting the business is taken care of.  My question is can I go to another bank and use the personal loan as some sort of leverage to gain the business loan i am seeking?  Thank You for reading this post all comments and suggestions are always welcome.  Have a Blessed Day 

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silver_idle
Established Contributor

Re: Approved for a personal loan can i use this to help gain a business loan


@Anonymous wrote:

On November 30, 2015 i was approved for an unsecured non-collateral personal loan which is intended to assist me with paying the fees and costs associated with creating a business.  I plan on becoming an LLC and having a silent non-working partner to help financialy.  Obviously the personal loan is not enough to buy the equipment i need to operate the business, I am looking at between $50K to 70K which also will leave me with at minimum 8 to 10 months of working capital.  I have applied for my EIN and looking into possibly streamlining the process by going through Legal Zoom so i know every detail in starting the business is taken care of.  My question is can I go to another bank and use the personal loan as some sort of leverage to gain the business loan i am seeking?  Thank You for reading this post all comments and suggestions are always welcome.  Have a Blessed Day 


Is it possible to use the personal loan to get a secured business loan (or secured business card), but it depends on the amount you willingly to deposit. I would normally suggest building a basic credit profile first, or PG a business loan (if you want to go that route which is most common since most wont give a business any form of credit without a PG). Also how do you have a EIN if you business is not up?  

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