Personal Loan

Personal loans are installment loans issued to individuals for personal uses—ranging from debt consolidation to home improvements or emergencies. They are usually unsecured and can be repaid over 1 to 5 years (sometimes up to 7)  Approval is based on personal credit history, income, and debt-to-income ratio, rather than business performance . While they offer flexibility, they come with higher interest rates and shorter repayment periods compared to business loans Though they may be used for business-related purposes if needed, lenders may impose restrictions, and the borrower remains personally liable