![](https://www.bankrate.com/2023/04/29155604/SMB_Can-businesses-use-personal-loans_.jpg?auto=webp&fit=crop&width=230&height=150)
Can businesses use personal loans?
Using a personal loan for your business has it benefits and drawbacks.
The better you understand how loans work and how lenders think, the better equipped you are to save on your loan.
— Pippin Wilbers
About the author
Pippin Wilbers is a Bankrate editor. He joined the personal loans team in 2024, though he's also contributed work on the auto loans, credit cards, student loans and small business loan verticals. Pippin is passionate about demystifying complex topics, such as car financing or finding the best personal loan, and helping borrowers stay up-to-date in a changing and challenging borrower environment.
Pippin stays on top of industry news sources, such as TransUnion and Experian. Working with reporters Hanneh Bareham and Denny Ceizyk, he analyzes industry data and trends and asks: "What does this mean for borrowers?"
Pippin lives in Denver. Before joining Bankrate, he brought vital news to his community as a small-town newspaper reporter. In his spare time, he enjoys foraging for mushrooms, reading, and dabbling in amateur entomology.
The better you understand how loans work and how lenders think, the better equipped you are to save on your loan.
— Pippin Wilbers
Using a personal loan for your business has it benefits and drawbacks.
Finance a new or used car or refinance an existing auto loan with Capital One. But you'll be limited to its network of dealers.
If you’re worried about making auto loan payments, look into car loan modification.
If you’re worried about making auto loan payments, look into car loan modification.
Consider if preapproval or prequalification is better for your vehicle financing.
Consider if preapproval or prequalification is better for your vehicle financing.
Taking over a car lease could help you meet a short-term car need for a lower price.
Taking over a car lease could help you meet a short-term car need for a lower price.