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Can you get a personal loan to use as your personal contribution on a business loan?

personal loan
templeofdoom1234 asked:


I want to get a personal loan as my 20-40% contribution on a business loan. Can I do that?

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November 18th, 2009 | Tags: , | Category: Small Business

1 comment to Can you get a personal loan to use as your personal contribution on a business loan?

  • imisidro
    November 20th, 2009 at 6:05 am

    I highly doubt you can do that

    The banks will want to see that you have the 20-40% money when you apply. That means you should have gotten the personal loan PRIOR to applying for the business loan

    The problem with that is that the banks do credit checks. They will see that you’ve gotten a loan for the same amount you’re saying as your contribution. And that could jeopardize your chances of getting the business loan

    Save up. Or seek out loan from other sources, one that will not be tracked with a credit check — e.g. families and friends

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