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Are there Business-focused Personal Loans?

CBetc
New Contributor

Are there Business-focused Personal Loans?

Kind of a weird question, but have two business credit cards through Chase that are under my name (not an LLC's) but obviously don't report to the bureaus. With business finally on the upswing, I'd like to refinance this debt into a loan so I'm not paying high interest on the balances. A personal loan would do it, but it would result in this debt magically showing up on my personal credit. As I'm hoping to do a re-fi soon, that's not ideal.

 

So basically: Is there any equivalent for a regular personal loan, but that's focused on business debt, either as a DBA or under your SSN? I'm completely fine with a PG, I'd just prefer it not to show on my personal file if it's business/startup related. I've looked at Business Loans (Funding Circle, Paypal, etc) and they are geared for LLC's first. Without much revenue to show during pandemic years, I'm not sure that would be a good fit.

Message 1 of 6
5 REPLIES 5
jaxstraw
Valued Contributor

Re: Are there Business-focused Personal Loans?


@CBetc wrote:

Kind of a weird question, but have two business credit cards through Chase that are under my name (not an LLC's) but obviously don't report to the bureaus. With business finally on the upswing, I'd like to refinance this debt into a loan so I'm not paying high interest on the balances. A personal loan would do it, but it would result in this debt magically showing up on my personal credit. As I'm hoping to do a re-fi soon, that's not ideal.

 

So basically: Is there any equivalent for a regular personal loan, but that's focused on business debt, either as a DBA or under your SSN? I'm completely fine with a PG, I'd just prefer it not to show on my personal file if it's business/startup related. I've looked at Business Loans (Funding Circle, Paypal, etc) and they are geared for LLC's first. Without much revenue to show during pandemic years, I'm not sure that would be a good fit.


Most business loans are going to be revenue based criteria. They are going to want to see tax returns or bank statements. And with not much revenue the past year that is a potential problem.

 

 

Have you considered a business credit card with a balance transfer offers like US Bank or Wells Fargo ? They offer 0% for something like 12-18 months.

Jax

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Message 2 of 6
CBetc
New Contributor

Re: Are there Business-focused Personal Loans?


@jaxstraw wrote:


Most business loans are going to be revenue based criteria. They are going to want to see tax returns or bank statements. And with not much revenue the past year that is a potential problem.

 

Have you considered a business credit card with a balance transfer offers like US Bank or Wells Fargo ? They offer 0% for something like 12-18 months.


Yeah, that's definitely my concern. This is all legitimate business debt of course, but not all to either specific one of the LLCs, more just equipment purchase, investigating options while operating as a DBA, etc.

 

I have an app open now for a business LOC for one of the LLCs with WF, but would be okay (reluctantly) with a secured line for that since it's a fresh LLC. But yeah, a straight-up business BT card might be the best option here rather than going with a consolidation loan per se. Thanks for the tip.

Message 3 of 6
Daddy2U
New Member

Re: Are there Business-focused Personal Loans?

Why don't you just start your LLC up, finally?

Message 4 of 6
Citylights18
Valued Contributor

Re: Are there Business-focused Personal Loans?

Talk to BHG. They will give you a general purpose business loan and a business credit card. Business loan up to 200k if you have the DTI to support.

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Message 5 of 6
CBetc
New Contributor

Re: Are there Business-focused Personal Loans?


@Daddy2U wrote:

Why don't you just start your LLC up, finally?


I'm in the process of doing that (yay 2022), but there still isn't enough revenue booked to show for it that it'd pass a real funding analysis. Hopefully that changes, but not quite there yet.

 

For now, I've managed to balance this debt equally across a lower-interest business LOC (with PG) and a balance transfer to another business credit card. Not ideal, but it does work. 

I still feel like this is an open niche for a company that would be willing to take on this kind of risk.

Message 6 of 6
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