There are different criteria to qualify for both personal as well as personal loans. The following are the differences between business and personal loans:
- Personal loans do not require for any guarantor whereas the business loans do require the consent of a guarantor to sign up for the loan.
- The personal loans can be repaid within a longer period of time but the business loans require to be repaid faster.
- The personal loans have smaller or lower monthly payments as compared to business loans which demands more monthly payment.
- The personal loans have smaller lending limits but the business loans have higher lending limits.
