From personal to business uses, loans are a vital part of financial life that one cannot wish away.
They are the only way borrowers can buy assets that they cannot afford to pay upfront and conduct projects that would require several years’ worth of savings.
Unlike business loans, personal loans help meet personal goals such as holidays, buying furniture, emergency repairs, pay off other debts, fund weddings and buying personal effects.
On the other hand, business and investment loans help achieve goals that require enormous sums of money.
Consumers can buy homes and increase their equity, which can be a source of funding.
Business helps in purchasing new equipment, buy more inventory, improve the human capacity, and expand to new regions.
